ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

GIG Gi Group Poland Spolka Akcyjna

51.00
0.00 (0.00%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gi Group Poland Spolka Akcyjna LSE:GIG London Ordinary Share PLWRKSR00019 ORD BR PLN0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 51.00 2.00 100.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Proposed Placing and Open Off

04/08/2000 5:59pm

UK Regulatory


RNS Number:0431P
Gartmore British Inc & Gwth Tst PLC
4 August 2000


GARTMORE BRITISH INCOME & GROWTH TRUST PLC

PROPOSED PLACING AND OPEN OFFER

The Board of Gartmore British Income & Growth Trust PLC (the
"Company") has today announced recommended proposals which
include a placing and open offer, a new debt facility, an
adjustment to the investment policy and a change of name as
follows:
.    A  Placing  and  Open  Offer of 14,682,470  New  Income
     Shares  and  10,945,114 New Ordinary  Shares  to  raise
     approximately #19 million before expenses.

.    The  New Shares are being issued in Package Units, each
     Package Unit comprising 55 New Income Shares and 41 New
     Ordinary  Shares.  The  Issue  Price,  which  will   be
     calculated  as at the Calculation Date, will  be  107.5
     per   cent.  of  Package  Formula  Asset  Value.    For
     illustration  purposes, based on asset  values  at  the
     close  of  business on 1 August 2000, the  Issue  Price
     would be approximately #71.17.

.    200,288  Package  Units have been conditionally  placed
     firm    whilst   66,666   Package   Units   have   been
     conditionally  placed subject to  clawback  to  satisfy
     valid  applications from Qualifying Shareholders  under
     the  Open  Offer. The Placing and Open Offer has  been
     underwritten by Old Mutual Securities.

.    The Company has also conditionally entered into a fixed
     term loan facility agreement with Robert Fleming for  a
     committed sterling loan facility of up to #15  million,
     repayable in March 2006.

.    The Company's objective continues to be the achievement
     of long term capital and income growth from investments
     primarily in higher-yielding UK securities.

.    The Company's policy has been to invest primarily in an
     equity  portfolio  with a dividend yield  significantly
     exceeding  that  of  the  FTSE  All-Share  Index.   The
     Directors  and the Manager believe that a reduction  in
     the  average  yield  on the equity portfolio  from  its
     current  level of approximately 170 per  cent.  of  the
     prevailing yield on the FTSE All-Share Index to  around
     120 per cent. of the prevailing yield will increase the
     range  of  equity  securities available  for  inclusion
     within  the  portfolio and improve  the  prospects  for
     capital growth.

.    An  adjustment  of the Company's investment  policy  is
     proposed,  to  take  effect  upon  completion  of   the
     Proposals, whereby up to 30 per cent. of the  Company's
     portfolio  may be invested in fixed interest securities
     (including  convertible  preference  shares),  with  the
     balance invested predominantly in UK quoted companies.

.    A  change  of  name of the Company is proposed  to  The
     Income & Growth Trust PLC and a change of name of its 
     subsidiary, GBIGT Securities   PLC,  is  proposed  to
     Income & Growth Securities PLC.

.    The Proposals are expected to have the following
     benefits:
     -    an increase in dividends forecast for the financial
       year to 31 December 2001 to 7.5p (net) per Income Share and
       4.8p (net) per Ordinary Share as compared with a forecast
       for  the current year of 7.065p (net) and 4.41p (net)
       respectively (1999: 6.8p (net) and 4.2p (net) respectively).
       This forecast relates to dividends only and does  not
       constitute a profit forecast. The forecast is based on the
       Assumptions set out below;

     -    an increase in Cover for the ZDP Shares 2002 from 1.9
       times to 2.0 times and a reduction in the hurdle rate from -
       19.6 per cent. to -24.5 per cent.;

     -    an increase in Cover for the ZDP Shares 2006 from 1.1
       times to 1.3 times and a reduction in the hurdle rate from
       -13.2 per cent. to -15.3 per cent.;

     -    an increase in the Net Asset Value of each Ordinary
       Share (after taking into account the expected expenses of
       the Proposals) of 2.2p per share; and

     -    improved marketability for the Income Shares and the
       Ordinary Shares.

Enquiries:
Aberdeen Asset Management
Piers Currie/Charlie Macrae             020 7463 6000
Old Mutual Securities
Jonathan Becher/Gary Gould              020 7489 4600


The following are extracts from the circular to be posted to
the Company's shareholders today.  Words and expressions
defined in the circular have the same meanings in this
announcement, when the context otherwise requires.

