Last checked at 
6 Jun 2008 17:11
Bear Stearns Private Equity Limited
St Martin's House, Le Bordage, St Peter Port, Guernsey, GY1 4AU
Regulatory News Service
London Stock Exchange
London
EC2N 1HP
6 June 2008
Bear Stearns Private Equity Limited - Results of Tender Offer to Purchase Shares as at 30 June 2008
Bear Stearns Private Equity Limited ("BSPEL" or the "Company") has in place a Tender Offer facility under which it may purchase up to 15 per cent. of the Equity Shares and up to 15 per cent. of the ZDP Shares per annum through two semi-annual Tender Offers. On 29 January 2008, the Company purchased 24,460,438 Equity Shares and 274,822 Zero Dividend Preference Shares in its initial semi-annual Tender offer, limiting its ability to purchase 18,478,076 Equity Shares and 8,646,433 ZDP Shares in the amount of the Tender Offer.
The Company announces that based on the total number of Shares tendered as part of the Company's Tender Offer to purchase shares as at 30 June 2008, it anticipates that it will:
Accept in full all of the ZDP Shares tendered (amounting to 1,233,836 ZDP Shares in total); and
Accept approximately 36% of all of the Equity Shares tendered (amounting to 18,478,066 Equity Shares in total).
Equity Shares tendered in excess of the Basic Entitlement will be scaled back on a pro rata basis and the resulting number of Equity Shares will be purchased. The Basic Entitlement of each Equity Shareholder equates to 63 Equity Shares per 1,000 Equity Shares held. Equity Shares not accepted under the Tender Offer will be returned to the applicable CREST accounts by Capita Registrars on 9 June 2008, at which time shareholders will be free to deal in such Shares, while the Shares accepted under the Tender Offer shall remain in escrow until the purchase date, which is anticipated to be 22 August 2008, at a price which will set by reference to the prevailing Net Asset Value of the Company's portfolio as of 30 June 2008.
Following implementation of the Tender Offer the Company will have 294,042,213 Equity Shares in issue and 59,471,659 ZDP Shares in issue (including 19,875,840 Equity Shares and 1,508,658 ZDP Shares held in treasury). To the maximum permitted, all Shares tendered will be held in treasury. The excess will be cancelled.
Payments to Shareholders by cheque, in the case of certificated holders, will be made as soon as practicable after 22 August 2008. Payments through CREST, in the case of uncertificated holders, will be made on or around 22 August 2008. Balancing share certificates will be dispatched and CREST accounts settled on or around 22 August 2008.
Shareholders with any questions about the amount of their Equity Shares not accepted for tender or the procedure for the release from escrow of such Shares should contact the Capita Registrars helpline number on 0871 644 0321 from within the UK or +44 20 8639 3399 if calling from outside the UK between 9:00 a.m. and 5:00 p.m. (London time) Monday through Friday (except UK public holidays). Calls to the 0871 664 0321 number cost 10 pence per minute (including VAT) plus your service provider's network extras. Calls to the helpline from outside the UK will be charged at applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the Tender Offer nor give any financial, legal or tax advice.
Definitions and terms defined in the Circular of April 2008 have the same meaning when used herein unless the context otherwise requires.
About Bear Stearns Private Equity Limited
Bear Stearns Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE:BPLE) designed primarily to invest in the global private equity market. The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market. As at 31 March 2008, the Company's investment portfolio consisted of 100 separate fund investments with exposure to over 1,000 companies in 35 different countries across Europe, Asia and North America.
ENQUIRIES:
HSBC Management (Guernsey) Ltd
+ 44 (0) 1481 759 000
Anthony Payne, Peregrine Communications
Tel: +44 (0)20 3178 6869
Mobile: +44 (0)7930 643 983
anthony.payne@peregrinecommunications.co.uk
Paul Mungo, Peregrine Communications
Tel: +44 (0)20 3178 6872
Mobile: +44 (0)7941 225 651
paul.mungo@peregrinecommunications.co.uk
End.