Rule 8 - P&O Princess Cruises
April 17 2003 - 6:01AM
UK Regulatory
RNS Number:1526K
Cater Allen International Limited
17 April 2003
Date of Disclosure 17TH APRIL 2003
DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS
Date of dealing 16TH APRIL 2003
Dealing in P AND O PRINCESS CRUISES PLC (name of company)
1) Class of securities (eg ordinary shares) ORDINARY SHARES
2) Amount bought Amount sold Price per unit
200,000 466P
3) Resultant total of the same class owned or controlled
(and percentage of class) 26,835,434* (3.89%)
4) Party making disclosure CATER ALLEN INTERNATIONAL LIMITED
5) EITHER (a) Name of purchaser/vendor (Note 1)
CATER ALLEN INTERNATIONAL 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 N/A
(Also print name of signatory) PHILIP HINDLEY
Telephone and extension number 020 7756 6169
* IN ADDITION, CATER ALLEN INTERNATIONAL IS PARTY TO CERTAIN TOTAL RETURN
SWAPS AS DESCRIBED BELOW.
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 which 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
relevant information can be given.
Note 6. In the case of an average price bargain, each underlying trade
should be disclosed.
For full details of disclosure requirements, see Rule 8 of the Code. If in
doubt, contact the Panel on Takeovers and Mergers, Tel No: 020 7382 9026
Form 8 Enclosure
Cater Allen International is the beneficial owner of 26,835,434 ordinary shares
of P&O Princess Cruises plc, some of which are held to hedge Total Return Swaps
(TRS') positions for clients.
A Total Return Swap is a product used by clients to finance long positions. The
client will sell their position to CAIL for which they will receive the current
market price. The Client will then receive money if the price of the
share sold increases above the sale price or pay money if it falls. In addition
the client will pay an agreed rate of interest on the money received. The
product can also be used to finance short positions. CAIL will follow its normal
policy in respect of such products, which is to vote the shares in accordance
with the instructions of the counterparty for whom we are financing the
positions.
The following Total Return Swaps were executed;
Date Executed Underlying number of shares Reference CAIL Buy or Sell Maturity Product
Price Performance Type
11-Apr-03 1,113,482 440p Sell 06/05/03 TRS
10-Apr-03 9,000,000 444p Sell 07/08/03 TRS
10-Apr-03 870,000 471p Sell 01/05/03 TRS
09-Apr-03 1,800,000 471p Sell 01/05/03 TRS
09-Apr-03 1,000,000 444p Buy 09/05/03 TRS
09-Apr-03 1,000,000 444p Buy 09/05/03 TRS
09-Apr-03 1,000,000 444p Buy 09/05/03 TRS
09-Apr-03 2,000,000 444p Buy 09/05/03 TRS
08-Apr-03 3,400,000 471p Sell 01/05/03 TRS
08-Apr-03 1,000,000 473p Buy 24/04/03 TRS
08-Apr-03 1,000,000 473p Buy 24/04/03 TRS
08-Apr-03 1,000,000 473p Buy 24/04/03 TRS
08-Apr-03 1,000,000 473p Buy 24/04/03 TRS
08-Apr-03 1,000,000 473p Buy 24/04/03 TRS
26-Mar-03 3,730,000 $672 Buy 28-Mar-03 TRS
24-Mar-03 346,384 432p Buy 29-Mar-04 TRS
12-Mar-03 400,000 $554 Sell 17-Mar-03 TRS
05-Mar-03 400,000 364p Buy 10-Mar-04 TRS
05-Mar-03 38,131 362p Sell 10-Mar-03 TRS
27-Feb-03 159,033 388p Buy 24-Sept-03 TRS
26-Feb-03 4,130,000 387.75 Sell 3-Sept-03 TRS
07-Feb-03 2,000,000 389.85 Sell 9-May-03 TRS
05 Feb 03 1,000,000 391p Sell 9-May-03 TRS
03 Feb 03 1,000,000 401.25p Sell 9-May-03 TRS
03 Feb 03 1,000,000 401.1188p Sell 9-May-03 TRS
30-Jan-03 245,689 403p Buy 4-Jul-03 TRS
28-Jan-03 1,000,000 387.43125 Sell 24-Apr-03 TRS
28-Jan-03 1,000,000 405.3p Sell 24-Apr-03 TRS
27-Jan-03 1,000,000 408.7438 Sell 24-Apr-03 TRS
24-Jan-03 1,000,000 414.5p Sell 24-Apr-03 TRS
23-Jan-03 1,000,000 421.6875p Sell 24-Apr-03 TRS
5-Dec-02 3,000,000 504p Sell 5-Jun-03 TRS
23 Dec02 362,376 439p Buy 5-Jun-03 TRS
5-Mar 02 2836500 409 Sell 10-Mar-03 TRS
11 Sept 02 900,000 433.5 Sell 7 Aug 03 TRS
9 Oct 02 2,040,000 426.5 Sell 14-Mar 03 TRS
9 Jul 02 38,131 402.5 Buy 10-Mar-02 TRS
TOTAL 24,246,500
Signed, for and on behalf of the party named in (4) above
(Also print name of signatory) ...Philip Hindley
Telephone and extension number ...020 7756 6169
This information is provided by RNS
The company news service from the London Stock Exchange
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