Introduction
Your   Board  has  today  announced  a  proposed  issue   of
14,682,470  New  Income Shares and 10,945,114  New  Ordinary
Shares in Package Units, of which up to 3,666,630 New Income
Shares  and  2,733,306 New Ordinary Shares  are  being  made
available  to  Qualifying Shareholders by way  of  the  Open
Offer.
The  proposed Placing and Open Offer will, on the  basis  of
the   Illustrative  Issue  Price,  raise  approximately  #19
million  before expenses. In addition, it is  intended  that
bank  borrowings  of up to #15 million will  be  drawn  down
under  the Robert Fleming Facility. The net proceeds of  the
Placing  and  Open  Offer and monies drawn  down  under  the
Robert Fleming Facility will be used in accordance with  the
Company's  investment objective which will remain unchanged.
The  investment  policy  of the Company  will,  however,  be
adjusted  as described below. It is also intended  that  the
name of the Company is changed to "The Income & Growth Trust
PLC" and the name of the Subsidiary is changed to "Income  &
Growth  Securities  PLC". Your Directors  believe  that  the
Proposals will be of benefit to all Shareholders.
The  Issue  Price,  which  will  be  determined  as  at  the
Calculation  Date, will be 107.5 per cent. of  Package  FAV.
Package  FAV  represents the net asset value  of  a  Package
Unit, calculated in accordance with the Company's accounting
policies. The issue of Package Units at 107.5 per  cent.  of
this  value at the Calculation Date will, therefore,  ensure
that,  after  allowing for the expenses  of  the  Proposals,
there  will be an enhancement to the Cover of the ZDP Shares
2002  and the ZDP Shares 2006 and to the Net Asset Value  of
the Ordinary Shares.

Dividend Policy and Forecasts
The  dividend  policy of the Company has been to  distribute
most  of  its net revenue by way of four interim  dividends.
For the financial year to 31 December 2000, first and second
interim dividends of 1.73p (net) and 1.73p (net) per  Income
Share  and  1.07p (net) and 1.07p (net) per  Ordinary  Share
have   been   declared.   In  the  absence   of   unforeseen
circumstances,  and subject to completion of the  Proposals,
the Directors expect to be able to recommend the payment  of
third and fourth interim dividends of 1.73p (net) and 1.875p
(net)  per  Income Share and 1.07p (net) and 1.2p (net)  per
Ordinary  Share  bringing the total for the year  to  7.065p
(net)  per Income Share and 4.41p (net) per Ordinary  Share.
This  compares with 6.80p (net) per Income Share  and  4.20p
(net)  per  Ordinary Share for the financial year  ended  31
December 1999.

On  the basis of the Assumptions, the Directors expect to be
able  to  pay dividends of 7.5p (net) per Income  Share  and
4.8p  (net) per Ordinary Share for the financial year ending
31  December  2001.  These  dividends,  and  their  expected
timetable, are summarised below:

Financial year to 31      Expected ex-     Per     Per
December 2000             dividend       Income  Ordinary
                          date/month      Share   Share      
                                           
Paid in May 2000          8 May 2000      1.73p   1.07p

Payable in August 2000    7 August 2000   1.73p   1.07p
                          
Payable in November 2000* November 2000   1.73p   1.07p
                          
Payable in February 2001  February 2001   1.875p  1.20p
                                          _____________
                         
Total                                     7.065p  4.41p
                                          _____________

* New shares will be entitled to receive the interim dividend 
in respect of the three month period ending 30 September 2000 
only pro rata to the proportion of such period during which they
shall have been in issue.
                                           
Financial year to 31      Expected ex-   Per     Per
December 2001             dividend      Income  Ordinary
                          month         Share   Share

Payable in May 2001       May 2001        1.875p    1.20p
                                            
Payable in August 2001    August 2001     1.875p    1.20p
                                            
Payable in November 2001  November 2001   1.875p    1.20p
                          
Payable in February 2002  February 2002   1.875p    1.20p
                                         ________________
                          
Total                                      7.50p    4.80p
                                          _______________

The  forecasts  above relate to dividends only  and  do  not
constitute  profit forecasts. These forecasts are  based  on
the Assumptions set out below.

Investment Objective and Policy

The  Company's objective is to achieve long term capital and
income  growth from investments primarily in higher-yielding
UK securities.

