SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
02 February, 2004
BT Group plc
(Translation of registrant's name into English)
BT Centre
81 Newgate Street
London
EC1A 7AJ
England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X... Form 40-F.....
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________
Enclosures: 1. Director Shareholding announcement made on 07 January 2004
2. Director Shareholding announcement made on 16 January 2004
3. Director Shareholding announcement made on 16 January 2004
4. Offer for Transcomm Plc announcement made on 23 January 2004
Enclosure 1
SCHEDULE 11
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
1) Name of company
BT Group plc
2. Name of Director
Sir Christopher Bland
Ben Verwaayen
Ian Livingston
Pierre Danon
Andy Green
Paul Reynolds
3) Please state whether notification indicates that it is in respect of
holding of the shareholder name in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest.
Adjustment in technical interest of the above directors
4) Name of the registered holder(s) and, if more than one holder, the number
of shares held by each of them (if notified)
Ilford Trustees (Jersey) Limited
5) Please state whether notification relates to a person(s) connected with
the Director named in 2 above and identify the connected person(s)
n/a
6) Please state the nature of the transaction. For PEP transactions please
indicated whether general/single company PEP and if discretionary/non
discretionary
Adjustment in technical interest of the above directors following the vesting of
an award to a participant in the BT Group Retention Share Plan
7) Number of shares/amount of stock acquired:
n/a
8) Percentage of issued class
n/a
9) Number of shares/amount of stock disposed
12,511 BT Group shares
10) Percentage of issued class
n/a
11) Class of security
Ordinary shares of 5p each
12) Price per share
GBP1.8575
13. Date of transaction
06 January 2004
14) Date Company informed
06 January 2004
15) Total holding following this notification
n/a
16) Total percentage holding of issued class following this notification
n/a
If a director has been granted options by the company please complete the
following details (17 - 22)
17) Date of grant
n/a
18) Period during which or date on which exercisable
n/a
19) Total amount paid (if any) for grant of the option
n/a
20) Description of shares or debentures involved: class, number
n/a
21) Exercise price (if fixed at time of grant) or indication that price is
to be fixed at time of exercise
n/a
22. Total number of shares or debentures over which options held following this
notification
No change
23) Any additional information
The above named Directors have technical interests, as at 06 January 2004 under
Schedule 13 to the Companies Act as follows:
- A technical interest, together with all employees of BT Group plc in
103,050 Ordinary Shares held by the Trustee of the BT Group Employee Share
Investment Plan, Halifax Corporate Trustees Limited;
- A technical interest, together with all employees of BT Group plc in
30,475,639 Ordinary Shares held by Ilford Trustees (Jersey) Limited in
respect of contingent awards under executive share plans;
24) Name of contact and telephone number for queries
John Challis 020 7356 4086
25) Name of signature or authorised company official responsible for making
this notification
John Challis
Date of Notification: 07 January 2004
Enclosure 2
SCHEDULE 11
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
1) Name of company
BT Group plc
2. Name of Director
Paul Reynolds
3) Please state whether notification indicates that it is in respect of holding
of the shareholder name in 2 above or in respect of a non-beneficial interest or
in the case of an individual holder if it is a holding of that person's spouse
or children under the age of 18 or in respect of a non-beneficial interest.
Director in 2) above
4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)
Halifax Corporate Trustees Limited (as Trustee of the BT Group Employee Share
Investment Plan).
5) Please state whether notification relates to a person(s) connected with
the Director named in 2 above and identify the connected person(s)
n/a
6) Please state the nature of the transaction. For PEP transactions please
indicated whether general/single co PEP and if discretionary/non discretionary
Monthly purchase of shares under the terms of the BT Group Employee Share
Investment Plan.
7) Number of shares/amount of stock acquired:
Purchase of 68 shares at 186p per share.
8) Percentage of issued class
n/a
9) Number of shares/amount of stock disposed
n/a
10) Percentage of issued class
n/a
11) Class of security
Ordinary shares of 5p each
12) Price per share
186p
13. Date of transaction
15 January 2004
14) Date Company informed
16 January 2004
15) Total holding following this notification
Paul Reynolds:
1. 46,684 ordinary shares - personal holding;
2. 151,407 ordinary shares under BT Incentive Share Plan - contingent award;
3. 154,013 shares under BT Group Deferred Bonus Plan;
4. 11,824 shares under BT Executive Share Plan - contingent award;
5. Options over 4,555 shares under BT Group Employee Sharesave Scheme;
6. Options over 1,457,124 shares under BT Group Global Share Option Plan.
16) Total percentage holding of issued class following this notification
n/a
If a director has been granted options by the company please complete the
following boxes
17) Date of grant
n/a
18) Period during which or date on which exercisable
n/a
19) Total amount paid (if any) for grant of the option
n/a
20) Description of shares or debentures involved: class, number
n/a
21) Exercise price (if fixed at time of grant) or indication that price is
to be fixed at time of exercise
n/a
22. Total number of shares or debentures over which options held following this
notification
n/a
23) Any additional information
The above named Director has a technical interest, as at 16 January 2004 under
Schedule 13 of the Companies Act as follows:
- A technical interest, together with all employees of BT Group plc in
103,050 Ordinary Shares held by the Trustee of the BT Group Employee Share
Investment Plan, Halifax Corporate Trustees Limited;
- A technical interest, together with all employees of BT Group plc in
30,488,150 Ordinary Shares held by Ilford Trustees (Jersey) Limited in
respect of contingent awards under executive share plans;
24) Name of contact and telephone number for queries
John Challis, 020 7356 4086
25) Name of signature or authorised company official responsible for making
this notification
John Challis
Date of Notification: 16 January 2004
Enclosure 3
SCHEDULE 11
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
1) Name of company
BT Group plc
2. Name of Director
Sir Christopher Bland
Ben Verwaayen
Ian Livingston
Pierre Danon
Andy Green
Paul Reynolds
3) Please state whether notification indicates that it is in respect of
holding of the shareholder name in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest.
Adjustment in technical interest of the above directors
4) Name of the registered holder(s) and, if more than one holder, the number
of shares held by each of them (if notified)
Halifax Corporate Trustees Ltd
5) Please state whether notification relates to a person(s) connected with
the Director named in 2 above and identify the connected person(s)
n/a
6) Please state the nature of the transaction. For PEP transactions please
indicated whether general/single company PEP and if discretionary/non
discretionary
Adjustment in technical interest of the above directors
7) Number of shares/amount of stock acquired:
Recovery of 502 BT Group shares by Halifax Corporate Trustees Limited as Trustee
of the BT Group Employee Share Investment Plan from awards made to non-eligible
individuals.
