Rule 8 - (Abbey National)
October 01 2004 - 6:26AM
UK Regulatory
RNS Number:5817D
Bear Stearns Intl. Trading Ltd
01 October 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, 1 October 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, 30 September 2004
Dealing in, Abbey National Plc
(1) Class of securities (eg ordinary shares) Ordinary Shares
(2) Amount bought Amount sold Price per unit
13,993 GBP 5.60
42,000 GBP 5.63
200,228 GBP 5.635
50,000 GBP 5.645
200,000 GBP 5.655
225,000 USD 10.188
250,000 GBP 5.658
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) 18,283,540 (1.238%)
(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 18,252,319
Abbey National Plc ordinary shares. 14,236,767 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.
Open Contracts For Difference/Equity Swaps
Product Name Type Date Executed Maturity Date BSIT Buy/Sell Underlying Number of Reference Price CCY
Shares
Abbey Long 31/8/2004 20/6/2005 BUY 9,367,288 5.98 GBP
National Plc
Abbey Long 31/8/2004 20/6/2005 BUY 1,328,613 5.98 GBP
National Plc
Abbey Close long 1/9/2004 20/6/2005 SELL -20,000 6.075 GBP
National Plc
Abbey Close long 1/9/2004 20/6/2005 SELL -20,000 6.08 GBP
National Plc
Abbey Open long 1/9/2004 20/6/2005 BUY 185,000 6.0491 GBP
National Plc
Abbey Open Long 1/9/2004 20/6/2005 BUY 62,500 6.0092 GBP
National Plc
Abbey Close Long 1/9/2004 20/6/2005 SELL -12,334 6.033 GBP
National Plc
Abbey Open long 1/9/2004 20/6/2005 BUY 56,000 6.02 GBP
National Plc
Abbey Open long 1/9/2004 20/6/2005 BUY 148,000 6.039 GBP
National Plc
Abbey Open long 1/9/2004 20/6/2005 BUY 36,600 6.02 GBP
National Plc
Abbey Close Long 2/9/2004 20/6/2005 SELL -50,000 6.05 GBP
National Plc
Abbey Open long 2/9/2004 20/6/2005 BUY 13,700 6.05 GBP
National Plc
Abbey Close Long 2/9/2004 20/6/2005 SELL -21,000 6.0425 GBP
National Plc
Abbey Close Long 2/9/2004 20/6/2005 SELL -20,000 6.075 GBP
National Plc
Abbey Open long 2/9/2004 20/6/2005 BUY 20,900 6.05 GBP
National Plc
Abbey Open long 3/9/2004 20/6/2005 BUY 150,000 6.05 GBP
National Plc
Abbey Close Long 6/9/2004 20/6/2005 SELL -40,000 6.0859 GBP
National Plc
Abbey Open long 6/9/2004 20/6/2005 BUY 40,000 6.0859 GBP
National Plc
Abbey Open long 7/9/2004 20/6/2005 BUY 181,700 6.1188 GBP
National Plc
Abbey Close Long 7/9/2004 20/6/2005 SELL -5,800 6.1133 GBP
National Plc
Abbey Close Long 7/9/2004 20/6/2005 SELL -9,000 6.1119 GBP
National Plc
Abbey Open long 7/9/2004 20/6/2005 BUY 118,800 6.1188 GBP
National Plc
Abbey Open long 7/9/2004 20/6/2005 BUY 405,400 6.1219 GBP
National Plc
Abbey Open long 7/9/2004 20/6/2005 BUY 265,000 6.1219 GBP
National Plc
Abbey Open long 8/9/2004 20/6/2005 BUY 96,400 6.0802 GBP
National Plc
Abbey Open long 8/9/2004 20/6/2005 BUY 63,100 6.0802 GBP
National Plc
Abbey Open long 8/9/2004 20/6/2005 BUY 21,000 6.0833 GBP
National Plc
Abbey Open long 8/9/2004 20/6/2005 BUY 13,700 6.08331 GBP
National Plc
Abbey Close long 9/9/2004 20/6/2005 SELL -333,000 6.0745 GBP
National Plc
Abbey Open long 9/9/2004 20/6/2005 BUY 60,000 6.1196 GBP
National Plc
Abbey Close Long 9/9/2004 20/6/2005 SELL -23,000 6.1211 GBP
National Plc
Abbey Close Long 10/9/2004 20/6/2005 SELL -161,800 6.1814 GBP
National Plc
Abbey Close Long 10/9/2004 20/6/2005 SELL -26,500 6.1631 GBP
National Plc
Abbey Open long 13/9/2004 20/6/2005 BUY 62,500 6.1046 GBP
National Plc
Abbey Open long 13/9/2004 20/6/2005 BUY 462,400 6.18545 GBP
National Plc
Abbey Open long 14/9/2004 20/6/2005 BUY 100,000 6.1046 GBP
National Plc
Abbey Open long 14/9/2004 20/6/2005 BUY 73,100 6.1018 GBP
