BPT PLC
3 August 2000
BPT plc (BPT)
As outlined in its preliminary results announcement, the
board of BPT recently initiated a strategic review with its professional
advisors to determine how the group could best pursue its development
and maximise value for shareholders. The review considered
how BPT could in the future best access additional equity
and debt capital to continue to grow the business and
maximise shareholder value given the significant discount of
BPT's share price to underlying net asset value.
As a result of the review, the board believes that a
restructured balance sheet and the availability of new and
additional forms of finance would give BPT more opportunity
to expand its residential management business. Accordingly,
the board of BPT has decided to investigate with a number of
parties whether the interests of its existing shareholders
would be best served by a cash offer being made for all of
the share capital of BPT. This would result in BPT ceasing
to be a Stock Exchange listed company. The board will expect
any offer price to reflect the value of BPT's excellent
management, employees and track record in addition to its
high quality residential portfolio.
The board will make a further announcement as soon as it is
appropriate to do so.
Enquiries
BPT Tim Watts, Managing Director 01274 723181
today
01372 743113
thereafter
Nigel Denby, Finance Director 01274 723181
Schroder Salomon
Smith Barney James Brent,
Managing Director 020 7986 6000
Iain Robertson, Director 020 7986 6000
Nick Tinworth, Vice President 020 7986 6000
Citigate
Dewe Rogerson Grace Marriner 0113 2979899
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 BPTand no one else in
connection with a possible 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 a possible offer.