8) Percentage of issued class
n/a
9) Number of shares/amount of stock disposed
n/a
10) Percentage of issued class
n/a
11) Class of security
Ordinary shares of 5p each
12) Price per share
n/a
13. Date of transaction
15 January 2004
14) Date Company informed
16 January 2004
15) Total holding following this notification
n/a
16) Total percentage holding of issued class following this notification
n/a
If a director has been granted options by the company please complete the
following details (17 - 22)
17) Date of grant
n/a
18) Period during which or date on which exercisable
n/a
19) Total amount paid (if any) for grant of the option
n/a
20) Description of shares or debentures involved: class, number
n/a
21) Exercise price (if fixed at time of grant) or indication that price is
to be fixed at time of exercise
n/a
22. Total number of shares or debentures over which options held following this
notification
No change
23) Any additional information
The above named Directors have technical interests, as at 16 January 2004 under
Schedule 13 of the Companies Act as follows:
- A technical interest, together with all employees of BT Group plc in
103,552 Ordinary Shares held by the Trustee of the BT Group Employee Share
Investment Plan, Halifax Corporate Trustees Limited;
- A technical interest, together with all employees of BT Group plc in
30,488,150 Ordinary Shares held by Ilford Trustees (Jersey) Limited in
respect of contingent awards under executive share plans;
24) Name of contact and telephone number for queries
John Challis 020 7356 4086
25) Name of signature or authorised company official responsible for making
this notification
John Challis
Date of Notification: 16 January 2004
Enclosure 4
Not for release, publication or distribution, in whole or in part, in, into or
from the United States, Canada, Australia or Japan
BT GROUP PLC TRANSCOMM PLC
23 January 2004
British Telecommunications plc
Recommended cash offer
for
Transcomm plc
Summary
The boards of BT and Transcomm announce that agreement has been reached on the
terms of a recommended cash offer to be made by British Telecommunications plc
for the entire issued and to be issued share capital of Transcomm:
- The Offer will be 15.5 pence in cash for each Transcomm Share, valuing the
existing issued share capital of Transcomm at approximately GBP15.9 million.
- The Offer price represents a premium of approximately 15 per cent. to the
Closing Price of 13.5 pence per Transcomm Share on 12 December 2003 (the
last dealing date prior to the commencement of the Offer Period), and
approximately 35 per cent. to the average Closing Price of 11.5 pence per
Transcomm Share for the three month period ended on that date.
- BT has received irrevocable undertakings to accept the Offer in respect of
49,652,107 Transcomm Shares, representing approximately 48.3 per cent. of
Transcomm's existing issued share capital.
The acquisition of Transcomm will enhance BT's position in providing
machine-to-machine (M2M) applications for business customers in the UK. It
demonstrates BT's strategy of focusing on attractive markets across the entire
Information and Communications Technology (ICT) spectrum to deliver profitable
growth.
M2M applications allow the remote monitoring and control of devices over long
distances. The sector is one of the most dynamic in the telecommunications
market, with industry predictions forecasting revenues to grow five-fold to
EUR50 billion in Europe by 2007. M2M applications include most devices which can
be remotely monitored, including fire and burglar alarms, vending machines,
refrigerators, EPOS terminals, parking meters and distribution fleets.
Through its BT redcare operation, BT is already the leading player in fixed line
M2M applications in the UK. This acquisition enhances BT's M2M service offering
by adding wireless capabilities. The combined business brings together the
strength of BT's brand, customer penetration and expertise in corporate
solutions with Transcomm's highly robust network, products, applications and
distribution partnerships.
Steve Andrews, managing director of BT Retail's Products and Enterprises
division, said: "Transcomm is an excellent fit with BT redcare. The combination
brings together fixed and mobile secure M2M communications and allows us to
offer an exciting array of new services to our customers. It further reinforces
BT's commitment to connecting our customers' worlds - fixed and wireless, voice
and data - completely."
Jon Furmston, chief executive of BT redcare, said: "This combination catapults
BT redcare further ahead of the competition and strengthens our position as the
leading UK service provider for all M2M applications. The addition of the
Transcomm network provides a highly-reliable, secure and cost-effective wireless
network, which is where much of the future profitable market growth lies."
Rod Matthews MBE, Chairman of Transcomm, said: "We are pleased to have reached
agreement with BT on the terms of an offer which provides excellent value for
Transcomm Shareholders. The Transcomm Directors consider the terms of the Offer
to be fair and reasonable, and unanimously recommend Transcomm Shareholders to
accept the Offer."
This summary should be read in conjunction with the full text of this
announcement, including Appendix I where the conditions of the Offer are set
out.
This announcement does not constitute an offer or an invitation to sell,
purchase or subscribe for any securities.
Enquiries:
BT
Mike Bartlett, BT Newsroom 020 7356 5369
Jon Carter, BT Retail Press Office 020 7356 4523
Transcomm
Rod Matthews MBE, Chairman 020 8990 9090
Andrew Carver, Chief Executive
Russell Backhouse, Finance Director
Nabarro Wells
(Financial Adviser to Transcomm)
Hugh Oram 020 7710 7400
Nigel Atkinson
About BT
BT is one of Europe's leading providers of telecommunication services. Its
principal activities include local, national and international telecommunication
services, higher-value broadband and internet products and services, and IT
solutions. In the UK, BT serves over 20 million business and residential
customers with more than 29 million exchange lines, as well as providing network
services to other licensed operators.
In the year ended 31 March 2003, British Telecommunications plc's turnover was
GBP18.7 billion, with profit before tax (before goodwill and exceptional items)
of GBP1,829 million. For more information visit www.bt.com.
About Transcomm
Transcomm is one of the United Kingdom's leading wireless data service
providers. It owns and operates the Mobitex wireless data network in the UK with
network coverage of approximately 95% of the population, connecting
communications devices for customers in transport and distribution, telemetry,
emergency services and field services. It provides an "always-on"
business-critical service, with high reliability, security and data integrity.
About Mobitex
Mobitex is a packet-switched, narrow-band mobile data communications radio
network technology, provided and supported by Ericsson. There are currently 30
Mobitex networks operating around the world.
Unless otherwise determined by British Telecommunications plc, the Offer will
not be made, directly or indirectly, in or into, or by use of the mails of, or
by any means or instrumentality (including, without limitation, electronic mail,
facsimile transmission, telex or telephone) of interstate or foreign commerce
of, or any facilities of a national securities exchange of, the USA, or in or
into Canada, Australia or Japan, and, subject to certain exceptions, the Offer
will not be capable of acceptance by any such use, means or instrumentality or
facilities or from or within the USA, Canada, Australia or Japan. Accordingly,
copies of this announcement are not being, and must not be, mailed or otherwise
forwarded, transmitted, distributed or sent in, into or from the USA, Canada,
Australia or Japan. Doing so may render invalid any purported acceptance of the
Offer. Any person (including, without limitation, nominees, trustees or
custodians) who are overseas persons or who would, or otherwise intend to,
forward this announcement to any jurisdiction outside the United Kingdom or to
overseas persons should seek appropriate professional advice before taking any
action.
This announcement has been issued by British Telecommunications plc and approved
by PricewaterhouseCoopers for the purpose of section 21 of the Financial
Services and Markets Act 2000. The principal place of business of
PricewaterhouseCoopers is 1 Embankment Place, London WC2N 6RH.
PricewaterhouseCoopers, which is authorised and regulated in the United Kingdom
by the Financial Services Authority for designated investment business, is
acting exclusively for BT Group plc and British Telecommunications plc and for
no-one else in relation to the Offer and will not be responsible to anyone other
than BT Group plc and British Telecommunications plc for providing the
protections afforded to clients of PricewaterhouseCoopers or for providing or
giving advice in relation to the Offer or any other matter referred to in this
announcement.
Nabarro Wells, which is regulated by the Financial Services Authority, is acting
exclusively for Transcomm and for no-one else in relation to the Offer and will
not be responsible to anyone other than Transcomm for providing the protections
afforded to clients of Nabarro Wells or for providing or giving advice in
relation to the Offer or any other matter referred to in this announcement.
