E-Malt.com News article: 3803

United Kingdom: SABMiller plc (“SABMiller”) announced on December 9, 2004 that its subsidiary, SAB Finance (Cayman Islands) Limited (the “Issuer”), is exercising its right to call for the redemption of all of its US$600,000,000 4.25% Guaranteed Convertible Bonds due 10 August 2006 (the “Bonds”) remaining in issue.

The terms and conditions of the Bonds permit the Issuer to redeem all of the Bonds at their principal amount plus accrued and unpaid interest up to and including the date fixed for redemption, following the satisfaction of certain conditions. One of the conditions required that the closing middle market quotation for an SABMiller ordinary share be at least 130 per cent of the conversion price of £6.15 per share (being £7.995 per share) for 30 consecutive calendar days, at any time after 24 August 2004. This condition was satisfied on 8 December 2004, when the closing middle market quotation was £8.335 per share. All of the conditions having now been satisfied, the Issuer has today issued a notice to Bondholders informing them that it wishes to exercise its right to redeem all of the Bonds in issue.

The date fixed for redemption by the Issuer is 10 January 2005.

Bondholders may, up to the close of business on 29 December 2004, elect to convert their Bonds into SABMiller ordinary shares at the conversion price of £6.15 per share, which would, if converted, result in the issuance of 115.3203 SABMiller ordinary shares in respect of each US$1,000 principal amount of the Bond.

SABMiller plc is one of the world’s largest brewers, with 2003/04 lager sales volumes in excess of 137 million hectolitres. It has a brewing presence in over 40 countries across four continents and a portfolio of strong brands and leading market shares in many of the countries in which is has brewing operations. Outside the USA, SABMiller plc is one of the largest bottlers of Coca-Cola products in the world. In the year ended 31 March 2004, the group generated US$1,391million pre-tax profit from a turnover of US$12,645million. SABMiller plc is listed on the London and Johannesburg stock exchanges.

SAB Finance (Cayman Islands) Limited is a subsidiary of SABMiller plc incorporated in the Cayman Islands, established for the purpose of issuing the Convertible Bonds.


12 December, 2004