Rule 8 - Alvis
June 29 2004 - 5:15AM
UK Regulatory
RNS Number:2415A
Bear Stearns Intl. Trading Ltd
29 June 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, 29 June 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, 28 June 2004
Dealing in, Alvis Plc
(1) Class of securities (eg ordinary shares) Ordinary Shares
(2) Amount bought Amount sold Price per unit
3,600,000 GBP 3.17
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) 5,088,904 (4.617%)
(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 5,088,904
Alvis Plc ordinary shares. 5,033,223 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 Name Type Date Executed Maturity Date BSIT Buy/Sell Underlying Reference CCY
Number of Price
Shares
Alvis Plc Long Equity 11-Mar 04 28-Jan-05 BUY 100,000 2.925 GBP
Swap
Alvis Plc Long Equity 11-Mar-04 28-Jan-05 BUY 450,000 2.9218 GBP
Swap
Alvis Plc Long Equity 11-Mar-04 28-Jan-05 BUY 300,000 2.9146 GBP
Swap
Alvis Plc Long Equity 11-Mar 04 28-Jan-05 BUY 50,000 2.9559 GBP
Swap
Alvis Plc Long Equity 11-Mar-04 28-Jan-05 BUY 25,000 2.9559 GBP
Swap
Alvis Plc Long Equity 12-Mar-04 28-Jan-05 BUY 200,519 2.9644 GBP
Swap
Alvis Plc Long Equity 15-Mar-04 28-Jan-05 BUY 100,000 2.8829 GBP
Swap
Alvis Plc Long Equity 16-Mar-04 28-Jan-05 BUY 100,000 2.8729 GBP
Swap
Alvis Plc Long Equity 30-Mar-04 28-Jan-05 BUY 36,400 2.8444 GBP
Swap
Alvis Plc Long Equity 31-Mar-04 28-Jan-05 BUY 50,000 2.831415 GBP
Swap
Alvis Plc Long Equity 31-Mar-04 28-Jan-05 BUY 100,000 2.8342 GBP
Swap
Alvis Plc Long Equity 06-Apr-04 28-Jan-05 BUY 412,887 2.838919 GBP
Swap
Alvis Plc Short Equity 06-Apr-04 28-Jan-05 BUY -1,000,000 2.84 GBP
Swap
Alvis Plc Long Equity 13-Apr-04 28-Jan-05 BUY 150,000 2.8389 GBP
Swap
Alvis Plc Long Equity 14-Apr-04 28-Jan-05 BUY 100,000 2.8378 GBP
Swap
Alvis Plc Long Equity 14-Apr-04 28-Jan-05 BUY 200,000 2.8364 GBP
Swap
Alvis Plc Long Equity 15-Apr-04 28-Jan-05 BUY 25,000 2.836418 GBP
Swap
Alvis Plc Long Equity 19-Apr-04 28-Jan-05 BUY 500,000 2.84071 GBP
Swap
Alvis Plc Long Equity 20-Apr-04 28-Jan-05 BUY 451,741 2.8242 GBP
Swap
Alvis Plc Long Equity 20-Apr-04 28-Jan-05 BUY 265,000 2.83125 GBP
Swap
Alvis Plc Short Equity 20-Apr-04 28-Jan-05 BUY -1,100,000 2.84 GBP
Swap
Alvis Plc Long Equity 21-Apr-04 28-Jan-05 BUY 50,000 2.83 GBP
Swap
Alvis Plc Long Equity 22-Apr-04 28-Jan-05 BUY 50,000 2.82282 GBP
Swap
Alvis Plc Long Equity 22-Apr-04 28-Jan-05 BUY 100,000 2.82282 GBP
Swap
Alvis Plc Long Equity 23-Apr-04 28-Jan-05 BUY 50,000 2.8428 GBP
Swap
Alvis Plc Long Equity 26-Apr-04 28-Jan-05 BUY 319,895 2.8 GBP
Swap
Alvis Plc Long Equity 26-Apr-04 28-Jan-05 BUY 150,000 2.773886 GBP
Swap
Alvis Plc Long Equity 26-Apr-04 28-Jan-05 BUY 399,481 2.811405 GBP
Swap
Alvis Plc Long Equity 27-Apr-04 28-Jan-05 BUY 45,000 2.7658 GBP
Swap
Alvis Plc Long Equity 27-Apr-04 28-Jan-05 SELL -1,500,000 2.79 GBP
Swap
Alvis Plc Long Equity 28-Apr-04 28-Jan-05 BUY 250,000 2.78139 GBP
Swap
Alvis Plc Long Equity 25-Jun-04 28-Jan-05 BUY 900 3.16 GBP
Swap
Alvis Plc Long Equity 25-Jun-04 28-Jan-05 BUY 1,400 3.16 GBP
Swap
Alvis Plc Long Equity 28-Jun-04 28-Jan-05 BUY 3,600,000 3.17 GBP
Swap
5,033,223
This information is provided by RNS
The company news service from the London Stock Exchange
END
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