Not for release, publication or distribution, in whole or in part, in, into or
from the United States, Canada, Australia or Japan
BT GROUP PLC TRANSCOMM PLC
23 January 2004
British Telecommunications plc
Recommended cash offer
for
Transcomm plc
1. Introduction
The boards of BT and Transcomm announce that agreement has been reached on the
terms of a recommended cash offer to be made by British Telecommunications plc
for the entire issued and to be issued share capital of Transcomm.
2. The Offer
The Offer, which will be subject to the conditions and on the terms set out or
referred to in Appendix I to this announcement and to be set out in the Offer
Document and the Form of Acceptance, will be made on the following basis:
for each Transcomm Share 15.5 pence in cash
The Offer price values the existing issued share capital of Transcomm at
approximately GBP15.9 million and represents a premium of approximately 15 per
cent. to the Closing Price of 13.5 pence per Transcomm Share on 12 December 2003
(the last dealing date prior to the commencement of the Offer Period), and
approximately 35 per cent. to the average Closing Price of 11.5 pence per
Transcomm Share for the three month period ended on that date.
Under the Offer, Transcomm Shares are to be acquired fully paid and free from
all liens, charges, equitable interests, encumbrances, rights of pre-emption and
any other third party rights or interests and together with all rights attaching
thereto, including the right to receive and retain all dividends or other
distributions (if any) declared, paid or made on or after 23 January 2004, being
the date of this announcement.
3. Information relating to Transcomm
Transcomm is one of the leading providers of data-only wireless services in the
United Kingdom.
Transcomm owns and operates the Mobitex wireless data network in the UK,
providing a business-critical wireless data service for customers across the
country. With service level agreements on network performance as standard,
Transcomm's network provides over 95% population coverage in the UK, with high
service availability for corporate and public sector customers. Together with
specialist resellers and technology partners, Transcomm offers tailored
solutions using a wide range of hardware, software, network gateways and
end-user devices for secure and reliable business-critical wireless data
communications.
M2M applications include most devices which can be remotely monitored, from fire
and burglar alarms to vending machines, refrigerators, EPOS terminals and even
distribution fleets. Services provided by Transcomm to its customers include the
sophisticated monitoring, reporting and tracking of vehicles, loads, packages,
deliveries and collections, and other electronic messages. Customers with large
field service teams rely on Transcomm for instant work scheduling updates, while
the emergency services, transport and distribution and parking monitoring
operators are also significant customers. M2M applications require small amounts
of data to be transmitted but these must be highly reliable, secure and in real
time.
Transcomm's customers, mainly in transport and distribution, telemetry,
emergency services and field services, are organisations with business-critical
data communications needs, and include the RAC, the Metropolitan Police, TNT and
Parkeon (formerly known as Schlumberger e-City). Over 33,000 devices are
currently connected through the Transcomm Group's network.
For the financial year ended 31 December 2002, Transcomm reported turnover of
GBP13.8 million (2001: GBP15.7 million) and EBITDA before exceptional operating
items of GBP1.7 million (2001: a loss of GBP3.6 million). At that date, its net
assets were GBP7.3 million. Transcomm's unaudited interim statement for the six
months ended 30 June 2003 showed turnover of GBP6.4 million (2002: GBP7.2
million) and EBITDA before exceptional operating items of GBP1.0 million (2002:
GBP0.8 million). At 30 June 2003, net assets were GBP7.6 million.
4. Background to and reasons for the Offer
Through BT redcare, BT already offers customers a compelling M2M data
communications service, based mainly on its highly secure and reliable
fixed-line network. The acquisition of Transcomm strengthens BT redcare's
position as the leading UK service provider for M2M applications, with fast
approaching 400,000 connections. The addition of Transcomm's wireless data
network provides a highly reliable, secure and cost-effective wireless
infrastructure to combine with BT's unmatched fixed-line data capabilities. A
fully controlled integrated fixed and wireless network, and the combination of
Transcomm's skills and expertise in wireless data solutions with BT's brand,
business customer penetration and expertise in corporate solutions, will allow
BT to increase its business across the rapidly emerging M2M markets.
BT expects the combined business to generate in excess of GBP100 million per
annum in M2M revenues. BT expects to drive significant revenue growth through
the combination of Transcomm and BT redcare, and to achieve material savings in
airtime and network costs and reductions in capital expenditure.
The Transcomm Board is recommending the Offer because it believes that the
acquisition is in the best interests of Transcomm Shareholders, whilst also
safeguarding the future of the business of Transcomm.
Over the course of the last two years, the Transcomm Board has developed the
business into one which is profitable and cash generative. Whilst the Transcomm
Board believes strongly in the key differentiators of its network service
offering, it is also mindful of the difficulties of operating in the M2M
communications market as a relatively small independent competitor.
The Transcomm Board believes that the prospects of the business will be enhanced
through the combination with BT, which will give it access to a significantly
greater distribution channel, wider market opportunities and greater resources
to exploit the growth in wireless data services.
The Transcomm Board believes that the Offer values Transcomm's business on a
favourable multiple of current earnings, and at a premium to both net assets and
Transcomm's recent share price. In addition, the Transcomm Board believes that
the Offer provides Transcomm Shareholders with an opportunity to realise a
higher and more certain value from their equity holdings in the short term than
would otherwise be possible should the business continue to operate
independently.
5. Information relating to BT
BT is one of Europe's leading providers of telecommunication services. Its
principal activities include local, national and international telecommunication
services, higher-value broadband and internet products and services, and IT
solutions. In the UK, BT serves over 20 million business and residential
customers with more than 29 million exchange lines, as well as providing network
services to other licensed operators.
BT consists principally of three lines of business:
- BT Retail, serving the voice and data telecommunications needs of
businesses and residential customers throughout the UK;
- BT Wholesale, providing network services and solutions in the UK,
including ADSL, conveyance, transit, bulk delivery of private circuits,
frame relay and ISDN connections; and
- BT Global Services, BT's managed services and solutions provider, serving
multi-site organisations worldwide. Its core target market is the top 10,000
global multi-site organisations with European operations.
British Telecommunications plc has over 100,000 employees and for the year ended
31 March 2003 (in relation to continuing activities) had turnover of GBP18.7
billion (2002: GBP18.4 billion) and profit before tax (before goodwill and
exceptional items) of GBP1,829 million (2002: GBP1,273 million). The
consolidated net assets of British Telecommunications plc as at 31 March 2003
were GBP21.1 billion (2002: GBP18.1 billion).
6. Irrevocable undertakings to accept the Offer
BT has received irrevocable undertakings to accept the Offer in respect of, in
aggregate, 49,652,107 Transcomm Shares, representing approximately 48.3 per
cent. of the existing issued share capital of Transcomm. This total is made up
as follows:
- the Transcomm Directors (including their related trusts) have given
irrevocable undertakings to accept the Offer in respect of an aggregate of
256,893 Transcomm Shares, representing approximately 0.2 per cent. of the
existing issued share capital of Transcomm; and
- certain other Transcomm Shareholders have given irrevocable undertakings
to accept the Offer in respect of an aggregate of 49,395,214 Transcomm
Shares, representing approximately 48.0 per cent. of the existing issued
share capital of Transcomm.
7. Management and employees of Transcomm
BT has confirmed that, in the event that the Offer becomes or is declared
unconditional in all respects, the existing employment rights, including pension
rights, of all management and employees of Transcomm will be fully safeguarded.
