Ishares Age Pop Discussion Threads

[waldron] 14/6/2004 07:07

Elderly put off by claims maze
By Nina Montagu-Smith (Filed: 14/06/2004)


Billions of pounds in means-tested benefits lie unclaimed by Britain's pensioners because the claims process is too complicated, charity Help the Aged will say today.



Help the Aged urges the Government to simplify the benefit claiming procedures for elderly people ahead of publication of benefit spending figures by the Department for Work and Pensions (DWP) on Wednesday. The charity says there are 23 benefits available to elderly people, with 36 links between 16 of them. As a result, £2.5billion went unclaimed in 2001-02.

Mervyn Kohler, head of public affairs at Help the Aged, said: "It is unacceptable to have so many pensioners missing out on the benefits they are entitled to. Help the Aged finds this a ridiculously muddled way to deliver support to older people, but until more enlightened policies prevail, this is the only system available."

Theresa Harris, national information resources manager at the charity, added: "Many older people who are most in need are not claiming. They may be unaware of their entitlement, or put off by the complexity of the benefit system."

Chancellor Gordon Brown launched the Pension Credit, which replaced the minimum income guarantee, last October. However, so far only 60pc of an estimated 5m pensioners have claimed it. Council tax benefit is claimed by even fewer.

source:telegraph

[grupo guitarlumber] 07/6/2004 08:51

One in four plans to retire abroad
7 June 2004, This Is Money

ONE in four Britons is planning to move abroad on retirement, a survey has revealed. Insurance group Prudential said 45% of the working population would like to do so, but only half that number - seven million - believe they will be able to afford it.

An estimated one million Britons are already spending their retirement abroad.

Another report recently for the Alliance & Leicester bank said a third of Britons were thinking of emigrating.

Falling pensions, increasing pollution, crime fears, traffic congestion and stress were given as reasons for the quest for a better lifestyle in a warmer climate.

[grupo guitarlumber] 07/6/2004 06:37

Lords to rule on expat pensions
By Alison Steed (Filed: 07/06/2004)


Around 500,000 Britons who retired abroad and had their pensions frozen when they left the country will have to wait until a test case in the House of Lords next February to learn whether they will get them uprated.


Annette Carson: accuses the Government of discrimination
Pensioners retiring in Britain, and many other countries including America and member states of the European Union, have their state pension uprated in line with the Retail Price Index each year.

But more than half of the 930,000 British expats living overseas do not receive the annual uplift, leaving thousands of people receiving a state pension of less than £10 a week.

Annette Carson, who has been living in South Africa since 1989, has been fighting the Department for Work and Pensions in the courts. She claims the Government is discriminating against some older people living abroad by refusing to uprate their pensions in line with inflation. The countries affected include Australia, Canada, New Zealand and South Africa.

Miss Carson lost her case in the Court of Appeal last June, but the Appeal Committee of the House of Lords has granted leave to appeal to the Lords. Her case will be heard on February 28. A spokesman for the DWP said: "We will respond at the hearing to the points Miss Carson raises, but the situation is where the Court of Appeal left it in 2003, when it found in favour of the DWP.

"We uprate the state pension where required to do so by legislation, whether that is within the European area or where we have a bilateral agreement. But most of the UK's reciprocal social security agreements are 25 years old.

"It would cost money to uprate pensions in countries where they are currently frozen, and the Government is focusing its resources on tasks such as addressing pensioner poverty in the UK." The spokesman said that to uprate all frozen pensions for 2004-5 would cost around £400m.

However, British expats living in seven of the 10 countries that became part of the European Union on May 1 have had their pensions uprated to the current level.

The other three countries, which included Cyprus, had reciprocal agreements in place, so British expats there already benefited from the annual inflation-linked rise

[ariane] 07/5/2004 13:17

Shifting demand in ageing society

The demographic changes of the past 40 years will finally begin to impact on the DIY sector over this current decade. This is the prospect offered by Mintel, the UK market research institute, in its recently published survey of the European DIY market. This forecast suggests that with an ageing population, the focus will shift from active DIY projects to enhancing the home environment. Since customers will be looking for quick and easy solutions, the market researchers suggest that furniture, housewares and complete room packages should figure prominently in the ranges offered by the DIY stores.



6 May 2004

[maywillow] 04/5/2004 12:39

LONDON (AFX) - Dignity PLC said Panmure Gordon has exercised, in its
entirety, the over-allotment option over 9.782 mln shares in the company, taking
the total offering size to 74.999 mln shares.
Gross proceeds received by the selling shareholders from the
exercise of the over-allotment option amounted to approximately 22.5 mln stg.
rf/

[maywillow] 01/4/2004 19:47

RNS Number:2592X
Dignity Ltd
01 April 2004


This announcement has previously been released under the company name Lazard &
Co Ltd today at 16.46 under RNS number 2520X.



