Rule 8 - (Celltech)
May 26 2004 - 7:43AM
UK Regulatory
RNS Number:0993Z
Bear Stearns Intl. Trading Ltd
26 May 2004
FORM 8.1/8.3
Lodge with a RIS or Newstrack, if appropriate, and the Takeover Panel. Use
separate form for each class of securities in which dealings have been made.
Date of disclosure, 26 May 2004
DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS
Date of dealing, 25 May 2004
Dealing in, Celltech Group Plc
(1) Class of securities (eg ordinary shares) Ordinary Shares
(2) Amount bought Amount sold Price per unit
92,215 GBP 5.4125
360,000 GBP 5.4137
550,000 GBP 5.415
10,400 GBP 5.41
100,000 GBP 5.4137
In addition, Bear Stearns International Trading Limited has undertaken certain
CFD and Swap transactions (See below).
(3) Resultant total of the same class owned or controlled
(and percentage of class) 7,410,986 (2.669%)
(4) Party making disclosure Bear Stearns International Trading Limited.
(5) EITHER (a) Name of purchaser/vendor (Note 1) Bear Stearns
International Trading Limited ...
OR (b) If dealing for discretionary client(s), name of fund
management organisation
(6) Reason for disclosure (Note 2)
(a) associate of (i) offeror (Note 3) NO
(ii) offeree company NO
Specify which category or categories of associate (1-8 overleaf)
If category (8), explain................................................
......................................................................
(b) Rule 8.3 (ie disclosure because of ownership or control of 1% or
more of the class of relevant securities dealt in) YES
Signed, for and on behalf of the party named in (4) above.....................
(Also print name of signatory) James Step
Telephone and extension number 020 7516 5310
______________________________________
Note 1. Specify owner, not nominee or vehicle company. If relevant, also
identify controller of owner, eg where an owner normally acts on
instructions of a controller.
Note 2. Disclosure might be made for more than one reason; if so, state all
reasons.
Note 3. Specify which offeror if there is more than one.
Note 4. When an arrangement exists with any offeror, with the offeree company
or with an associate of any offeror or of the offeree company in
relation to relevant securities, details of such arrangement must be
disclosed, as required by Note 6 on Rule 8.
Note 5. It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this disclosure form so that all
relevant information can be given.
Note 6. In the case of an average price bargain, each underlying trade should
be disclosed.
Note 7. The resultant total percentage holding of the class of relevant
security is to be calculated by reference to the percentage held and
in issue outside treasury.
For full details of disclosure requirements, see Rule 8 of the Code. If in
doubt, contact the Panel on Takeovers and Mergers, Monitoring Section, Tel. No:
020 7638 0129. E-mail:monitoring@disclosure.org.uk
Bear Stearns International Trading Limited is the beneficial owner of 7,410,986
Celltech Group Plc ordinary shares. 5,689,087 of these shares are held to hedge
Contract for Differences ("CFD") or Equity Swap positions for clients.
A long CFD is a product where the client to whom the product is sold is taking a
long economic interest in the underlying share price such that the client can
realize a gain if the price of the underlying securities rises above the
reference price.
An Equity Swap is a product where an agreement between two counterparties sees
one party receive the return on an asset from the other party and makes a
payment to the other party based on a fixed or floating rate of interest. The
return can be either the price return or the total return (I.E. Including
dividends).
The control of voting rights in relation to the underlying shares used to hedge
the stock are wholly owned by Bear Stearns International Trading Limited.
The CFD contracts are open-ended and there is no rollover into new contracts.
Contracts For Difference/Equity Swaps
Product Type Date Maturity BSIT Underlying Reference CCY
Name Executed Date Buy/Sell Number Price
of
Shares
Celltech Open 17/5/2004 1/3/2005 SELL -1,312 4.345 GBP
Equity Short
Swap
Celltech Open 17/5/2004 1/3/2005 SELL -463 4.345 GBP
Equity Short
Swap
Celltech Open 17/5/2004 1/3/2005 SELL -431,738 4.345 GBP
Equity Short
Swap
Celltech Open 18/5/2004 29/3/2004 BUY 183,800 5.4535 GBP
Equity Long
Swap
Celltech Open 19/5/2004 29/3/2004 BUY 2,000 5.4148 GBP
Equity Long
Swap
Celltech Open 19/5/2004 29/3/2004 BUY 91,800 5.42 GBP
Equity Long
Swap
Celltech Open 19//5/2004 29/3/2004 BUY 500,000 5.424065 GBP
Equity Long
Swap
Celltech Open 19/5/2004 29/3/2004 BUY 1,000,000 5.421459 GBP
Equity Long
Swap
Celltech Open 20/5/2004 29/3/2004 BUY 367,600 5.42 GBP
Equity Long
Swap
Celltech Open 20/5/2004 29/3/2004 BUY 350,000 5.4281 GBP
Equity
Swap
Celltech Open 20/5/2004 29/3/2004 BUY 519,000 5.4295 GBP
Equity Long
Swap
Celltech Open 21/5/2004 29/3/2004 BUY 367,600 5.42 GBP
Equity Long
Swap
Celltech Open 24/5/2004 29/3/2004 BUY 551,400 5.4175 GBP
Equity Long
Swap
Celltech Open 24/5/2004 29/3/2004 BUY 100,000 5.421563 GBP
Equity Long
Swap
Celltech Open 24/5/2004 29/3/2004 BUY 1,000,000 5.418333 GBP
Equity Long
Swap
Celltech Open 24/5/2004 29/3/2004 BUY 200,000 5.42155 GBP
Equity Long
Swap
Celltech Open 24/5/2004 29/3/2004 BUY 256,000 5.421563 GBP
Equity Long
Swap
Celltech Open 25/5/2004 29/3/2004 SELL -10,400 5.41 GBP
Equity Short
Swap
Celltech Open 25/5/2004 29/3/2004 BUY 200,000 5.418025 GBP
Equity Long
Swap
Celltech Open 25/5/2004 29/3/2004 BUY 260,000 5.4182655 GBP
Equity Long
Swap
Celltech Open 25/5/2004 29/3/2004 BUY 183,800 5.415 GBP
Equity Long
Swap
5,689,087
This information is provided by RNS
The company news service from the London Stock Exchange
END
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