8. Inducement fee arrangement
Transcomm entered into an agreement with BT on 23 January 2004, pursuant to
which Transcomm agreed to pay the sum of GBP159,000 to BT in the event that, on
or before the date upon which the Offer becomes or is declared wholly
unconditional or lapses or is withdrawn:
(a) the Transcomm Directors (or any of them) withdraw their
recommendation of the Offer, or modify it in a manner which is
reasonably likely to adversely affect British Telecommunications plc or
the chances of the Offer becoming unconditional as to acceptances; or
(b) a firm intention to make a competing offer for Transcomm is
announced which, at any time, becomes or is declared wholly
unconditional.
9. Transcomm Share Schemes
The Offer will extend to any Transcomm Shares unconditionally allotted or issued
pursuant to the exercise of options under the Transcomm Share Schemes while the
Offer remains open for acceptance (or, such earlier date as British
Telecommunications plc may, subject to the City Code decide, not being earlier
than the date on which the Offer becomes or is declared unconditional as to
acceptances or, if later, the first closing date of the Offer). British
Telecommunications plc will, if the Offer becomes or is declared wholly
unconditional, make appropriate proposals to the holders of outstanding options
under the Transcomm Share Schemes.
10. General
(a) Appendix I to this announcement contains the conditions and
certain further terms of the Offer. Appendix II provides further
information in connection with the Offer and Appendix III contains
definitions of certain expressions used in this announcement.
(b) The Offer will be subject to the applicable requirements of the
City Code, the Panel and the London Stock Exchange.
(c) The Offer Document will be posted to Transcomm Shareholders
shortly.
(d) Assuming the Offer becomes or is declared unconditional in all
respects, BT intends as soon as practicable to procure the making of an
application by Transcomm to the London Stock Exchange for the
cancellation of admission of Transcomm Shares to AIM. It is anticipated
that such cancellation of admission will take effect no earlier than
twenty business days after the date on which the Offer becomes or is
declared unconditional in all respects. The cancellation of the
admission of Transcomm Shares to AIM will significantly reduce the
liquidity and marketability of any Transcomm Shares not assented to the
Offer and their value may be affected in consequence.
(e) British Telecommunications plc intends, assuming it receives
sufficient acceptances under the Offer to entitle it to do so, to use
the procedures set out in sections 428 to 430F (inclusive) of the Act to
acquire compulsorily, on the same terms as the Offer, any outstanding
Transcomm Shares not assented to the Offer.
(f) It is also proposed that, following successful completion of the
Offer, Transcomm will be re-registered as a private company.
11. Recommendation
The Transcomm Directors, who have been so advised by Nabarro Wells, consider the
terms of the Offer to be fair and reasonable. In providing advice to the
Transcomm Directors, Nabarro Wells has taken account of the commercial
assessments of the Transcomm Directors.
Accordingly, the Transcomm Directors unanimously recommend Transcomm
Shareholders to accept the Offer, as they have irrevocably undertaken to do in
respect of their own beneficial holdings of 256,893 Transcomm Shares,
representing, in aggregate, approximately 0.2 per cent. of the existing issued
share capital of Transcomm.
Enquiries:
BT
Mike Bartlett, BT Newsroom 020 7356 5369
Jon Carter, BT Retail Press Office 020 7356 4523
Transcomm
Rod Matthews MBE, Chairman 020 8990 9090
Andrew Carver, Chief Executive
Russell Backhouse, Finance Director
Nabarro Wells
(Financial Adviser to Transcomm)
Hugh Oram 020 7710 7400
Nigel Atkinson
This announcement does not constitute an offer or an invitation to sell,
purchase or subscribe for any securities. The laws of relevant overseas
jurisdictions may affect or prohibit the availability of the Offer to persons
not resident in the United Kingdom or who are citizens, residents or nationals
of jurisdiction outside the United Kingdom or who are nominees of, or custodians
or trustees for, citizens, residents or nationals of other countries. Such
persons should inform themselves about, and observe, any applicable
requirements. Further details in relation to overseas shareholders will be
contained in the Offer Document.
Unless otherwise determined by British Telecommunications plc, the Offer will
not be made, directly or indirectly, in or into, or by use of the mails of, or
by any means or instrumentality (including, without limitation, electronic mail,
facsimile transmission, telex or telephone) of interstate or foreign commerce
of, or any facilities of a securities exchange of, the USA, or in or into
Canada, Australia or Japan and, subject to certain exceptions, the Offer will
not be capable of acceptance by any such use, means or instrumentality or
facilities or from or within any of the USA, Canada, Australia or Japan.
Accordingly, copies of this announcement are not being, and must not be, mailed
or otherwise forwarded, transmitted, distributed or sent in, into or from the
USA, Canada, Australia or Japan. Doing so may render invalid any purported
acceptance of the Offer. Any persons (including, without limitation, nominees,
trustees and custodians) who would or otherwise intend to forward this
announcement to any jurisdiction outside the United Kingdom or to overseas
persons should seek appropriate professional advice before taking any action.
This announcement has been issued by British Telecommunications plc and approved
by PricewaterhouseCoopers for the purpose of section 21 of the Financial
Services and Markets Act 2000. The principal place of business of
PricewaterhouseCoopers is 1 Embankment Place, London WC2N 6RH.
PricewaterhouseCoopers, which is authorised and regulated in the United Kingdom
by the Financial Services Authority for designated investment business, is
acting for BT Group plc and British Telecommunications plc and no-one else in
connection with the Offer and will not be responsible to anyone other than BT
Group plc and British Telecommunications plc for providing the protections
offered to clients of PricewaterhouseCoopers or for providing or giving advice
in relation to the Offer or any other matter referred to in this announcement.
Nabarro Wells, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting for Transcomm and no-one else in
relation to the Offer and will not be responsible to anyone other than Transcomm
for providing the protections offered to clients of Nabarro Wells or for
providing or giving advice in relation to the Offer or any other matter referred
to in this announcement.
The directors of British Telecommunications plc accept responsibility for the
information contained in this announcement, other than that relating to
Transcomm (including Mobitex), the Transcomm Group and the Transcomm Directors
and members of their immediate families, related trusts and persons connected
with them (within the meaning of section 346 of the Act). To the best of the
knowledge and belief of the directors of British Telecommunications plc (who
have taken all reasonable care to ensure that such is the case), the information
contained in this announcement for which they accept responsibility is in
accordance with the facts and does not omit anything likely to affect the import
of such information.
The Transcomm Directors accept responsibility for the information contained in
this announcement relating to Transcomm (including Mobitex), the Transcomm Group
and the Transcomm Directors and members of their immediate families, related
trusts and persons connected with them (within the meaning of section 346 of the
Act). To the best of the knowledge and belief of the Transcomm Directors (who
have taken all reasonable care to ensure that such is the case), the information
contained in this announcement for which they accept responsibility is in
accordance with the facts and does not omit anything likely to affect the import
of such information.
