Forester calls rest of Man Group's 3.75% exchangeables

By Susanna Moon

Chicago, July 23 - Forester Ltd. said it would redeem the rest of Man Group plc's 3.75% guaranteed exchangeable bonds due 2009 for the principal value plus accrued interest.

The redemption date is Sept. 6. The company said it would pay £1,012.02 for each £1,000 of principal amount of notes.

Holders may exchange the bonds until the close of business on Aug. 31. Man Group's stock (London: EMG) closed at 598.5p on Friday.

On July 13, the company announced the start of the exchange offer for Man Group plc's £400 million of 3.75% exchangeables.

As previously announced, the offer was made to accelerate the exchange of the bonds for shares as part of Man Group's capital restructuring.

Forester said on July 21 that holders of £152.105 million, or 38%, of the 3.75% exchangeables elected to exchange their notes for stock.

The offer ended at 11 a.m. ET on July 20. It began on July 13.

The company said that the bonds are deeply in the money due to Man Group's share price being significantly above the exchange price of 1,282p.

The Man Group plc provides alternative investment products and is based in London.

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