The  Company's  policy has been to invest  primarily  in  an
equity   portfolio  with  a  dividend  yield   significantly
exceeding  that  of  the  FTSE All-Share  Index.  The  sharp
divergence in performance during the second half of 1999 and
the  first  quarter of 2000 between technology stocks,  with
little  or  no  dividend yield, and higher yielding  stocks,
which   while   providing  an  attractive  yield   generally
underperformed  the  FTSE All-Share Index,  highlighted  the
inflexibility of the current investment policy.
The  Directors and the Manager believe that a  reduction  in
the  average yield on the equity portfolio from its  current
level of approximately 170 per cent. of the prevailing yield
on  the FTSE All-Share Index to around 120 per cent. of  the
prevailing   yield  will  increase  the  range   of   equity
securities available for inclusion within the portfolio  and
improve the prospects for capital growth.
At  the  same time, the Manager has identified opportunities
in  the  fixed interest market where attractive  yields  are
available  with  the  prospect of some capital  growth.  The
Directors and the Manager believe that investment  in  fixed
interest   securities   (including  convertible   preference
shares) will generate the yield required to provide for  the
reduction   in  yield  from  the  equity  portfolio   whilst
improving the risk profile of the portfolio as a whole.
Accordingly,  the  Board  has  conditionally   approved   an
adjustment  of  the  Company's investment  policy,  to  take
effect on completion of the Proposals, whereby up to 30  per
cent.  of  the Company's portfolio may be invested in  fixed
interest   securities   (including  convertible   preference
shares) and the balance invested predominantly in UK  quoted
companies.
Currently,  management fees and all other  expenses  of  the
Group  are allocated 55 per cent. to revenue account and  45
per  cent.  to  capital  account. In view  of  the  proposed
changes to the composition of the investment portfolio,  the
Directors have decided, with effect from completion  of  the
Proposals, to allocate management fees and finance costs  65
per  cent.  to capital account and 35 per cent.  to  revenue
account  and to charge all other running expenses to revenue
account.  This  proposed allocation reflects the  Directors'
revised  expectation of the long term split  of  returns  as
between capital growth and income.

The Placing and Open Offer

The Company is proposing to issue the New Shares in
proportion to the existing issued Income Shares and Ordinary
Shares. Under the terms of the Placing, 200,288 Package
Units have been conditionally placed firm with institutional
investors, whilst 66,666 Package Units have been
conditionally placed with institutional investors, subject
to clawback in favour of Qualifying Shareholders who make
valid applications under the Open Offer. The Placing and
Open Offer has been underwritten by Old Mutual
Securities.

66,666 Package Units are being offered to Qualifying
Shareholders who are invited to apply for Package Units at
the Issue Price payable in full on application up to or in
excess of their pro rata minimum entitlement which is:

1 Package Unit for every 720 Income Shares or 720 Ordinary
Shares held on the Record Date

Applications may be made for any number of Package Units  by
Qualifying  Shareholders, including those who  do  not  hold
sufficient Income Shares or Ordinary Shares to qualify for a
minimum  entitlement.  Applications  may  also  be  made  by
Qualifying  Shareholders for numbers  of  Package  Units  in
excess of their minimum entitlements. Such applications will
be   satisfied   to   the  extent  that   other   Qualifying
Shareholders do not take up their entitlements. Each Package
Unit  comprises  55 New Income Shares and  41  New  Ordinary
Shares. Fractional entitlements to Package Units pursuant to
applications under the Open Offer will be disregarded,  with
entitlements being rounded down to the nearest whole  number
of Package Units.
Insofar as the New Shares which are the subject of the  Open
Offer are not taken up by Qualifying Shareholders they  will
be  taken  up  by placees procured by Old Mutual  Securities
and/or Old Mutual Securities itself under the Placing.
The Issue Price will not be determined until the Calculation
Date.  For  illustrative purposes, as at 1 August 2000,  the
latest  practicable  date prior to the  publication  of  the
Circular  to shareholders, the Illustrative Issue Price  was
#71.17  per  Package  Unit. Qualifying  Shareholders  should
follow the instructions regarding payment in the Application
Form.  On  announcement of the Issue  Price,  the  Receiving
Agent will calculate the number of Package Units for which a
Qualifying Shareholder has subscribed, based on the  sum  of
money  he  or  she has tendered with his or her  Application
Form.  As  the Issue Price will not be determined until  the
Calculation  Date, Qualifying Shareholders who  apply  under
the  Open  Offer  may  receive more Package  Units  or  less
Package Units than would be calculated on the basis  of  the
Illustrative Issue Price. Any excess application monies, and
monies   representing  fractional  entitlements  to  Package
Units,  will be returned to Qualifying Shareholders  without
interest  as  soon as practicable following the announcement
of the Issue Price.