APPENDIX I
CONDITIONS AND CERTAIN FURTHER TERMS OF THE OFFER
Conditions of the Offer
The Offer will be subject to the following conditions:
1. valid acceptances being received (and not, where permitted, withdrawn) by
3.00 p.m. on the first closing date of the Offer (or such later time(s) and/
or date(s) as British Telecommunications plc may, with the consent of the
Panel or in accordance with the rules of the City Code, decide) in respect
of not less than 90 per cent. (or such lesser percentage as British
Telecommunications plc may decide) of the Transcomm Shares to which the
Offer relates, provided that this condition will not be satisfied unless
British Telecommunications plc and/or any of its wholly-owned subsidiaries
shall have acquired or agreed to acquire, whether pursuant to the Offer or
otherwise, Transcomm Shares carrying, in aggregate, more than 50 per cent.
of the voting rights then normally exercisable at a general meeting of
Transcomm (on such basis as may be required by the Panel, including for this
purpose (to the extent, if any, required by the Panel) any voting rights
attaching to any Transcomm Shares which are unconditionally allotted or
issued before the Offer becomes or is declared unconditional as to
acceptances, whether pursuant to the exercise of conversion or subscription
rights or otherwise); and for this purpose:
a. the expression "Transcomm Shares to which the Offer relates" shall be
construed in accordance with sections 428 to 430F of the Act; and
b. shares which have been unconditionally allotted shall be deemed to carry
the voting rights which they will carry upon issue;
2. the Office of Fair Trading not indicating that it is the intention of the
Office of Fair Trading to refer the Acquisition, or any matter arising
therefrom or in connection therewith, to the Competition Commission;
3. no Relevant Authority having decided to take, institute, implement or
threaten any action, suit, proceeding, investigation, enquiry or reference,
or made, proposed or enacted any statute, regulation, decision or order or
required any action to be taken or information to be provided or otherwise
having taken or refrained from having taken any other action, and there not
continuing to be in force any statute, regulation, rule, order or decision
that, in any such case, will or might reasonably be expected to:
a. make the Offer or its implementation or the acquisition or proposed
acquisition by British Telecommunications plc (or any other member of
the Wider BT Group) of any Transcomm Shares or control or management of
Transcomm or any member of the Wider Transcomm Group void, voidable,
unenforceable or illegal under the laws of any jurisdiction, or
otherwise, directly or indirectly, restrain, restrict, prohibit or
delay, or impose additional or amended conditions or obligations with
respect to, or otherwise challenge or interfere with, any of the
foregoing; or
b. require, prevent, delay, restrict, or alter the proposed terms for, the
divestiture by British Telecommunications plc (or any other member of
the Wider BT Group) or any member of the Wider Transcomm Group of all or
any part of their respective businesses, assets or properties or impose
any limitation on the ability of any of them to conduct or to own, use
or operate all or any part of the respective businesses, assets or
properties owned by, or the use or operation of which is enjoyed by, any
of them, or result in any of them ceasing to be able to carry on
business, or being restricted in its carrying on of business, under any
name under which it currently does so, in each case the result of which
would or might reasonably be expected to be material in the context of
the Wider Transcomm Group taken as a whole; or
c. impose any limitation on the ability of British Telecommunications plc
(or any other member of the Wider BT Group) or any member of the Wider
Transcomm Group, directly or indirectly, to acquire or to hold or to
exercise effectively any rights of ownership of shares or other
securities (or the equivalent) in any member of the Wider Transcomm
Group or any member of the Wider BT Group, or to exercise management or
voting control over any member of the Wider Transcomm Group or any
member of the Wider BT Group; or
d. require any member of the Wider BT Group or any member of the Wider
Transcomm Group to acquire, or to offer to acquire, any shares or other
securities or indebtedness (or the equivalent) in or of British
Telecommunications plc or any member of the Wider Transcomm Group or any
shares or other securities or indebtedness (or the equivalent) in or of,
or asset owned by, any other person, or to dispose of or repay, or to
offer to dispose of or repay, any shares or other securities or
indebtedness (or the equivalent) in or of, or any asset owned by, any
member of the Wider BT Group or any member of the Wider Transcomm Group;
or
e. impose any material limitation on the ability of British
Telecommunications plc or any member of the Wider Transcomm Group to
integrate its business, or any part of it, with any business or part of
business of any member of the Wider BT Group or any member of the Wider
Transcomm Group; or
f. otherwise materially and adversely affect the business, assets,
financial or trading position or profits, prospects or value of any
member of the Wider Transcomm Group or any member of the Wider BT
Group; or
g. result in any member of the Wider BT Group or any member of the Wider
Transcomm Group ceasing to be able to carry on business under any name
under which it currently does so,
and all applicable waiting and other time periods during which any Relevant
Authority could decide to take, institute, implement or threaten any such
action, suit, proceeding, investigation, enquiry or reference having
expired, lapsed or been terminated;
4. all necessary filings having been made and all statutory or regulatory
obligations in any jurisdiction having been complied with, and all
appropriate waiting or other time periods under any applicable legislation
or regulations of any jurisdiction having expired, lapsed or been
terminated, in each case in connection with the Offer or the acquisition or
proposed acquisition of any Transcomm Shares, or of control or management of
Transcomm (or any other member of the Wider Transcomm Group) by British
Telecommunications plc (or any other member of the Wider BT Group), and all
Relevant Authorisations reasonably necessary or appropriate for, or in
respect of, the Offer or any acquisition or proposed acquisition of any
Transcomm Shares, or of control or management of Transcomm (or any other
member of the Wider Transcomm Group), by British Telecommunications plc (or
any other member of the Wider BT Group) or to permit or enable British
Telecommunications plc to carry on the business of any member of the Wider
Transcomm Group, having been obtained in terms and in a form reasonably
satisfactory to British Telecommunications plc, from all appropriate
Relevant Authorities and from all appropriate persons, authorities or bodies
with whom any member of the Wider BT Group or any member of the Wider
Transcomm Group has entered into contractual arrangements, and all such
Relevant Authorisations remaining in full force and effect, and there being
no notice or intimation of any intention to revoke, modify, restrict,
suspend or not to renew any of them, in each case the result of which would
or might reasonably be expected to be material in the context of the Wider
Transcomm Group taken as a whole;
5. save as fairly disclosed in the annual report and accounts of Transcomm for
the year ended 31 December 2002 (the "Transcomm 2002 Accounts"), or as
fairly disclosed in writing by or on behalf of Transcomm to British
Telecommunications plc or its advisers in connection with the Offer prior to
the announcement of the Offer, or as publicly announced by release of an
announcement through an appropriate Regulatory Information Service
("Publicly Announced") prior to the date of the announcement of the Offer,
there being no provision of any Relevant Instrument which, in consequence of
the making or implementation of the Offer, the acquisition or proposed
acquisition by any member of the Wider BT Group of any Transcomm Shares or
any change in the control or management of Transcomm or any other member of
the Wider Transcomm Group, or otherwise, provides for, or will or might
reasonably be expected to result in, any of the following:
a. any money borrowed by, or any other indebtedness (actual or contingent)
of, any member of the Wider Transcomm Group being or becoming repayable
or capable of being declared repayable immediately or prior to their
stated maturity, or the ability of any such member to borrow monies or
incur any indebtedness being withdrawn or inhibited; or
b. the creation of any mortgage, charge or other security interest over the
whole or any part of the business, property or assets of any member of
the Wider Transcomm Group or any such security (whenever arising or
having arisen) becoming enforceable or being enforced; or
c. any Relevant Instrument or any right, liability, obligation, interest or
business of any member of the Wider Transcomm Group (or any related
arrangement) being terminated or modified or affected, or any action