Stabilisation Notice

Pursuant to Core Dealing Rule 3060-3061, Panmure Gordon, a division of Lazard &
Co., Limited hereby notifies the London Stock Exchange that it may stabilise the
initial public offering of 65,217,390 ordinary shares of 7p each in Dignity plc.

1. Security to be stabilised: Dignity plc

2. Security Identifier: GB00B00GD199

3. Stabilising Manager: Panmure Gordon (Gilbert Ellacombe 020 7187 2453)

4. Stabilisation period commences 2nd April 2004 at 08:00 London time

5. Stabilisation period ends: 30th April 2004 at close of business

6. Offer price: 230 pence per share

7. There will be an over-allotment option of 15% (corresponding to 9,782,609
shares)


Stabilisation / FSA

1 April 2004



This information is provided by RNS
The company news service from the London Stock Exchange
END

[waldron] 01/4/2004 07:17

RNS Number:2044X
Dignity Ltd
01 April 2004


For Immediate Release 1 April 2004





NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, JAPAN
OR AUSTRALIA



Dignity plc

('Dignity' or the 'Company' or the 'Group')



Publication of Listing Particulars



Admission to the Official List



Placing of 65,217,390 ordinary shares at a price of 230 pence per share



Market capitalisation of #184.0 million



* Dignity, Britain's largest single provider of funeral-related
services, namely funeral services, cremations and pre-arranged funeral plans,
has today published the listing particulars for its flotation on the Official
List of the UK Listing Authority by means of a placing.



* The purpose of the flotation is tosecure a more diversified ownership
and stable financing of the Group. Net proceeds of the Placing received by the
Company will be used to reduce expensive debt.



* The Placing attracted strong demand from quality institutional
investors in the UK and Europe and was oversubscribed at the Placing Price.



* In connection with the Placing, Panmure Gordon has been granted an
option (the "Over-allotment Option") pursuant to which Panmure Gordon may
require certain Selling Shareholders to sell up to 9,782,609 additional Ordinary
Shares at the Placing Price to cover over-allotments, if any, which may be made
in connection with the Placing and to cover short positions resulting from
stabilisation transactions. The Over-allotment Option is exercisable with effect
from the date of this announcement until 30 days after Admission.



* Conditional dealings will commence at 8.00 a.m. on Friday 2 April
2004. Admission will take place and unconditional dealings are expected to
commence on 8 April 2004 under the ticker symbol DTY.L.



* Panmure Gordon is Sole Bookrunner, Sponsor and Joint Lead Manager,
with Investec acting as Joint Lead Manager.



Peter Hindley, Chief Executive, commented:



"I am delighted with the response from investors. The flotation of Dignity will
not only raise our corporate profile but enable the Group to maintain its total
commitment to client service excellence."



For further information, please contact:

Tel: [phone]
Dignity plc
Peter Hindley, Chief Executive/
Mike McCollum, Finance Director


Buchanan Communications Tel: [phone]
Mark Edwards/Jeremy Garcia


Panmure Gordon Tel: [phone]
Richard Gray/Andrew Godber


Investec Tel: [phone]
David Currie/Erik Anderson




Introduction



Dignity is Britain's largest single provider of funeral-related services, namely
funeral services, cremations and pre-arranged funeral plans. The demand for
funerals and cremations in Britain is driven by the death rate, which has
historically been very stable and predictable. The fragmented nature of the
funeral-related services industry, combined with the Group's broad geographic
spread, make it well-placed to take advantage of new-build and acquisition
opportunities in its funeral and crematoria businesses.



The Directors believe that the Group's increasing portfolio of affinity partners
will help it to continue to grow sales of its pre-arranged funeral plans. The
average price of a funeral service has increased in Britain at more than twice
the compound rate of inflation over the last 10 years. The Group's core business
model builds on these industry dynamics combined with steady improvements in
efficiency.



Turnover has grown steadily from #117.3 million in 2001 to #129.0 million in
2003 and EBITA before exceptional items has increased from #20.0 million to
#32.0 million for the same period, a compound annual growth rate of
approximately 26 per cent.



Business overview



TheGroup's business is in three main areas:



Funeral services

The Group operates a network of 507 funeral homes throughout Britain, trading
under established local trading names. In 2003, the Group conducted 69,012
funerals, constituting approximately 79.9 per cent. of Group revenues and
representing 11.7 per cent. of total deaths in Britain.