The  New Shares will, when issued and fully paid, rank  pari
passu  in all respects with the existing Shares of the  same
class  save that the New Shares will be entitled to  receive
the  interim  dividend in respect of the three month  period
ended  30 September 2000 only pro rata to the proportion  of
such period during which they shall have been in issue. This
dividend is expected to be paid on 30 November 2000.
Although the New Shares will be issued in Package Units,
dealings in the Package Units will not take place separately
on the London Stock Exchange.
The issue of New Shares comprised in Package Units is
subject to satisfaction of the following conditions:

(i) the passing of the Resolutions;

(ii) the Placing and Offer Agreement becoming unconditional
in all respects and not being terminated in accordance with
its terms; and

(iii) Admission becoming effective by no later than 8.00
a.m. on 1 September 2000 (or such later time and/or date as
Old Mutual Securities and the Company may agree being not
later than 20 September 2000).

Robert Fleming Facility

Robert  Fleming  has  agreed to make available  a  committed
sterling  term loan facility, with interest at a  margin  to
LIBOR, repayable in March 2006, in an aggregate amount of up
to  #15  million. It is proposed that the facility  will  be
drawn  down in full following completion of the Placing  and
Open  Offer.  The  Company's  borrowings  under  the  Robert
Fleming Facility will be guaranteed by the Subsidiary.
The Directors intend to fix the rate of interest payable  by
the Company by entering into an interest rate swap. Based on
recent  indicative sterling interest rate swaps  offered  in
the  London Inter Bank Market and the interest rate  margin,
the interest rate payable if draw down had been effected  on
3 August 2000 would have been 7.43 per cent. per annum.
The  availability of the Robert Fleming Facility is  subject
to the passing of the Resolutions.

Benefits of the Proposals for Shareholders
On  the basis of the Illustrative Issue Price, the Proposals
are expected to have the following benefits:

.    an  increase  in dividends forecast for  the  financial
     year  to  31 December 2001 dividends to 7.5p (net)  per
     Income  Share  and  4.8p (net) per  Ordinary  Share  as
     compared with a forecast for the current year of 7.065p
     (net)  and 4.41p (net) respectively (1999 - 6.8p  (net)
     and  4.2p (net) respectively. This forecast relates  to
     dividends  only  and  does  not  constitute  a   profit
     forecast. The forecast is based on the Assumptions  set
     out below;

.    an  increase in Cover for the ZDP Shares 2002 from  1.9
     times  to 2.0 times and a reduction in the hurdle  rate
     from -19.6 per cent. to -24.5 per cent.;

.    an  increase in Cover for the ZDP Shares 2006 from  1.1
     times to 1.3 times,  and a reduction in the hurdle rate
     from -13.2 per cent. to -15.3 per cent.;

.    an  increase  in the Net Asset Value of  each  Ordinary
     Share  (after taking into account the expected expenses
     of the Proposals) of 2.2p per share; and

.    improved  marketability for the Income Shares  and  the
     Ordinary Shares.

Illustrative Return Statistics
The New Shares are being issued in Package Units in the same
proportions as the existing issued Income and Ordinary Share
capital.

Following  the  implementation  of  the  Proposals,  it   is
intended  to  invest the proceeds of the  Placing  and  Open
Offer  and the Robert Fleming Facility so as to improve  the
average  yield on the Company's investment portfolio  whilst
ensuring that the equity exposure to the market is  kept  at
levels  at  which reasonable capital growth rates  might  be
attainable.

Income Shares
The  table below illustrates the NRYs and PAVs of an  Income
Share  based  on different assumed rates of  growth  in  the
Company's portfolio over the period to 31 March 2006.

Illustrative Return Statistics for an Income Share to 31 March 2006

         Portfolio asset and revenue growth per annum (%)
              0.0      2.5      5.0     7.5     10.0
NRY (%)        0       8.3     10.4    11.0     11.7
PAV (p)      24.7       63      70       70      70
Notes:
(i)NRYs are calculated on the basis on an imputed price of
   75.25p per Income Share, based on the Illustrative Issue
   Price less the imputed value for the New Ordinary Shares
   in each Package Unit of 72.65p.

(ii)    The table above assumes different rates of growth
   in the Company's portfolio other than bonds; in relation
   to the portfolio of bonds, it is assumed that capital
   growth will not exceed 1 per cent. per annum and revenue
   growth will be nil.

