CGNU plc today announced that it has given notice to redeem its €425m 1.5% Guaranteed Exchangeable Bonds due July 2003.
CGNU plc today announced that it has given notice to redeem its €425m 1.5% Guaranteed Exchangeable Bonds due July 2003.
The Exchangeable Bonds were issued in July 1998 by Société Vinci Obligations (SVO), a French subsidiary of CGNU plc, and jointly guaranteed by CGU France and CGNU plc. Following the notice of redemption, investors have the right, until 27 June 2002 to exchange the bonds for Société Générale shares currently held by SVO, in the ratio one bond for four shares. If not exchanged, the bonds will be redeemed at par on 15 July 2002.
The maximum number of shares that can be exchanged for the bonds represents 1.72% of the issued share capital of Société Générale. If all such shares were exchanged, this would reduce CGNU’s holding in Société Générale from 6.75% to 5.03%.
The effect of the transaction will be neutral on CGNU’s net asset value.
Enquiries:
Analysts/Investors:
James Matthews, Head of Investor Relations
+44 (0)20 7662 2137
Media:
Hayley Stimpson, Director of External Affairs
+44 (0)20 7662 7544
Alex Child-Villiers, Financial Dynamics
+44 (0)20 7269 7107
Notes to editors:
- CGNU is the UK’s largest insurance group, one of the top- five insurers in Europe and has substantial positions in other markets around the world. CGNU is the world’s seventh- largest insurer based on gross worldwide premiums.
- CGNU’s principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of more than Ł28 billion, and over Ł200 billion of assets under management at 31 December 2001.