Crematoria

The Group operates 21 crematoria and carried out 39,342 cremations in 2003,
constituting approximately 15.6 per cent. of Group revenues and representing 6.6
per cent. of total deaths in Britain. The Group is the largest single operator
of crematoria in Britain.



Pre-arranged funeral plans

The Group is the market leader in pre-arranged funeral plans, with over 160,000
outstanding pre-arranged funeral plans as at 26 December 2003. A number of these
funeral plans are trust-based plans under which approximately #180 million is
held in trust funds (according to the last actuarial valuation on 26 September
2003) which are administered by trustees, the majority of whom are independent
of the Group. In 2003, the Group sold 26,578 plans compared to 14,551 in 2002,
an increase achieved principally through the addition of affinity partners AXA
and Royal London to the existing relationship with Age Concern. The Directors
believe that reputable affinity partners can be found in other alternative
marketing channels, such as high street retailers.



Investment highlights



The Directors believe that the Grouphas a number of competitive advantages
which differentiate it in the market place and establish it as an attractive
investment opportunity. These include the following:



Stable industry

Britain has seen a stable death rate of approximately 600,000 deaths each year
since 1950, with 592,196 deaths in 2003, giving the Group a stable source of
revenue.



Largest single provider of funeral-related services

In a highly fragmented market, Dignity is the largest single provider of
funeral-related services and the flexibility and scale of the Group's
infrastructure allow for greater efficiencies than are achievable as a single
site operator.



High barriers to entry



* A 2001 Office of Fair Trading ("OFT") report stated that in choosing a
funeral service provider more than 70 per cent. of people base their
decision on a personal recommendation and in 92 per cent. of cases approach
a single funeral director.
* The scope to build new crematoria is limited by the requirement of the
local authority to show proof of need.
* The Directors believe that a national presence is required to form
alliances with national affinity partners for the sale of pre-arranged
funeral plans.



Quality and consistency of service



The Directors believe that the Group's fundamental commitment to ensuring
quality and consistency of service across its national network of funeral homes
and crematoria is critical to its offering. This belief is evidenced by the
Group's ongoing customer surveys in which 88 per cent. Of respondents say they
would "definitely recommend" Dignity to others and a further 9 per cent. who
would "probably recommend".



Price of funerals

The average annual price of a funeral in Britain has increased at more than
twice the compound rate of inflation over the last 10 years. The Directors
believe this market trend will continue and, coupled with the Group's focus on
cost reduction, will continue to generate strong and growing cash flows for the
Group.



Consolidation opportunities

According to the OFT's 2001 report, there are 4,200 funeral outlets in the
United Kingdom of which approximately 65 per cent. are independently owned
businesses. The industry is still fragmented, and the Directors believe there
are many funeral directors who wish to sell their businesses. This provides a
range of potential acquisitions enabling the Group to be selective in the
acquisitions it makes. The Group targets well established independent businesses
in locations complementary to its existing coverage, facilitating easier
integration into the Dignity network.



Market leader in the pre-arranged funeral plan market

The Group is the market leader in pre-arranged funeral plans in Britain and, as
one of only two national funeral service providers, the Directors believe the
Group is well positioned to attract future incremental market share in funeral
services.



Experienced management

The four executive Directors have a combined total of over 45 years of industry
experience and were all part of the management buyout in early 2002.



Stable financing

The predictable and stable nature of its underlying business has enabled the
Group to enter into a favourable long-term debt arrangement (the
"Securitisation"). This gives it the benefits of a financially leveraged
position which positively impacts earnings growth without the short term need to
refinance its debt.




Growth strategy



The Group operates within a traditional market which requires a personal service
to customers and so a continued commitment to service excellence is central to
the Group's strategy. By focusing on customer service, the Directors believe
that the Group will generate a high level of referral business, as well as
further organic growth, ensuring stable and predictable cash flows for the
Group.



The Directors intend to grow the profitability of the Group's core business
through a combination of following the industry trend for upward price reviews,
which the Directors expect to continue, and a tight control of costs.



The Directors believe this growth will be augmented by:

* an incremental growth in future market share through the national
marketing, principally through affinity partners, of pre-arranged funeral
plans;
* an incremental growth in funeral service market share through selective,
bolt-on acquisitions of additional funeral homebusinesses, funded by
internally generated cash flows;
* developing new funeral home locations under local established trade names
using the existing resources of nearby Dignity funeral homes; and
* developing or acquiring additional crematoria where possible (including
two new crematoria, the first of which is scheduled to open in Summer 2004).



Summary trading record



The following table, which has been extracted without material adjustment from
the accountants' report set out in the listing particulars, summarises the
trading record of the Group for the three 52 week periods ended 26 December
2003. Investors should read the whole of the listing particulars and should not
just rely on the summary below.