Based on an imputed price of 75.25p and the dividends
forecast to be paid for the financial year to 31 December
2001, the net dividend yield on an Income Share over that
period will be 9.97 per cent. per annum. Total assets would
have to grow overall by 2.96 per cent. per annum to enable
the PAV of an Income Share to equal the capital entitlement
of 70p on 31 March 2006.

Ordinary Shares
The table below illustrates the NRYs and PAVs of an Ordinary
Share based on different assumed rates of growth in the
Company's portfolio over the period to 31 March 2006.

Illustrative Return Statistics for an Ordinary Share to 31 March 2006
            Portfolio asset and revenue growth per annum (%)
               0.0      2.5      5.0     7.5     10.0
NRY (%)         0        0       0.1     13.5    22.8
PAV (p)         0        0      43.9    104.0   170.8
Notes:
(i)NRYs  are calculated on the basis on an imputed price  of
   72.65p  per  Ordinary  Share, based on  the  Illustrative
   Issue  Price  less the imputed value for the  New  Income
   Shares in each Package Unit of 75.25p.

(ii)     The  table above assumes different rates of  growth
   in  the  Company's total portfolio other than  bonds;  in
   relation  to  the portfolio of bonds, it is assumed  that
   capital growth will not exceed 1 per cent. per annum  and
   revenue growth will be nil.

Based  on  an  imputed  price of 72.65p  and  the  dividends
forecast  to  be paid for the financial year to 31  December
2001, the net dividend yield on an Ordinary Share over  that
period will be 6.61 per cent. per annum. Total assets  would
have  to grow overall by 5.52 per cent. per annum to  enable
the  PAV of an Ordinary Share to equal the imputed price  of
72.65p on 31 March 2006.

Redemption  Yields  and  Projected Asset  Values  have  been
calculated to 31 March 2006, being the date on which the ZDP
Shares 2006 are repaid.

The  figures  in  the  tables above and  the  statements  of
expected  yields and dividend forecasts contained  above  do
not  constitute  profit  forecasts  and  are  based  on  the
Assumptions set out below.

Recommendation
Your   Directors,  who  have  been  advised  by  Old  Mutual
Securities,  consider that the Proposals  are  in  the  best
interests  of all classes of the Company's Shareholders  and
of  the  Company's Shareholders as a whole.  In  giving  its
advice,  Old  Mutual Securities has placed reliance  on  the
Director's    commercial  assessment   of   the   Proposals.
Accordingly,   your   Directors  recommend   the   Company's
Shareholders  to  vote in favour of the  Resolutions  to  be
proposed  at the relevant meetings as they intend to  do  in
respect of their own beneficial shareholdings, amounting  in
aggregate  to  54,574  Income Shares (representing  0.2  per
cent.  of  the issued Income Share capital), 54,574 Ordinary
Shares  (representing 0.3 per cent. of the  issued  Ordinary
Share capital) and 13,450 ZDP Shares 2002 (representing  0.1
per cent. of the issued ZDP 2002 Share Capital).

Principal Bases and Assumptions
Save  as  otherwise  stated, the dividend  forecast  by  the
Directors  for  the financial years ending 31 December  2000
and  31 December 2001, the return statistics (including NRYs
and PAVs) which are included for illustrative purposes only,
and  other  relevant  financial information  and  statistics
contained  in the Circular have been based or calculated  on
the following principal bases and assumptions, namely that:

1.   266,954  Package  Units  are  issued  pursuant  to  the
     Placing and Open Offer at the Illustrative Issue Price and
     the net proceeds of the Placing and Open Offer are received
     on 1 September 2000;

2.   bank  borrowings  of  #15 million  are  drawn  down  in
     sterling on 1 September 2000 bearing interest at the rate of
     7.5 per cent. per annum. No further monies are borrowed and
     interest on bank borrowings is charged 65 per cent.  to
     capital account and 35 per cent. to revenue account;

3.   the  Group's  total assets as at 1 September  2000  are
     #125.12 million, being equal to the net assets of the Group
     as at 1 August (the latest practicable date prior to the
     publication of this document) as enlarged  by  the  net
     proceeds  of the Placing and Open Offer and the  Robert
     Fleming Facility and adjusted for the accrued entitlement of
     the ZDP Shares 2002 and the ZDP Shares 2006;

4.   for the financial year ending 31 December 2001, the net
     dividend payable on an Income Share is 7.5p and  on  an
     Ordinary Share is 4.8p and dividends are declared thereafter
     in the same ratio. This should not be construed as a profit
     forecast;

