5 Oct 2010 07:00
5 October 2010
Harbinger Capital Partners
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
HARBINGER SALE OF INMARSAT PLC SHARES
Harbinger Capital Partners LLC ("Harbinger") hereby announces that it has sold 65 million ordinary shares in Inmarsat plc ("Inmarsat") held by its affiliated investment funds, Harbinger Capital Partners Special Situations Fund, L.P. and Harbinger Capital Partners Master Fund I, Ltd., constituting 14.1 per cent of the issued share capital of Inmarsat (the "Transaction"). The shares were sold at a price of 630 pence per ordinary share raising gross proceeds of c.£410 million.
Following this Transaction, the collective shareholding of Harbinger and its affiliated investment funds is reduced to 64,277,349 ordinary shares in Inmarsat, representing approximately 14.0 per cent. of Inmarsat's issued share capital. This remaining shareholding will be subject to a 180 day lock-up arrangement with Credit Suisse and UBS Investment Bank.
General
For further information, please contact:
UBS Investment Bank Tel: +44 207 567 8000 Peter Guenthardt
Christopher Smith Credit Suisse Tel: +44 207 888 8274 Simon Aird
___________________________________
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The shares in Inmarsat plc have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Such shares may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from the registration requirements of the Securities Act. This announcement does not constitute a public offering of securities for sale in the United States, the United Kingdom or elsewhere. Any public offering of securities would be made by means of a prospectus that contains detailed information about Inmarsat plc and its management, as well as financial statements. A prospectus will not be published in connection with the bookbuild. Copies of this announcement are not being, and should not be, distributed in or sent into the United States, Australia, Canada, Japan, South Africa, Switzerland or any other jurisdiction where to do so would be a breach of laws.
Credit Suisse Securities (Europe) Limited and UBS Limited are acting only for Harbinger and no-one else in connection with the subject matter of this announcement and will not regard any other person as its client or be responsible to any person other than Harbinger for providing the protections afforded to clients of Credit Suisse Securities (Europe) Limited or UBS Limited or for providing advice in connection with this announcement or any other matter referred to herein.