The QUIPS redemptions will reduce our diluted share count and be accretive in 2007.
Because only a portion of the QUIPS is being redeemed, the trustee will select the QUIPS to be redeemed in accordance with the rules of The Depository Trust & Clearing Corporation, and no action by holders of QUIPS is required to effect the redemption.
Redeeming the QUIPS early allows us to further reduce our debt levels and will result in a significant savings in the long term.
125 for each $50 of liquidation preference of QUIPs
as to which the holder provides a consent.
The QUIPS are listed on the New York Stock Exchange.
30, 2004, upon surrender of the QUIPS at the offices of the property trustee, as follows:
Gavin Lewis, Head of Corporate Finance of MEPC Limited said "This program will enable us to continue purchasing QUIPS in the market from time to time, which we believe should be beneficial both to the company and to QUIPS investors.