3 Apr 2007 09:28
Bear Stearns Private Equity Limited03 April 2007 NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA Bear Stearns Private Equity Limited HSBC Private Bank Building, Rue du Pre, St Peter Port, Guernsey GY1 1LU 3 April 2007 Regulatory News Service London Stock Exchange London EC4M 7LS Dear Sir, BEAR STEARNS PRIVATE EQUITY LIMITED - FURTHER ISSUE OF SHARES Bear Stearns Private Equity Limited (the "Company") announces a placing underwhich it is targetting raising $250 - $300 million in New Equity Shares to fundadditional acquisitions over approximately the next 9 months. The Company willplace a maximum of $400 million under the issue. This is the Company's thirdfundraising since it was launched in 2005. The Company's current portfolio is nearly fully committed and invested inprivate equity assets. The proceeds will be used to invest in seasonedinterests in private equity funds globally. The Placing Price of per New Equity Share will be at a 1.9 per cent. premium tothe 31 March 2007 net asset value, which will be announced in due course. Thepremium represents the estimated costs and expenses of the Placing. Bank Leumi Switzerland, Bear Stearns International Limited, HSBC Private Bank(UK) Limited, HSBC Private Bank (Suisse) SA, The Hongkong and Shanghai BankingCorporation Limited (a branch of HSBC (Suisse) SA), JPMorgan Cazenove and MigdalHitum Ve'Kidum Asakim Ltd have been appointed as placing agents in respect ofthe New Equity Shares. JPMorgan Cazenove has been appointed sponsor. Expected Timetable Placing price announced 17 April 2007 Prospectus published 17 April 2007 Closing of offering 12.00 p.m. on 25 April 2007 Results of placing announced By 26 April 2007 Dealings in new shares commence 30 April 2007 Enquiries: Bear Stearns Asset Management Greg Getschow / Troy Duncan - 001 212 272 7732 HSBC entities Boudewijn Jansen / Marina Gerova - 0044 (0) 207 860 5277 JPMorgan Cazenove Angus Gordon Lennox - 020 7588 2828 Peregrine Communications Anthony Payne / Max Hilton - 020 7978 6052 THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER TO SELL,PURCHASE, EXCHANGE OR SUBSCRIBE FOR ANY SECURITIES OR SOLICITATION OF SUCH ANOFFER IN THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION. BEAR STEARNSPRIVATE EQUITY LIMITED HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITEDSTATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THE SECURITIES REFERRED TO INTHIS ANNOUNCEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITEDSTATES SECURITIES ACT OF 1933, AS AMENDED, AND WILL NOT BE OFFERED OR SOLD OROTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT ORBENEFIT OF, US PERSONS EXCEPT IN ACCORDANCE WITH THE UNITED STATES SECURITIESACT OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM AND UNDER CIRCUMSTANCES WHICHWILL NOT REQUIRE BEAR STEARNS PRIVATE EQUITY LIMITED TO REGISTER UNDER THEUNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. JPMorgan Cazenove Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting for Bear Stearns PrivateEquity Limited and for no one else in connection with the matters referred to inthis announcement and will not be responsible to anyone other than Bear StearnsPrivate Equity Limited for providing the protections afforded to clients ofJPMorgan Cazenove Limited or for affording advice in relation to the contents ofthis announcement or on any matters referred to herein. END This information is provided by RNS The company news service from the London Stock Exchange