52 week periods ended
28 December 27 December 26 December
2001 2002 2003
#m #m #m
Divisional turnover
Funeral services 94.2 97.6 103.1
Crematoria 18.5 19.3 20.1
Pre-arranged funeral plans 4.6 4.1 5.8
Turnover 117.3 121.0 129.0
Divisional EBITA
Funeral services 19.6 24.8 30.0
Crematoria 8.2 8.5 9.1
Pre-arranged funeral plans 1.4 0.9 1.1
Head office (9.2) (6.9) (8.2)
Operating profit before goodwill amortisation
and exceptional operating items 20 27.3 32.0
Goodwill amortisation (14.3) (6.1) (5.6)
Exceptional other operating income 5.8 - 1.0
Exceptional costs (1.9) (4.4) (0.2)
EBIT 9.6 16.8 27.2



Current trading and prospects



Since 26 December 2003, the Group's trading in funerals, crematoria and
pre-arranged funeral plans is ahead of the same period last year. The Directors
view the financial and trading prospects of the Group for the current financial
year with confidence and believe that the Group's existing business and its
future plans position it well to take advantage of opportunities to strengthen
the Group's market position and embrace new marketing channels.



Reasons for listing and use of proceeds



The Group is seeking a listing and undertaking the Placing to reduce expensive
debt, to secure a more diversified ownership and stable financing of the Group,
provide further flexibility in its strategy of organic growth, together with
selective acquisitions, and to assist in further incentivising its employees. In
addition, the Directors believe that a listing of theOrdinary Shares on the
London Stock Exchange will raise the profile of Dignity, which will help the
development of new marketing channels for pre-arranged funeral plans.



The net proceeds of the issue of new Ordinary Shares being offered by the
Company in the Placing are approximately #112.9 million after deduction of fees,
commissions and expenses payable by the Company. The Company will not receive
any of the net proceeds from the sale by the Selling Shareholders of existing
Ordinary Shares in the Placing or pursuant to any exercise of the Over-allotment
Option.



The Company intends, as soon as reasonably practicable following Admission, to
use the net proceeds it receives from the Placing to: (i) repay #40.0 million
principal amount and related interest and redemption penalties due of
approximately #5.5 million under the mezzanine facility granted by JPMorgan
Chase Bank, which would otherwise have been repaid in full in December 2007 but
which becomes repayable in full on Admission and has an annual interest rate of
14 per cent. above LIBOR; and (ii) redeem approximately #57.0 million principal
amount and related interest outstanding of approximately #10.4 million of the
#63.0 million loan notes issued to SCI and Montagu at the time of the MBO, which
have an annual interest rate of approximately 12 per cent.



Securitisation



The Group raised finance by way of the issue of notes under a securitisation in
April 2003. Dignity Finance PLC issued (i) #110,000,000 Class A Secured 6.310
per cent. Notes and (ii) #100,000,000 Class B Secured 8.151 per cent. Notes with
final maturity dates of December 2023 and December 2031 respectively. The
proceeds of the issue of the notes, together with the proceeds of the mezzanine
facility referred to below, were on-lent to Dignity (2002) Limited and applied
by it to refinance and replace certain existing indebtedness of the Group and to
pay certain costs and expenses incurred in connection with the Securitisation.



In December 2002, JPMorgan Chase Bank granted to an indirect subsidiary of the
Company, a #40 million mezzanine facility which becomes repayable in full in
December 2007 unless prepaid or extended in its terms and is subordinated to the
payment of senior debt due under the Securitisation.



Dividends



In the absence of unforeseen circumstances and taking into account that
Admission is only expected to occur on 8 April 2004, the Directors intend to pay
in October 2004 an interim cash dividend of approximately #1.5 million and
intend to pay in May 2005 a final cash dividend of approximately #3.0 million
for the financial period ending 31 December 2004. Had Admission taken place at
the start of the current financial period, this would have equated to a total
dividend of #6.0 million. For the avoidance of doubt, this is not a profit
forecast.



Thereafter, the Directors intend to declare an interim and final dividend in
respect of each financial year, in the approximate ratio of one-third to
two-thirds. The Directors intend to adopt a progressive dividend policy taking
account of the underlying long-term earnings growth of the Group.



Any dividends will be subject to the availability of sufficient distributable
reserves and the Group meeting the covenants relating to the Securitisation. The
Directors do not expect that these restrictions will prevent them from paying
dividends as described above.



