Rule 8 - Merant PLC
April 07 2004 - 7:54AM
UK Regulatory
RNS Number:4502X
Bear Stearns Intl. Trading Ltd
7 April 2004
Date of Disclosure 7 APRIL 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 6 APRIL 2004
Dealing in MERANT PLC (name of company)
1) Class of securities (eg ordinary shares) ORDINARY SHARES
2) Amount bought Amount sold Price per unit
5,000,000 GBP 1.885
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) 712,822(0.678%)
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) ifdealing 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) 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 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.
Note 7. The resultant total percentage holding of the class of relevant
security is to be calculatedby 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. Email: monitoring@disclosure.org.uk
Bear Steams International Trading Limited is the beneficial owner of 712,822
Merant Plc ordinary shares. 712,822 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 theother 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 Date of Disclosure 7 April 2004
Merant plc
Underlying
Product Name Type Date Executed Maturity BSIT Buy/Sell number Reference
Date of shares Price CCY
Merant plc Long Equity Swap 04-Mar-04 01-Mar-05 BUY 1,610,700 3.4548 USD
Merant plc Long Equity Swap 04-Mar-04 01-Mar-05 BUY 23,420 3.4009 USD
Merant plc Long Equity Swap 04-Mar-04 01-Mar-05 BUY 196,000 3.4618 USD
Merant plc Long Equity Swap 05-Mar-04 01-Mar-05 BUY 245,000 3.5127 USD
Merant plc Long Equity Swap 08-Mar-04 01-Mar-05 BUY 44,150 3.5523 USD
Merant plc Short Equity Swap 09-Mar-04 01-Mar-05 SELL -1,000,000 1.92 GBP
Merant plc Long Equity Swap 09-Mar-04 01-Mar-05 BUY 24,404 3.5321 USD
Merant plc Long Equity Swap 09-Mar-04 01-Mar-05 BUY 88,288 3.5137 USD
Merant plc Long Equity Swap 10-Mar-04 01-Mar-05 BUY 35,000 3.4422 USD
Merant plc Long Equity Swap 10-Mar-04 01-Mar-05 BUY 478,866 3.4627 USD
Merant plc Long Equity Swap 11-Mar-04 01-Mar-05 BUY 176,546 3.445 USD
Merant plc Long Equity Swap 11-Mar-04 01-Mar-05 BUY 441,369 3.4388 USD
Merant plc Short Equity Swap 16-Mar-04 01-Mar-05 SELL -2,000,000 1.895 GBP
Merant plc Long Equity Swap 17-Mar-04 01-Mar-05 BUY 167,728 3.45273 USD
Merant plc Long Equity Swap 18-Mar-04 01-Mar-05 BUY 132,416 3.4974 USD
Merant plc Long Equity Swap 23-Mar-04 01-Mar-05 BUY 220,326 3.4875 USD
Merant plc Long Equity Swap 24-Mar-04 01-Mar-05 BUY 264,883 3.4578 USD
Merant plc Long Equity Swap 25-Mar-04 01-Mar-05 BUY 50,000 3.4241 USD
Merant plc Long Equity Swap 25-Mar-04 01-Mar-05 BUY 501,736 3.4325USD
Merant plc Long Equity Swap 26-Mar-04 01-Mar-05 BUY 882,775 3.4668 USD
Merant plc Long Equity Swap 30-Mar-04 01-Mar-05 BUY 250,000 3.4607 USD
Merant plc Long Equity Swap 31-Mar-04 01-Mar-05 BUY 120,694 3.4764 USD
Merant plc Long Equity Swap 01-Apr-04 01-Mar-05 BUY 75,000 3.5135 USD
Merant plc Long Equity Swap 01-Apr-04 01-Mar-05 BUY 882,776 3.5093 USD
Merant plc Long Equity Swap 02-Apr-04 01-Mar-05 BUY 1,800,745 3.4686 USD
Merant plc Short Equity Swap 06-Apr-04 01-Mar-05 SELL -5,000,000 1.885 GBP
712,822
This information is provided by RNS
The company news service from the London Stock Exchange
END
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