National Plc
Abbey Open long 14/9/2004 20/6/2005 BUY 111,800 6.1018 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -150,000 5.781 GBP
National Plc
Abbey Open long 15/9/2004 20/6/2005 BUY 100,000 5.7543 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -7,144 5.6972 GBP
National Plc
Abbey Open long 15/9/2004 20/6/2005 BUY 101,678 5.7029 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -200,000 5.766625 GBP
National
Abbey Open long 15/9/2004 20/6/2005 BUY 150,000 5.781 GBP
National Plc
Abbey Open long 15/9/2004 20/6/2005 BUY 100,000 5.75 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -100,000 5.75 GBP
National Plc
Abbey Open long 15/9/2004 20/6/2005 BUY 150,000 5.7838905 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -69,900 5.74 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -45,700 5.74 GBP
National Plc
Abbey Close Long 15/9/2004 20/6/2005 SELL -16,300 5.7404 GBP
National Plc
Abbey Open long 15/9/2004 20/6/2005 BUY 64,000 5.7156 GBP
National Plc
Abbey Open long 15/9/2004 20/6/2005 BUY 97,800 5.7156 GBP
National Plc
Abbey Close Long 16/9/2004 20/6/2005 SELL -13,000 5.705 GBP
National Plc
Abbey Open long 16/9/2004 20/6/2005 BUY 50,839 5.7377 GBP
National Plc
Abbey Open long 16/9/2004 20/6/2005 BUY 18,280 5.735 GBP
National Plc
Abbey Open long 16/9/2004 20/6/2005 BUY 27,970 5.735 GBP
National Plc
Abbey Open long 16/9/2004 20/6/2005 BUY 45,700 5.69832 GBP
National Plc
Abbey Open long 16/9/2004 20/6/2005 BUY 69,900 5.69832 GBP
National
Abbey Open long 17/9/2004 20/6/2005 BUY 36,580 5.719 GBP
National Plc
Abbey Close Long 17/9/2004 20/6/2005 SELL -7,000 5.7071 GBP
National Plc
Abbey Open long 17/9/2004 20/6/2005 BUY 55,920 5.719 GBP
National Plc
Abbey Open long 17/9/2004 20/6/2005 BUY 150,000 5.7219 GBP
National Plc
Abbey Open long 17/9/2004 20/6/2005 BUY 101,678 5.7219 GBP
National Plc
Abbey Open long 20/09/2004 20/6/2005 BUY 50,000 5.636 GBP
National Plc
Abbey Open short 20/09/2004 20/6/2005 SELL -80,000 5.617 GBP
National Plc
Abbey Open long 20/09/2004 20/6/2005 BUY 167,800 5.598 GBP
National Plc
Abbey Open long 20/09/2004 20/6/2005 BUY 109,600 5.598 GBP
National Plc
Abbey Close Short 20/09/2004 20/6/2005 BUY 4,000 5.602 GBP
National Plc
Abbey Open short 21/09/2004 20/6/2005 SELL -5,000 5.617 GBP
National Plc
Abbey Open long 21/09/2004 20/6/2005 BUY 40,000 5.632 GBP
National Plc
Abbey Close Short 21/09/2004 20/6/2005 BUY 14,000 5.639 GBP
National Plc
Abbey Open long 21/09/2004 20/6/2005 BUY 150,000 5.602 GBP
National Plc
Abbey Open long 22/09/2004 20/6/2005 BUY 50,000 5.575285 GBP
National Plc
Abbey Open long 22/09/2004 20/6/2005 BUY 10,250 5.6078 GBP
National Plc
Abbey Open long 22/09/2004 20/6/2005 BUY 3,125 5.6078 GBP
National Plc
Abbey Open long 23/09/2004 20/6/2005 BUY 5,000 5.5478 GBP
National Plc
Abbey Close Long 23/09/2004 20/6/2005 SELL -14,000 5.5444 GBP
National Plc
Abbey Close Long 27/09/2004 20/6/2005 SELL -10,000 5.4887 GBP
National Plc
Abbey Close Long 28/09/2004 20/6/2005 SELL -3,000 5.49225 GBP
National Plc
Abbey Open long 29/09/2004 20/6/2005 BUY 100,000 5.5435 GBP
National Plc
Abbey Close Short 29/09/2004 20/6/2005 BUY 250,000 5.6 GBP
National Plc
Abbey Open short 29/09/2004 20/6/2005 SELL -17,376 5.59522 GBP
National Plc
Abbey Close Long 30/09/2004 20/6/2005 SELL -14,000 5.5901 GBP
National Plc
Abbey Open short 30/09/2004 20/6/2005 SELL -13,000 5.59 GBP
National Plc
14,209,767
This information is provided by RNS
The company news service from the London Stock Exchange
END
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