Details of the Placing



The 65,217,390Ordinary Shares which are the subject of the Placing, which is
fully underwritten by the Underwriters at the Placing Price, represent
approximately 81.5 per cent. of the enlarged issued share capital of the
Company. 53,478,260 new Ordinary Shares are being issued by the Company. In
addition, 11,739,130 existing Ordinary Shares are being sold by the Selling
Shareholders. Pursuant to the Over-allotment Option, Panmure Gordon may require
certain Selling Shareholders to sell up to 9,782,609 additional Ordinary Shares
at the Placing Price, to cover over-allotments, if any, which may be made in
connection with the Placing and to cover short positions resulting from
stabilisation transactions.



The Selling Shareholders and certain managers of the Group have entered into
lock-up arrangements with the Underwriters. Approximately 18.5 per cent. of the
Ordinary Shares in issue after the Placing (assuming no exercise of the
Over-allotment Option) will be subject to such lock-up arrangements.



Placing Statistics


Placing Price 230p
Number of Ordinary Shares being placed
- to be issued by the Company 53,478,260
- to be sold by the Selling Shareholders (1) 11,739,130
Number of Ordinary Shares in issue following Admission 80,000,000
Number of Ordinary Shares subject to the Over-allotmentOption 9,782,609
Market capitalisation at the Placing Price #184.0 million
Net proceeds of the Placing to be received by the Company #112.9 million





Expected Timetable of Principal Events


Conditional dealings commence 2 April 2004
Admission and commencement of unconditional dealings 8 April 2004
CREST accounts credited 8 April 2004



(1) Assuming no exercise of the Over-allotment Option




APPENDIX
IMPORTANT INFORMATION ON THE PLACING



1. Definitions



Capitalised terms used in this announcement shall have the following meanings:



"Company" means Dignity PLC;



"Investec" means Investec Bank (UK) Limited;



"Listing Particulars" means the listing particulars dated 1 April 2004 relating
to the Company and the Placing Shares;



"Panmure Gordon" means Panmure Gordon, a division of Lazard & Co., Limited;



"Placing" means the placing of 65,217,390 ordinary shares of 7 pence each in the
Company (the "Placing Shares") at a price of 230 pence per Placing Share
("Placing Price");



"Placees" means the persons to whom the shares are issued pursuant to the
Placing and Placee shall mean any one of them;



"Placing Agreement" means the placing agreement relating to the Placing dated 1
April 2004 between, amongst others, the Company, Panmure Gordon and Investec;



"Placing Commitment" means the number of Placing Shares that each Placee has
agreed to subscribe pursuant to the Placing;



"Securities Act" means the United States Securities Act of 1933, as amended; and



"Selling Shareholders" means the executive Directors, Richard Connell, SCI and
the Montagu Subsidiaries who are selling Ordinary Shares in the Placing and
pursuant to the Over-allotment Option (if exercised).



2. Terms and Conditions of the Placing applicable to Placees



By participating in the Placing each Placee irrevocably represents, warrants and
undertakes to each of Panmure Gordon and Investec (for itself and as agent of
the Company) that:



(a) it and/or each person on whose behalf it is participating (in whole or
in part) in the Placing or to whom it allocates its Placing Shares in whole or
in part:



(i) has the capacity and authority and is entitled to enter into and
perform its obligations as a subscriber or purchaser of Placing Shares and will
honour such obligations; and



(ii) has fully observed all laws of relevant jurisdictions and obtained all
necessary governmental or other consents in either case which may be required in
relation to the subscription or purchase by it of Placing Shares;



(b) it is not a person who is resident in, or a citizen of, the United
States, Canada, Australia, the Republic of Ireland or Japan (or an agent or
nominee of such a person) or a corporation, partnership or other entity
organised under the laws of any such jurisdiction (or an agent or nominee of
such a person);



(c) it is a person whose ordinary activities involve it in acquiring,
holding, managing or disposing of investments (as principal or agent) for the
purposes of its business or that it will acquire, hold, manage and dispose of
Placing Shares for the purposes of its business;



(d) in agreeing to subscribe for or purchase Placing Shares it has not
relied on and is not relying on any information, representation or warranty
relating to the Placing, Placing Shares or Company other than as contained in
the Listing Particulars and it has not relied on and is not relying on any
representation or warranty or agreement by Panmure Gordon or Investec or any
director, employee or agent or any other person except as setout in the express
terms of this letter;



(e) in accepting its Placing Commitment it is acting as principal and for no
other person and that its acceptance of that participation will not give any
other person a contractual right to requirethe issue by the Company of any of
the Placing Shares;



(f) irrevocably confirm Panmure Gordon's and Investec's discretion with
regard to the Placing Agreement and agree that neither Panmure Gordon nor
Investec owe it any fiduciary dutiesin respect of any claim it may have
relating to the Placing;



