GIMV sells up to a maximum of 9,109,473 shares on the occasion of Telenet IPO

12-10-2005 07:30

GIMV announces that it will sell a minimum of 8,910,129 and a maximum of 9,109,473 Telenet shares on the occasion of the IPO. The combination of the shares sold and the shares kept by GIMV as well as the share options means a total increase in value of 155.9 million euro, of which 106.9 million euro are realised and 49.0 million euro are unrealised, compared to the last published value of June 30th 2005 and based on the closing price of the Telenet share on October 11th of 19.10 euro per share. The sale has an immediate cash impact for GIMV of 187.1 million euro.

GIMV held a total of 12,913,893 Telenet shares before the IPO.

  • On the occasion of the Telenet IPO, GIMV has sold 8,910,129 shares. This sale of 8,910,129 shares, at the introduction price of 21 euro per share, means cash proceeds amounting up to 187.1 million euro. Since the value of Telenet in equity under IFRS (IFRS value) on June 30th 2005 was kept at 9 euro per share, this sale today means a realised capital gain for GIMV of 106.9 million euro.
  • Furthermore 199,344 shares are part of an over-allotment option, which will be applicable until 30 days after October 10th 2005 (the date of the official announcement of the price of the offered shares). This over-allotment option can either be fully exercised, partly exercised or not exercised at all. If the over-allotment is partly or fully exercised, GIMV will additionally sell a maximum of 199,344 shares at the introduction price of 21 euro per share. This additional sale would mean additional maximum cash proceeds for GIMV of 4.2 million euro and an additional maximum realised capital gain of 2.4 million euro.
  • In any case GIMV will hold a minimum of 3,804,450 Telenet shares, being the shares on which Telenet shareholder Liberty Media has a call option. This call option gives Liberty until August 9th 2007 the right to obtain these 3,804,450 shares at a price of 25 euro/share. At the closing price of the Telenet share of October 11th 2005 of 19.10 euro these shares represent a value of 72.70 million euro, of which an unrealised capital gain of 38.40 million euro.
  • Moreover GIMV also holds 1,416,000 warrants that can be exercised until August 9th 2009 at 13.33 euro. Furthermore GIMV owns 126,072 call options on Telenet shares at 25 euro and 207,009 call options on Telenet shares at 33.33 euro. Not taking into account any time value, these options represent a value of 8.2 million euro, of which an unrealised capital gain of 8.2 million euro (based on the closing price of the Telenet share of October 11th 2005 of 19.10 euro).
  • GIMV has committed itself not to sell any further Telenet shares for a period of 180 days (lock-up agreement)

For more information, please contact:
Mr. Frank De Leenheer – Investor Relations Manager GIMV
Tel: +32 3 290 22 18 – E-mail: frankdl@gimv.be

French version