BPT PLC
28 February 2001
BPT plc ('BPT' or the 'Company')
On 16 February 2001 the Independent Committee of the Board of BPT announced
that the exclusive negotiations with the consortium led by Deutsche Bank Real
Estate Private Equity Group and Grainger Trust plc (the 'Consortium') were
very well advanced and that it had agreed that if an offer were made it would
be no later than 28 February 2001 and at a price of 321 pence per Ordinary
Share.
As part of the ongoing process of due diligence, certain issues have been
raised by the Consortium in relation to regulatory matters. The Company is
currently working with the Financial Services Authority to clarify the
regulatory position relating to one aspect of the business conducted by its
subsidiary, Bridgewater, involving the provision of certain life tenancy
products. The Board does not expect this issue to have a material impact on
the business of BPT.
The Independent Committee of the Board of BPT remains in discussions with the
Consortium and, pending clarification of this issue and subsequent
confirmation of the Consortium's intentions, the Board of BPT recommends that
shareholders take no action.
A further announcement will be made as soon as possible.
Enquiries
BPT plc
Philip Warner, Chairman 020 7487 3312
Schroder Salomon Smith Barney
James Brent
Iain Robertson 020 7986 6000
Salomon Brothers International Limited, trading as Schroder Salomon Smith
Barney ('SSSB'), which is regulated in the United Kingdom by The Securities
and Futures Authority Limited, is acting exclusively for BPT and no one else
in connection with the proposed offer for BPT and will not be responsible to
anyone other than BPT for providing the protections afforded to customers of
SSSB or for giving advice in relation to the proposed offer for BPT. Salomon
Smith Barney is a service mark of Salomon Smith Barney Inc. Schroders is a
trademark of Schroders Holdings PLC and is used under licence