(g) acknowledge and agree that the Placing Shares have not been and will not
be registered under the Securities Act or under the securities laws of any State
of the United States, that the relevant clearances have not been and will not be
obtained from the Securities Commission of any province of Canada and that the
Placing Shares have not been and will not be registered under the securities
laws of Australia, the Republic of Ireland or Japan and, therefore, the Placing
Shares may not be, subject to certain exceptions, directly or indirectly,
offered or sold in the United States, Canada, Australia, the Republic of Ireland
or Japan;



(h) acknowledge and agree that neither it nor any affiliate, nor any person
acting on its or any affiliate's behalf, has or will offer, sell, take up,
renounce, transfer or deliver directly or indirectly any Placing Shares within
the United States, Canada, Australia, the Republic of Ireland or Japan or offer,
sell, take up, renounce, transfer or deliver in favour of a resident of Canada,
Australia, the Republic of Ireland or Japan;



(i) it has not offered or sold and will not offer or sell any Placing
Shares in the United Kingdom except to persons whose ordinary activities involve
them in acquiring, holding, managing or disposing of investments (either as
principal or agent) for the purposes of their businesses or otherwise in
circumstances which have notresulted and will not result in offers to the
public in the United Kingdom within the meaning of the Public Offer of
Securities Regulations 1995;



(j) acknowledge that it has complied with all relevant laws of all
territories, or obtainedall requisite governmental or other consents which may
be required in connection with its participation in the Placing; that it has
complied with all requisite formalities and that it has not taken any action or
omitted to take any action which willor may result in Panmure Gordon, Investec
or the Company or any of its directors, officers, agents, employees or advisors
acting in breach of the legal and regulatory requirements of any territory in
connection with the Placing or its application and that it is not in a territory
in which it is unlawful to make an offer to subscribe for or purchase Placing
Shares or to reply to this letter;



(k) acknowledge and agree in connection with its participation in the
Placing that neither Panmure Gordon nor Investec is acting for it in relation to
the Placing or otherwise and that neither Panmure Gordon nor Investec will have
any duties or responsibilities to it for providing the protections afforded to
its customers or for advising it with regard to the Placing or the Placing
Shares;



(l) irrevocably appoint any director of Panmure Gordon and Investec as its
agent for the purpose of executing and delivering to the Company and/or its
registrars any documents on its behalf necessary to enable it to be registered
as the holder of any of the Placing Shares offered to it in this letter;



(m) confirm that it has obtained all necessary consents and authorities to
enable it to give its commitment to subscribe for or purchase Placing Shares and
to perform its obligations under this letter;



(n) it is not a person falling within subsections (6), (7) or (8) of
sections 67 or 70 or subsections (2) and (3) of section 93 or subsection (1) of
section 96 of the Finance Act 1986 (or an agent or nominee of such person);



(o) the issue or transfer of Placing Shares to it (whether as principal,
agent or nominee) will not be subject to stamp duty or stamp duty reserve tax at
the increased rates referred to in sections 67 or 93 (Depositary Receipts) or
sections 70 or 96 (Clearance Services) of the Finance Act 1986; and



(p) the Placing Shares will be issued subject to the terms and conditions of
this Appendix,



this appendix and all documents and agreements into which this appendix is
incorporated by reference or otherwise validly forms a part will be governed by
and construed in accordance with English law.





This announcement has been issued by and is the sole responsibility of Dignity
plc ("Dignity"). The contents of this announcement have been approved by Lazard
& Co., Limited (acting through its division Panmure Gordon) ("Panmure Gordon")
solely for the purposes of section 21 of The Financial Services and Markets Act
2000. Panmure Gordon and Investec Bank (UK) Limited ("Investec"), each of which
is regulated in the United Kingdom by The Financial Services Authority, are
advising Dignity and no-one else in connection with the placing of ordinary
shares of Dignity (the "Placing") and will not be responsible to any person
other than Dignity for providing the protections afforded to their clients or
for advising any other person in relation to the Placing or any matter referred
to in any documents or other information contained herein. Stabilisation/FSA.



This announcement does not form part of any offer of securities, or constitute a
solicitation of any offer to purchase or subscribe for securities, and any
acquisition of or application for shares in the Placing should only be made on
the basis of information contained in the listing particulars issued in
connection with the Placing, which contain certain detailed information about
Dignity and its management, as well as financial statements and other financial
data.



This announcement is not for release, publication or distribution in or into
Australia, Canada, Japan or the United States.