being taken, or any obligation arising, under any Relevant Instrument,
in each case the result of which would or might reasonably be expected
to be material in the context of the Wider Transcomm Group taken as a
whole; or
d. any asset or right (including, without limitation, intellectual property
rights) or interest of, or any asset or such right the use or operation
of which is enjoyed by, any member of the Wider Transcomm Group being or
falling to be disposed of other than in the ordinary course of business,
or charged, or ceasing to be available to any such member, or any right
arising under which any such asset or interest or such right will or
could be required to be disposed of or charged, or will or could cease
to be so available, in each case the result of which would or might
reasonably be expected to be material in the context of the Wider
Transcomm Group taken as a whole; or
e. the interest or business of any member of the Wider Transcomm Group in
or with any company, firm, body or person, or any arrangements
relating to any such interest or business, being terminated or
adversely modified or affected; or
f. the financial or trading position or prospects of any member of the
Wider Transcomm Group being prejudiced or adversely affected to an
extent which is or might reasonably be expected to be material in the
context of the Wider Transcomm Group taken as a whole; or
g. any member of the Wider Transcomm Group ceasing to be able, or being
restricted in being able, to carry out business under any name under
which it currently does so to an extent which is or might reasonably be
expected to be material in the context of the Wider Transcomm Group
taken as a whole; or
h. any member of the Wider Transcomm Group or any member of the Wider BT
Group being required to acquire, or to offer to acquire, any shares or
other securities or indebtedness (or the equivalent) in or of any member
of the Wider Transcomm Group or the Wider BT Group or any shares or
other securities or indebtedness (or the equivalent) in or of, or any
asset owned by, any other person or to dispose of or repay, or to offer
to dispose of or repay, any shares or other securities or indebtedness
(or the equivalent) in or of, or any asset owned by, any member of the
Wider Transcomm Group or any member of the Wider BT Group to an extent
which is or might reasonably be expected to be material in the context
of the Wider Transcomm Group taken as a whole,
and no event having occurred which, under any provision of any Relevant
Instrument, would or could reasonably be expected to result in any of the
events or circumstances referred to in sub-paragraphs (a) to (h) of this
paragraph 5;
6. save as fairly disclosed in the Transcomm 2002 Accounts or as fairly
disclosed in writing by or on behalf of Transcomm to British
Telecommunications plc or its advisers in connection with the Offer prior to
the announcement of the Offer, or as Publicly Announced prior to the date of
that announcement, no member of the Wider Transcomm Group having, since 31
December 2002:
a. made (in the case of Transcomm) any alteration to its memorandum or
articles of association or (in the case of any other member of the Wider
Transcomm Group) any alteration to its memorandum or articles of
association or other constitutional documents which is or could
reasonably be considered to be material; or
b. recommended, declared, paid or made, or proposed the recommendation,
declaration, paying or making of, any dividend, bonus or other
distribution, whether in cash or otherwise (other than to Transcomm or a
wholly-owned subsidiary of Transcomm); or
c. issued or agreed to issue, authorised or proposed the issue of
additional shares of any class, or of securities convertible into, or
rights, warrants or options to subscribe for or acquire, any such
shares or securities or any loan capital (other than issues to
Transcomm or a wholly-owned subsidiary of Transcomm, and save in
respect of options granted under the Transcomm Share Schemes or as
fairly disclosed in writing by or on behalf of Transcomm to British
Telecommunications plc or its advisers in connection with the Offer
prior to the announcement of the Offer, and save for Transcomm Shares
allotted on the exercise of any such option) or redeemed, purchased or
reduced, or authorised or proposed the redemption, purchase or
reduction of any part of its share capital; or
d. (other than to Transcomm or a wholly-owned subsidiary of Transcomm)
issued, authorised or proposed the issue of any debentures or securities
or, save in the ordinary course of business, incurred or increased any
indebtedness or contingent liability; or
e. entered into or varied or implemented, or authorised, proposed, or
announced its intention to enter into, vary, or implement, any contract,
scheme, transaction, commitment or other arrangement which is outside
the ordinary course of trading; or
f. authorised or proposed, or effected, any merger, demerger,
reconstruction or amalgamation, or (to an extent which is or might
reasonably be expected to be material in the context of the Wider
Transcomm Group taken as a whole) any acquisition or disposal or
transfer of, or any charge or security interest or other encumbrance
in respect of, any asset or any right, title or interest in any shares
or asset (other than in the ordinary course of trading); or
g.authorised or proposed or effected any mortgage charge, grant of security
interest or other third party right or encumbrance over any asset or any
right, title or interest in any shares or other asset (other than in the
ordinary course of trading); or
h. entered into, or varied (other than in respect of increases in
remuneration required under the terms of the relevant agreement) the
terms of, any service contract, or other agreement or other arrangement
with any of the directors or senior executives or senior employees of
any member of the Wider Transcomm Group; or
i. been unable or threatened in writing that it is unable to pay its debts
or having stopped or suspended (or threatened to stop or suspend)
payment of its debts generally or a substantial part thereof or ceased
or threatened to cease carrying on all or a substantial part of its
business; or
j. taken or proposed any action or had any proceedings instituted,
threatened or proposed for its winding-up (voluntarily or otherwise), or
dissolution or reorganisation (save for any such winding-up or
dissolution whilst solvent) or for the appointment of a receiver,
administrator, administrative receiver, trustee or similar or analogous
officer of all or any of its assets or revenues or for any similar or
analogous matters in any jurisdiction; or
k. to an extent which is or might reasonably be expected to be material in
the context of the Wider Transcomm Group taken as a whole, waived or
compromised any claim, other than in the ordinary course of business; or
l. entered into any commitment, agreement or arrangement, or passed any
resolution or made any offer, with respect to, or announced an intention
to effect or to propose, any of the transactions, matters or events
referred to in this paragraph 6;
7. save as fairly disclosed in the Transcomm 2002 Accounts or as fairly
disclosed in writing by or on behalf of Transcomm to British
Telecommunications plc or its advisers in connection with the Offer prior to
the announcement of the Offer, or as Publicly Announced prior to the date of
that announcement:
a. no adverse change or deterioration having occurred in the business,
assets, financial or trading position or profits, prospects or value of
any member of the Wider Transcomm Group which would or might reasonably
be expected to be material in the context of the Wider Transcomm Group
taken as a whole;
b. no litigation, arbitration proceedings, prosecution or other legal
proceedings to which any member of the Wider Transcomm Group is or may
become a party (whether as a claimant, defendant or otherwise), and no
investigation or enquiry by, or complaint or reference to, any Relevant
Authority against or in respect of any member of the Wider Transcomm
Group, having been instituted, announced or threatened or remaining
outstanding, in each case which would or might reasonably be expected to
be material in the context of the Wider Transcomm Group taken as a
whole;
c. no steps having been taken which will result in, or could reasonably be
expected to result in, the withdrawal, cancellation, termination or
adverse modification of any licence or permit held by any member of the
Wider Transcomm Group which would or might reasonably be expected to be
material in the context of the Wider Transcomm Group taken as a whole;
and
d. no material contingent or other liability having arisen or increased or
become apparent to British Telecommunications plc which might reasonably
be expected to adversely affect any member of the Wider Transcomm Group
and which would or might reasonably be expected to be material in the
context of the Wider Transcomm Group taken as a whole;
8. British Telecommunications plc not having discovered, except as fairly
disclosed in writing by or on behalf of Transcomm to British
Telecommunications plc or its advisers in connection with the Offer prior to