5.   substantially all of the income received by the Company
     (net of tax and expenses) is distributed by way of dividend;

6.   the  expenses  of the Proposals of #495,000  (including
     irrecoverable  VAT) are deducted from  the  net  assets
     attributable to the Ordinary Shareholders;

7.   excluding  management expenses and interest payable  on
     bank borrowings, the annual running expenses of the Group
     are #250,000, which increase at an inflation rate of 2 per
     cent. per annum and are charged to revenue account;

8.   management  fees are payable equal to 0.6 percent.  per
     annum (plus irrecoverable VAT) of the value of the Group's
     total  assets  less  liabilities (excluding  from  such
     liabilities the amount of the Robert Fleming Facility). 65
     per cent. of the management fees payable by the Company and
     interest payable on bank borrowings are charged to  the
     Company's capital account and 35 per cent. to the revenue
     account;

9.   the  ZDP Shares 2002 are repaid on 18 December 2002  at
     233p per share and further zero dividend shares are issued
     on  that  date raising net proceeds equal to the  total
     redemption amount of the ZDP Shares 2002 and  having  a
     capital entitlement which ranks behind the ZDP Shares 2006
     and which increases at the same rate as the ZDP Shares 2002
     until 31 March 2006;

10.  the  Subsidiary is wound up on 31 March  2006,  without
     significant costs or expenditure, and ZDP 2006 Shareholders
     receive their final capital entitlement of 306.03p per share
     on that date;

11.  the  standard  rate of corporation tax payable  by  the
     Group remains at 30 per cent.; no corporation tax on capital
     gains is payable by the Group and no liability to taxation
     or duty arises on any loan agreement entered into by the Group;
     and the allocation of certain expenses to capital account
     does not result in a notional transfer of tax relief from 
     the revenue account to the capital account:

12.  The Group's assets are divided into portfolios with the
     following characteristics:

                            Equities  Convertibles   Bonds
                                               
Percentage of total assets         70          15     15
Initial yield (% per annum)      2.85         7.5    9.5
Income growth rate (% per    Variable    Variable    Nil
annum)
Capital growth rate (% per   Variable    Variable    1.0
annum)

Expected Timetable
                                                        2000
Record Date                     close of business on 26 July
Latest time and date for splitting Application

Forms (to satisfy bona fide market claims only)3.00 p.m. on 23 August

Calculation Date*             close of business on 24 August

Latest time and date for receipt of completed
Application Forms and payment in full for the 
New Shares                            3.00 p.m. on 25 August

Latest time and date for receipt of Forms of Proxy for the
- Separate Class Meeting of ZDP 2006 
  Shareholders                       11.00 a.m. on 27 August

- Separate Class Meeting of Income 
  Shareholders                       11.10 a.m. on 27 August

- Separate Class Meeting of Ordinary 
  Shareholders                       11.15 a.m. on 27 August

- Separate Class Meeting of ZDP 2002 
  Shareholders                       11.20 a.m. on 27 August

- Extraordinary General Meeting      11.25 a.m. on 27 August

Separate Class Meeting of ZDP 2006 
Shareholders                         11.00 a.m. on 29 August

Extraordinary General Meeting of the 
Subsidiary                           11.05 a.m. on 29 August

Separate Class Meeting of Income 
Shareholders                         11.10 a.m. on 29 August

Separate Class Meeting of Ordinary 
Shareholders                         11.15 a.m. on 29 August

Separate Class Meeting of ZDP 2002 
Shareholders                         11.20 a.m. on 29 August

Extraordinary General Meeting of the 
Company                              11.25 a.m. on 29 August

Announcement of Issue Price*                       29 August

Admission, commencement of dealings* 8.00 a.m. on 1 September

CREST accounts credited against payment*          1 September

Definitive certificates despatched in respect
of the New Shares*                               8 September


Application forms are personal to the shareholder named thereon 
and may not be transferred except to satisfy bona fide market claims.


* Note: In the event that any of the Separate Class Meetings
or the Extraordinary General Meeting of the Company is
inquorate, it will be adjourned to a date 7 days later and
the subsequent dates in this timetable will change
accordingly.



1 Year Gi Group Poland Spolka A... Chart

1 Year Gi Group Poland Spolka A... Chart

1 Month Gi Group Poland Spolka A... Chart

1 Month Gi Group Poland Spolka A... Chart

Your Recent History

Delayed Upgrade Clock