The securities to be offered in the Placing have not been, and will not be,
registered under the United States Securities Act of 1933 (the "Securities Act
"), as amended, or under the securities legislation of any state of the United
States, and may not be offered or sold in the United States. The relevant
clearances have notbeen, and will not be, obtained from the Securities
Commission of any province or territory of Canada; no document in relation to
the Placing has been, or will be, lodged with, or registered by, The Australian
Securities and Investments Commission; and no registration statement has been,
or will be, filed with the Japanese Ministry of Finance in relation to the
Placing or the securities to be offered in the Placing. Accordingly, subject to
certain exceptions, the securities to be offered in the Placing may not,
directly or indirectly, be offered or sold within the United States, Canada,
Australia or Japan or offered or sold to a resident of Canada, Australia or
Japan.



Information contained herein may include "forward-looking statements". All
statements other than statements of historical facts included herein, including,
without limitation, those regarding Dignity's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to Dignity's services) are
forward-looking statements.



Such forward-looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance or
achievements of Dignity to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements.



Such forward-looking statements are based on numerous assumptions regarding
Dignity's present and future business strategies and the environment in which
Dignity will operate in the future. These forward-looking statements speak only
as at the date of the document or other information concerned. Dignity expressly
disclaims any obligations or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any changes in
Dignity's expectations with regard thereto or any change in events, conditions
or circumstances on whichany such statement is based.



Information contained herein cannot be relied upon as a guide to future
performance.




This information is provided by RNS
The company news service from the London Stock Exchange
END

MSCIBMMTMMJMMJI

[grupo guitarlumber] 12/3/2004 08:01

LONDON (AFX) - Dignity, the UK's largest funeral home, announced plans to
list on the London Stock Exchange to raise 150 mln stg by selling shares in the
230-270 pence range.
Based on the mid-point of that range, the market capitalisationof Dignity
would be approximately 200 mln stg on flotation.
Panmure Gordon has been appointed as sole bookrunner, sponsor and joint lead
manager, with Investec appointed as joint lead manager.
The company expects that trading in the company's shares will commence in
April 2004.
[e-mail]
ow/rn

[grupo guitarlumber] 12/3/2004 07:09

RNS Number:4569W
Dignity Ltd
12 March 2004

For Immediate Release 12 March 2004

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, JAPAN
OR AUSTRALIA

Dignity Limited
('Dignity' or the 'Company' or the 'Group')

Release of Pathfinder Listing Particulars
Indicative Placing Price Range of 230p to 270p


The Pathfinder Listing Particulars for the flotation of Dignity, Britain's
largest single provider of funeral-related services, namely funeral services,
cremations and pre-arranged funeral plans, will be released today (the "
Pathfinder Listing Particulars"). Dignity is seeking a listing on the London
Stock Exchange and will be undertaking a placing of ordinary shares to
institutions in the UK and certain other European countries ("the Placing").

Panmure Gordon has been appointed as Sole Bookrunner, Sponsor and Joint Lead
Manager, with Investec appointed as Joint Lead Manager.

The Pathfinder Listing Particulars set out the indicative placing price range of
230p to 270p per ordinary share (the "Price Range"). Based on the mid-point of
the Price Range, being 250p per ordinary share:

* The market capitalisation of Dignity at flotation would be approximately
#200 million.

* The Placing is expected to raise #150 million, of which approximately
#112.9m (net of expenses) will be received by the Company and used to
reduce expensive debt. The balance of the net proceeds will be received by
the selling shareholders.

* It is expected that trading in the Company's shares will commence in
April 2004.

The Price Range is indicative only and the placing price may be set above, below
or within the Price Range.


Business overview

The Group's business is in three main areas:

Funeral services
The Group operates a network of 507 funeral homes throughout Britain, trading
under established local trading names. In 2003, the Group conducted 69,012
funerals, constituting approximately 79.9 per cent. of Group revenues and
representing 11.7 per cent. of total deaths in Britain.

Crematoria
The Group operates 21 crematoria and carried out 39,342 cremations in 2003,
constituting approximately 15.6 per cent. of Group revenues and representing 6.6
per cent. of total deaths in Britain. The Group is the largest single operator
of crematoria in Britain.

Pre-arranged funeral plans
The Group is the market leader in pre-arranged funeral plans, with over 160,000
outstanding pre-arranged plans as at 26 December 2003. The Group performed the
funerals for 75 per cent. of the planholders who died in 2003. A number of
these funeral plans are trust-based plans under which approximately #180 million
is held in trust funds which are administered by trustees, the majority of whom
are independent of the Group. In 2003, the Groupsold 26,578 plans, compared to
14,551 in 2002, an increase achieved principally through the addition of
affinity partners AXA and Royal London to the existing relationship with Age
Concern. The Directors believe that reputable affinity partners canbe found in
other alternative marketing channels, such as high street retailers.