the announcement of the Offer, or as Publicly Announced on or prior to the
date of that announcement:
a. that any financial or business or other information concerning the Wider
Transcomm Group as contained in the information publicly disclosed at
any time by or on behalf of any member of the Wider Transcomm Group, or
disclosed at any time by or on behalf of any member of the Wider
Transcomm Group in writing in connection with the Offer to British
Telecommunications plc or its agents or advisers, is materially
misleading or contains a material misrepresentation of fact or omits to
state a fact reasonably necessary to make the information contained
therein not misleading; or
b. any information which materially affects the import of any such
information as is mentioned in sub-paragraph (a) of this paragraph 8; or
c. any undertaking in which any member of the Wider Transcomm Group has a
significant economic interest and which is not a subsidiary of Transcomm
is subject to any liability, contingent or otherwise, which is not
fairly disclosed in the Transcomm 2002 Accounts and which would or might
reasonably be expected to be material in the context of the Wider
Transcomm Group taken as a whole; or
d. that any circumstance exists whereby a person or class of persons would
be likely to have any claim or claims against any past or present member
of the Wider Transcomm Group which would or might reasonably be expected
to be material in the context of the Wider Transcomm Group taken as a
whole; and
9. save as fairly disclosed in writing by or on behalf of Transcomm to British
Telecommunications plc or its advisers in connection with the Offer prior to
the announcement of the Offer, British Telecommunications plc not having
discovered any of the following matters:
a. that there has been any release, emission, disposal, spillage or leak of
any waste or hazardous substance or any substance likely to impair the
environment or harm human health on or about or from any property or
water now or previously owned, occupied, used or controlled by any past
or present member of the Wider Transcomm Group (whether or not
constituting a non-compliance by any person with any applicable law,
statute, ordinance or any regulation, rule or other requirement of any
Relevant Authority) and, in any such case, will or would be likely to
give rise to any liability (whether actual or contingent) on the part of
any member of the Wider Transcomm Group which would or might reasonably
be expected to be material in the context of the Wider Transcomm Group
taken as a whole; or
b. that any past or present member of the Wider Transcomm Group has
committed any violation of any applicable laws, statutes or ordinances,
or any regulations, rules or other requirements of any Relevant
Authority, relating to the disposal, discharge, spillage, leak or
emission of any waste or hazardous substance or any substance likely to
impair the environment or harm human health, or otherwise relating to
environmental matters which would or might reasonably be expected to be
material in the context of the Wider Transcomm Group taken as a whole;
or
c. that there is or is reasonably likely to be, any liability (actual or
contingent) on any member of the Wider Transcomm Group to make good,
repair, reinstate or clean up any property or water now or previously
owned, occupied or used or controlled by any past or present member of
the Wider Transcomm Group under any environmental legislation,
regulation, notice, circular, order or requirement of any Relevant
Authority which would or might reasonably be expected to be material in
the context of the Wider Transcomm Group taken as a whole.
British Telecommunications plc reserves the right to waive all or any of the
above conditions, in whole or in part, except condition 1. British
Telecommunications plc shall be under no obligation to waive or treat as
satisfied any of conditions 2 to 9 inclusive by a date earlier than the latest
date specified above for the satisfaction thereof (or, if no such date is
specified, the date when the Offer, if such be the case, shall become or be
declared unconditional in all respects) notwithstanding that the other
conditions of the Offer may at an earlier date have been waived or fulfilled and
that there are at such earlier date no circumstances indicating that any of such
conditions may not be capable of fulfilment.
The Offer will lapse unless the conditions set out above (other than condition
1) are fulfilled or (if capable of waiver) waived or, where appropriate, have
been determined by British Telecommunications plc to be or to remain satisfied,
no later than midnight on the 21st day after the later of the first closing date
of the Offer and the date on which the Offer becomes or is declared
unconditional as to acceptances, or such later date as the Panel may agree.
If British Telecommunications plc is required by the Panel to make an offer for
Transcomm Shares under the provisions of Rule 9 of the City Code, British
Telecommunications plc may make such alterations to any of the conditions
(including, without limitation, condition 1 above), or any of the terms of the
Offer, as are necessary to comply with the provisions of that Rule.
APPENDIX II
FURTHER INFORMATION
1. Further details of the Offer
The Offer will be subject to the terms and conditions as set out in Appendix
I and this Appendix II and as will be set out in the Offer Document and the
Form of Acceptance, or as may be required to comply with the provisions of
the City Code.
The Offer will extend to any Transcomm Shares unconditionally allotted or
issued while the Offer remains open for acceptance (or before such earlier
date as British Telecommunications plc may, subject to the City Code,
decide, not being earlier than the date on which the Offer becomes or is
declared unconditional as to acceptances or, if later, the first closing
date of the Offer), whether pursuant to the Transcomm Share Schemes or
otherwise.
Under the Offer, the Transcomm Shares are to be acquired fully paid and free
from all liens, charges, equitable interests, encumbrances, rights of
pre-emption and any other third party rights or interests and together with
all rights attaching thereto, including the right to receive and retain all
dividends or other distributions (if any) declared, paid or made on or after
23 January 2004, being the date of this announcement.
The Offer will lapse if, in respect of the Acquisition, there is a reference
to the Competition Commission before 3.00 p.m. on the first closing date of
the Offer or the time and date on which the Offer becomes or is declared
unconditional as to acceptances, whichever is the later. If the Offer
lapses, the Offer will cease to be capable of further acceptance and
Transcomm Shareholders and British Telecommunications plc will thereupon
cease to be bound by any Form of Acceptance submitted before the time when
the Offer lapses.
Fractions of a penny will not be payable to persons accepting the Offer and
the aggregate consideration payable to a person who validly accepts the
Offer will be rounded down to the nearest whole penny.
2. Overseas Shareholders
The making of the Offer to certain persons not resident in the United
Kingdom, or who are citizens, residents or nationals of jurisdictions
outside the United Kingdom or who are nominees of, or custodians or trustees
for, citizens, residents or nationals of other countries ("overseas
shareholders"), may be prohibited or affected by the laws of the relevant
overseas jurisdictions. Such overseas shareholders should inform themselves
about and observe any applicable legal requirements. It is the
responsibility of any overseas shareholder wishing to accept the Offer to
satisfy himself as to the full observance of the laws of the relevant
jurisdiction in connection therewith, including the obtaining of any
governmental, exchange control or other consents which may be required,
compliance with other formalities needing to be observed and the payment of
any issue, transfer or other taxes due in such jurisdiction. Any such
overseas shareholder will be responsible for payment of any issue, transfer
or other taxes, duties or other requisite payment(s) due in such
jurisdiction(s) by whomsoever payable and British Telecommunications plc and
any person acting on its behalf shall be entitled to be fully indemnified
and held harmless by such overseas shareholder for any issue, transfer or
other taxes or duties or other requisite payments as British
Telecommunications plc or any person acting on behalf of British
Telecommunications plc may be required to pay in respect of the Offer
insofar as they relate to such overseas shareholder.
3. Disclosure of interests and irrevocable undertakings
(a) BT has received irrevocable undertakings to accept the
Offer from the following Transcomm Directors (and their related
trusts) in respect of the following holdings of Transcomm
Shares:
Transcomm Shareholder Number of Transcomm Shares
Rod Matthews 46,893
Russell Backhouse 10,000
Sir Aubrey Brocklebank 100,000
R C Greig Nominees Limited
(as nominee of Sir Aubrey Brocklebank) 100,000
256,893
These irrevocable undertakings will remain binding in the event
of any competing offer.
