Communiqué de TPG : Sale by the State of The Netherlands of approximately 16% stake in TPG N.V.
TPG agrees to repurchase 20.7 million shares from the State of The Netherlands
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29 September 2004 - The State of the Netherlands has announced its intention to sell 57 million ordinary shares of par value EUR 0.48 each in the share capital of mail, express and logistics company TPG N.V. in a private share placement starting today. To support this sell down, TPG announces that it has in parallel entered into an agreement to repurchase 20.7 million ordinary shares from the State at the gross price paid to the State in the placement. TPG intends to cancel all of the shares so repurchased. The combined sales by the State represent approximately 16% of TPG’s outstanding share capital, and would reduce the holding of the State in TPG to approximately 19%.
The State may in the share placement sell an additional 8 million ordinary shares in TPG, which would bring the combined sale to 18% of TPG outstanding share capital and would reduce the holding of the State in TPG to approximately 17%.
Settlement of the repurchase by TPG of its ordinary shares will take place in two tranches, a first tranche of 7.6 million shares at settlement of the share placement by the State, and a second tranche of 13.1 million shares which will be settled as soon as possible in January 2005.
TPG has at earlier occasions expressed its intention in principle to support a State-initiated sell down through a repurchase in order to further reduce the existing overhang in the market. At the same time, a repurchase will improve earnings per share. In connection with the share repurchase, TPG has agreed not to offer any ordinary shares in the share capital of TPG for a period of 90 days from the settlement date, subject to certain exceptions. Bear Stearns International advised TPG on this transaction.
This press release is not an offer of securities for sale in the United States. The securities referred to above (the “Shares”) have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offer of the Shares in the United States.
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TPG agrees to repurchase 20.7 million shares from the State of The Netherlands
_______________________________________________________________________________
29 September 2004 - The State of the Netherlands has announced its intention to sell 57 million ordinary shares of par value EUR 0.48 each in the share capital of mail, express and logistics company TPG N.V. in a private share placement starting today. To support this sell down, TPG announces that it has in parallel entered into an agreement to repurchase 20.7 million ordinary shares from the State at the gross price paid to the State in the placement. TPG intends to cancel all of the shares so repurchased. The combined sales by the State represent approximately 16% of TPG’s outstanding share capital, and would reduce the holding of the State in TPG to approximately 19%.
The State may in the share placement sell an additional 8 million ordinary shares in TPG, which would bring the combined sale to 18% of TPG outstanding share capital and would reduce the holding of the State in TPG to approximately 17%.
Settlement of the repurchase by TPG of its ordinary shares will take place in two tranches, a first tranche of 7.6 million shares at settlement of the share placement by the State, and a second tranche of 13.1 million shares which will be settled as soon as possible in January 2005.
TPG has at earlier occasions expressed its intention in principle to support a State-initiated sell down through a repurchase in order to further reduce the existing overhang in the market. At the same time, a repurchase will improve earnings per share. In connection with the share repurchase, TPG has agreed not to offer any ordinary shares in the share capital of TPG for a period of 90 days from the settlement date, subject to certain exceptions. Bear Stearns International advised TPG on this transaction.
This press release is not an offer of securities for sale in the United States. The securities referred to above (the “Shares”) have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offer of the Shares in the United States.
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