Rule 8 - Eldridge Pope & Co
September 23 2003 - 8:12AM
UK Regulatory
RNS Number:0623Q
Cantor Fitzgerald Europe
23 September 2003
FORM 8.1/8.3
Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for each
class of securities in which dealings have been made.
Date of disclosure 23/09/03.................
DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS
Date of dealing 22/09/03
Dealing in Eldridge Pope & Co Plc................(name of company)
(1) Class of securities (eg ordinary shares) ordinary shares...............
......................
(2) Amount bought Amount sold Price per unit
In addition, Cantor Fitzgerald Europe (and affiliates) have undertaken certain
CFD and Spreadbet transactions (see below).
(3) Resultant total of the same class owned or controlled
(and percentage of class) 675,000 shares * (2.75%)
(4) Party making disclosure Cantor Fitzgerald Europe.................
(5) EITHER (a) Name of purchaser/vendor (Note 1) Cantor Fitzgerald Europe
........................
OR (b) If dealing 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 .....................
........................................
(Also print name of signatory) Ross Tanton...................
Telephone and extension number 020 7894 7214..............................
______________________________________
*In addition, Cantor Fitzgerald Europe (and affiliates) are party
to certain CFDs and Spreadbets ( see below)
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
with 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 all relevant
information can be given. .-see attached
Note 6. In the case of an average price bargain, each underlying trade should be
disclosed.
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. E-mail:monitoring@disclosure.org.uk
Date of Disclosure: September 23, 2003
Form 8 Enclosure
Cantor Fitzgerald Europe is the beneficial owner of 675,000 Eldridge Pope & Co
Plc ordinary shares. 660,000 of these shares are held to hedge Contract for
Differences ("CFD") positions for clients and 10,000 of these shares are held to
hedge Spreadbet positions between Cantor Index Limited and other 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
realise a gain if the price of the underlying securities rises above the
reference price.
A Spread Bet is a product where the client to whom the product is sold can
realise a gain or a loss depending on whether the price of the underlying
security increases above or falls below the reference price. The client's
Spread bet position is described as his "stake". A "stake" is expressed in
pounds (sterling) per "point" and a "point" is the price in pence of the
underlying shares. A client with a "stake" of #100 per point will make a gain
of #100 for every penny increase in the underlying shares and he/she has an
exposure equivalent to 10,000 shares.
A purchaser of a Spread Bet or a CFD contract will realise a gain if the price
of the underlying security goes up. A seller of a Spread Bet or a CFD contract
will realise a gain if the price of the underlying security goes down.
There are no written or oral agreements between Cantor Fitzgerald Europe and any
clients concerning the control of voting rights in relation to the underlying
shares used to hedge the CFDs and Spreadbets.
The CFD contracts are open-ended and there is no rollover into new contracts
Contracts for Date of Disclosure: 23-Sep-03
Differences
Eldridge Pope Cantor Reference
& Co Plc Fitzgerald Underlying Price
Number
Product Name Date Buy/Sell Of Shares (pence)
Executed
Eldridge Pope May 16, Sell 10,000 192
& Co Plc, 2003
Long CFD
Eldridge Pope August Sell 40,000 167.25
& Co Plc, 18, 2003
Long CFD
Eldridge Pope August Sell 165,000 168.4545
& Co Plc, 21, 2003
Long CFD
Eldridge Pope August Sell 175,000 174.7143
& Co Plc, 26, 2003
Long CFD
Eldridge Pope August Sell 35,000 173.5
& Co Plc, 27, 2003
Long CFD
Eldridge Pope August Sell 60,000 173.5
& Co Plc, 28, 2003
Long CFD
Eldridge Pope September Sell 50,000 170
& Co Plc, 9, 2003
Long CFD
Eldridge Pope September Sell 100,000 170
& Co Plc, 10, 2003
Long CFD
Eldridge Pope September Sell 25,000 170
& Co Plc, 22, 2003
Long CFD
660,000
CFDs Closed out
22-Sep-03 Open Date Open Price Close
Price
Eldridge Pope August Sell 25,000 168 170
& Co Plc, 15, 2003
Long CFD
Spread Bets Cantor Reference
Eldridge Pope Fitzgerald Stake - # Price
& Co Plc per Point
Expiry Date Date Buy/Sell 1 Point = 1 (pence)
Executed pence
16-Dec-03 September Sell 100 173
15, 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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