(b) In addition, BT has received irrevocable undertakings to
accept the Offer in respect of the following holdings of
Transcomm Shares:
Transcomm Shareholder Number of Transcomm Shares
Isis Asset Management plc 15,192,167
M&G Investment Management Limited 10,815,000
HSBC Trustee (CI) Limited 4,430,747
Dartington Portfolio Nominees Limited 4,191,350
HSBC Global Custody Nominee (UK) Limited 2,400,000
Worldwide Electronic Consultants Limited 2,303,798
Singer & Friedlander Investment Management Limited 2,280,507
David Perry 1,580,000
Andreas Shenker 1,359,378
Rock Nominees Limited 1,300,000
Pershing Keen Nominees Limited 1,250,000
Rathbone Nominees Limited 1,050,300
David Robertson 853,905
Roger Cattell 368,062
Andrew Fitton 20,000
49,395,214
All of these irrevocable undertakings will remain binding in the
event of any competing offer, save that the irrevocable
undertakings received from Isis Asset Management plc and
Dartington Portfolio Nominees Limited will lapse if a third
party makes a competing offer under which the amount or value of
the consideration offered for each Transcomm Share exceeds 17.5
pence.
(c) Accordingly, BT has received irrevocable undertakings to
accept the Offer in respect of an aggregate of 49,652,107
Transcomm Shares, representing 48.3 per cent. of the existing
issued share capital of Transcomm.
(d) Save as disclosed in this announcement, neither British
Telecommunications plc, nor any of the directors of British
Telecommunications plc, nor any member of the immediate family,
or related trust, of a director of British Telecommunications
plc, nor, so far as British Telecommunications plc is aware, any
other person acting, or deemed to be acting, in concert with
British Telecommunications plc for the purposes of the Offer,
owns or controls any Transcomm Shares or holds any options to
purchase any Transcomm Shares or holds any derivatives
referenced to Transcomm Shares, or has any arrangement in
respect of any Transcomm Shares. For these purposes,
"arrangement" includes any indemnity or option arrangement and
any agreement or understanding, formal or informal, of whatever
nature relating to Transcomm Shares which may be an inducement
to deal or refrain from dealing in Transcomm Shares.
(e) Other than the confirmation given in paragraph (d) above
in connection with the directors of British Telecommunications
plc, their immediate families and their related trusts, in view
of the requirement for confidentiality prior to the announcement
of the Offer, it has not been practicable prior to the making of
this announcement to make enquiries regarding any holdings of
Transcomm Shares by persons or entities (such as pension funds)
with which British Telecommunications plc might be deemed to be
acting in concert. To the extent that such information, when
available, is considered by the Panel to be material, it will be
publicly disclosed at that time.
APPENDIX III
DEFINITIONS
The following definitions apply throughout this announcement unless the context
requires otherwise:
Acquisition the proposed acquisition by British Telecommunications plc of Transcomm
pursuant to the Offer
Act or Companies Act the Companies Act 1985, as amended
ADSL asymmetric digital subscriber line
AIM the market known as AIM and operated by the London Stock Exchange
AIM Rules the AIM rules published by the London Stock Exchange and for the time
being in force
associated undertaking to be construed in accordance with the Act (but for this purpose ignoring
paragraph 20(1)(b) of Schedule 4A thereof)
BT BT Group plc and its subsidiaries (including British Telecommunications
plc) or, as the context requires, any of such companies
City Code The City Code on Takeovers and Mergers
Closing Price the closing middle market quotation as derived from the AIM appendix to
the Daily Official list
Daily Official List the Daily Official List published by the London Stock Exchange
EBITDA earnings before interest, tax, depreciation and amortisation
EPOS electronic point of sale
Form of Acceptance the form of acceptance and authority for use in connection with the Offer
ISDN integrated services digital network
London Stock Exchange London Stock Exchange plc
Nabarro Wells Nabarro, Wells and Co, Limited
Offer the recommended offer to be made by British Telecommunications plc for
the Transcomm Shares on the terms and subject to the conditions described
in this announcement and to be set out in the Offer Document and the Form
of Acceptance (including, where the context so requires, any subsequent
revision, variation, renewal or extension thereof)
Offer Document the formal offer document to be sent to Transcomm Shareholders containing
the Offer
Offer Period the period commencing on 15 December 2003 (being the date of the
announcement by Transcomm that the Transcomm Board was in talks that may
or may not lead to an offer being made for Transcomm) and ending on the
latest of: (i) 3.00 p.m. on the first closing date of the Offer; (ii) the
date and time when the Offer becomes or is declared unconditional as to
acceptances; and (iii) the date and time when the Offer lapses
Panel The Panel on Takeovers and Mergers
PricewaterhouseCoopers PricewaterhouseCoopers LLP (a limited liability partnership registered in
England with registered number OC30352) which is authorised and regulated
in the United Kingdom by the Financial Services Authority for designated
investment business
Regulatory Information Service has the meaning given to that expression in the AIM Rules
Relevant Authorisation any authorisation, order, grant, recognition, confirmation,
determination, consent, licence, clearance, permission, allowance or
approval
Relevant Authority any government, government department or governmental,
quasi-governmental, supranational, statutory, regulatory or investigative
body or authority, any trade agency, or any court, tribunal or any
association, institution or other person or body whatsoever in any
jurisdiction
Relevant Instrument any agreement, arrangement, licence, permit, lease or other instrument or
obligation whatsoever to which any member of the Wider Transcomm Group is
a party or by or to which any such member or any of its assets is or may
be bound, entitled or subject
subsidiary and subsidiary to be construed in accordance with the Act
undertaking
substantial interest in relation to an undertaking, an interest, direct or indirect, in 20 per
cent. or more of the voting rights exercisable in relation to the
undertaking or in the capital or of any class of capital of such
undertaking
Transcomm Transcomm plc
Transcomm Directors or Transcomm the board of directors of Transcomm
Board
Transcomm Group or Group Transcomm and its subsidiary undertakings
Transcomm Shareholders holders of any Transcomm Shares
Transcomm Shares the existing issued and fully paid (or credited as fully paid) ordinary
shares of 5p each in the capital of Transcomm and any further such shares
which are unconditionally allotted or issued after the date hereof and
before the time at which the Offer ceases to be open for acceptance (or
before such other time as British Telecommunications plc may decide in
accordance with the terms and conditions of the Offer)
Transcomm Share Schemes the schemes and arrangements pursuant to which employees of the Transcomm
Group have been granted options to subscribe for shares in Transcomm,
comprising the Transcomm plc Share Option Scheme, The Transcomm plc Share
Option Scheme 2002 and certain additional deeds of grant
UK or United Kingdom the United Kingdom of Great Britain and Northern Ireland
undertaking to be construed in accordance with the Act
USA or United States the United States of America, its territories and possessions, any state
of the United States of America and the District of Columbia and all
other areas subject to its jurisdiction
Wider BT Group BT Group plc and its subsidiary undertakings, associated undertakings and
any other undertaking in which BT Group plc and any such undertakings
(aggregating their interests) have a substantial interest
Wider Transcomm Group Transcomm and its subsidiary undertakings, associated undertakings and
any other undertakings in which Transcomm and any such undertakings
(aggregating their interests) have a substantial interest
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group PLC
(Registrant)
By: /s/ Patricia Day
--------------------
Patricia Day, Assistant Secretary. Head of Shareholder Services
Date 02 February 2004