| To: Business Editor | For immediate release |
22nd December 2000 - Hongkong Land Holdings Limited today announced that it had received valid tenders for approximately 131.5 million Shares under the Tender Offer, representing some 5% of the issued share capital of the Company. The Tender Offer was announced on 23rd November 2000 and closed on 21st December 2000.
Under the terms of the Tender Offer, the Strike Price has been set at US$2.20 per Share. All Shares validly tendered have been accepted on 22nd December 2000 and will be repurchased at the Strike Price.
Nicholas Sallnow-Smith, Chief Executive of Hongkong Land, said, "We are pleased with the result of the Tender Offer. Our shareholders have taken the opportunity to tender over 130 million of their shares at a premium price of almost 15% to the market level before the offer was announced. We have made good progress in improving the efficiency of the balance sheet of Hongkong Land whilst leaving the Company strongly financed for future development."
The total consideration payable by Hongkong Land under the Tender Offer is approximately US$289 million. The proceeds payable will be sent on 3rd January 2001 to those registered shareholders who validly tendered Shares in accordance with the terms of the Tender Offer.
Hongkong Land owns and manages some 5 million sq. ft of prime office and retail space in the heart of Hong Kongˇ¦s Central business district. The Group also manages a portfolio of property and infrastructure in Asia and is currently active in the Hong Kong SAR, Mainland China, Singapore, the Philippines, Vietnam and Indonesia.
For further information, please contact:
| Hongkong Land Limited Nicholas Sallnow-Smith | (852) 2842 8401 |
| Golin/Harris Forrest David Dodwell | (852) 2501 7902 |
This and other Company announcements can be accessed through the Internet at "www.hkland.com".
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