The Intention to Float announcement was issued on Friday, 27 February 2004 and
is available on request from Buchanan Communications.

On publication of Pathfinder Listing Particulars, Peter Hindley, Chief
Executive, commented:

"We are delighted to be announcing the release of our Pathfinder Listing
Particulars today as we look to secure the long-term stability of the Group. We
are pleased to have reached this important stage in the flotation process."


For further information, please contact:

Dignity Limited Tel: [phone]
Peter Hindley, Chief Executive/
Mike McCollum, Finance Director

Buchanan Communications Tel: [phone]
Richard Oldworth/Mark Edwards

Panmure Gordon Tel: [phone]
Richard Gray/Andrew Godber

Investec Tel: [phone]
David Currie/Erik Anderson


This announcement has been issued by and is the sole responsibility of Dignity
Limited ("Dignity"). The contents of this announcement have been approved by
Lazard & Co., Limited (acting through its division Panmure Gordon) ("Panmure
Gordon") solely for the purposes of section 21 of The Financial Services and
Markets Act 2000. Panmure Gordon and Investec Bank (UK) Limited ("Investec"),
each of which is regulated in the United Kingdom by The Financial Services
Authority, are advising Dignity and no-one else in connection with the placing
of ordinary shares of Dignity (the "Placing") and will not be responsible to any
person other than Dignity for providing the protections afforded to their
clients or for advising any other personin relation to the Placing or any
matter referred to in any documents or other information contained herein.
Stabilisation/FSA

This announcement does not form part of any offer of securities, or constitute a
solicitation of any offer to purchase or subscribe for securities, and any
acquisition of or application for shares in the Placing should only be made on
the basis of information contained in the listing particulars to be issued in
due course in connection with the Placing, which listingparticulars will
contain certain detailed information about Dignity and its management, as well
as financial statements and other financial data.

This announcement is not for release, publication or distribution in or into
Australia, Canada, Japan or the United States.

The securities to be offered in the Placing have not been, and will not be,
registered under the United States Securities Act of 1933 (the "Securities Act
"), as amended, or under the securities legislation of any state of the United
States, and may not be offered or sold in the United States. The relevant
clearances have not been, and will not be, obtained from the Securities
Commission of any province or territory of Canada; no document in relation to
the Placing has been, or will be, lodged with, or registered by, The Australian
Securities and Investments Commission; and no registration statement has been,
or will be, filed with the Japanese Ministry of Finance in relation to the
Placing or the securities to be offered in the Placing. Accordingly, subject to
certain exceptions, the securities to be offered in the Placing may not,
directly or indirectly, be offered or sold within the United States, Canada,
Australia or Japan or offered or sold to a resident of Canada, Australia or
Japan.

Information contained herein may include "forward-looking statements". All
statements other than statements of historical facts included herein, including,
without limitation, those regarding Dignity's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to Dignity's services) are
forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance or
achievements of Dignity to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements.

Such forward-looking statements are based on numerous assumptions regarding
Dignity's present and future business strategies and the environment in which
Dignity will operate in the future. These forward-looking statements speak only
as at the date of the document or other information concerned. Dignity expressly
disclaims any obligations or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any changes in
Dignity's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.

Information contained herein cannot be relied upon as a guide to future
performance.


This information is provided by RNS
The company news service from the London Stock Exchange
END

MSCBIGDXGXBGGSB

[ariane] 28/2/2004 08:25

dignity





Dignity plans stock market float


DIGNITY, Britain’s largest single provider of funeral-related services, is planning a stock market flotation to give it the financial clout to make acquisitions and pay back debt.

[pommy] 24/12/2002 15:09

so that blokes mum who had 8 kids, jettyboy i think it was!!!

[oldolie] 24/12/2002 15:07

1-100

i have a big spread

[pommy] 24/12/2002 15:04

bloody hell.

WHAT WIT!!!


or was that WHAT A TWIT?

[logica2me] 24/12/2002 15:03

THE SOLES OF YOUR FEET !

[abix47] 24/12/2002 14:48

I did wonder. :-(

[pommy] 24/12/2002 14:47

what soul?

[pommy] 24/12/2002 14:45

Rayrac arent you dead yet, i though you were about 110

in this country your family would have had you put down ages ago!!

[abix47] 24/12/2002 14:45

You must get help for this obsession though. It can't be doing your soul any good?

[pommy] 24/12/2002 14:44

tell LOG Ive asked Santa to bring him some cash for xmas but he said no chance !!

But he will bring him a PO-FACE SONIA BLOW UP DOLL

he wont need too much puff tho as she comes pretty bloated already!!!