Rule 8 - London Forfaiting Co
August 13 2003 - 10:03AM
UK Regulatory
RNS Number:6370O
Cantor Fitzgerald Europe
13 August 2003
FORM 8.1/8.3
Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for each
class of securities in which dealings have been made.
Date of disclosure 13/08/03...........
DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS
Date of dealing 12/08/03..................................
Dealing in London Forfaiting Company Plc................(name of company)
(1) Class of securities (eg ordinary shares) ordinary shares...............
(2) Amount bought Amount sold Price per unit
20,000 0.300
In addition, Cantor Fitzgerald Europe (and affiliates) have undertaken certain
CFD and Spreadbet transactions(see below).
(3) Resultant total of the same class owned or controlled
(and percentage of class) 3,150,000 shares* ( 3.01%)
(4) Party making disclosure Cantor Fitzgerald Europe.................
(5) EITHER (a) Name of purchaser/vendor (Note 1) Cantor Fitzgerald Europe
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) Ross Tanton...................
Telephone and extension number 020 7894 7214..............................
______________________________________
*In addition, Cantor Fitzgerald Europe(and affiliates) are party to certain CFDs
and Spreadbets (see 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
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.
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
Date of Disclosure: August 13, 2003
Form 8 Enclosure
Cantor Fitzgerald Europe is the beneficial owner of 3,150,000 London Forfaiting
Company PLC ordinary shares. 3,150,000 of these shares are held to hedge
Contract for Differences ("CFD") 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
realise a gain if the price of the underlying securities rises above the
reference price.
A purchaser of a CFD contract will realise a gain if the price of the underlying
security goes up. A seller of a CFD contract will realise a gain if the price of
the underlying security goes down.
There are no written or oral agreements between Cantor Fitzgerald Europe and any
clients concerning the control of voting rights in relation to the underlying
shares used to hedge the CFDs.
The CFD contracts are open-ended and there is no rollover into new contracts
Contracts for Date of Disclosure: 13-Aug-03
Differences
London Cantor Reference
Forfaiting
Company Plc
Fitzgerald Underlying Price
Number
Product Name Date Buy/Sell Of Shares (pence)
Executed
London July 23, Sell 1,500,000 29.325
Forfaiting 2003
Company Plc,
CFD
London July 24, Sell 550,000 29.3409
Forfaiting 2003
Company Plc,
CFD
London July 25, Sell 125,000 29.5
Forfaiting 2003
Company Plc,
CFD
London July 25, Sell 275,000 29.5
Forfaiting 2003
Company Plc,
CFD
London July 28, Sell 200,000 29.5
Forfaiting 2003
Company Plc,
CFD
London July 29, Sell 450,000 29.5
Forfaiting 2003
Company Plc,
CFD
London July 30, Sell 50,000 29.5
Forfaiting 2003
Company Plc,
CFD
3,150,000
Spread Bets
Closed out
12-Aug-03 Open Date Open Price Close
Price
16-Sep-03 July 7, Sell 200 27.3 30
2003
This information is provided by RNS
The company news service from the London Stock Exchange
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