(BT-A.L) BT Group PLC Buy/Sell

LONDON, Nov 19 (Reuters) - Eurohypo has arranged a 340 million pounds ($567 million) club financing deal for UK property outsourcing company Telereal Trillium in a sign specialist lenders are returning to the credit-starved sector.
The facility has been provided by three other banks besides Eurohypo -- Lloyds, Barclays and Santander -- and refinances an existing loan Telereal Trillium drew down to help fund the purchase of Trillium from Land Securities in January.
Deal terms are being kept confidential, a Eurohypo spokesman told Reuters.
Telereal Trillium manages real estate occupied by local and central government departments, including Royal Mail, the Department of Work and Pensions, and private sector occupiers such as BT, Aviva and Royal Bank of Scotland .

"This financing has been tailored to meet the specific requirements of Telereal Trillium and reflects the strength of the management and underlying income stream from these core assets," said Eurohypo's director of origination. "It also clearly demonstrates Eurohypo's ongoing commitment to new lending in the UK, meeting the requirements of professional investors," he said.

(Reporting by Sinead Cruise; Editing by Andrew Macdonald)

($1=.6002 Pound)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters) Keywords: EUROHYPO TELEREAL/ (sinead.cruise@thomsonreuters.com; +44 (0)207 542 5154; Reuters Messaging: sinead.cruise.reuters.com@reuters.net)

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Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

RNS Number : 7663C BT Group PLC 19 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer BT Group Plc

of existing shares to which voting rights are attached:

2. Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached.

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the Legal & General Group Plc (L&G)

notification obligation:
4. Full name of shareholder(s) Legal & General Assurance (Pensions Management) Limited
(if different from 3.): (PMC)
17 November 2009

5. Date of the transaction and date on which the threshold is crossed or reached:

6. Date on which issuer notified: 18 November 2009
7. Threshold(s) that is/are crossed or From 4% - 3% (L&G)

reached:

8. Notified details:

A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number of voting % of voting rights
of of Number rights
Shares Voting of shares
Rights
Direct Indirect Direct Indirect
ORD 363,308,604 363,308,604 309,597,603 309,597,603 3.99

GBP 0.05

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Number of voting
Type of financial Expiration Exercise/ rights that may be % of voting
instrument date Conversion Period acquired if the rights
instrument is
exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise price Expiration date Exercise/ Number of voting rights instrument refers to % of voting rights
instrument Conversion period
Nominal Delta

Total (A+B+C)
Number of voting rights Percentage of voting rights
309,597,603 3.99

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) Legal & General Investment Management Limited (Indirect) (LGIM) Legal & General Group Plc (Direct) (L&G) (309,597,603 -3.99 % = LGAS, LGPL
& PMC)
Legal & General Investment Legal & General Insurance Holdings Limited

Management (Holdings) Limited (Direct) (LGIH) (Direct) (LGIMHD) (282,347,910 -3.64 % = PMC)
Legal & General Assurance Legal & General Assurance Society Limited
(Pensions Management) Limited (LGAS & LGPL)

(PMC) (282,347,910 -3.64 % =

Legal & General Pensions Limited (Direct)

Proxy Voting:
10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease

to hold:

12. Date on which proxy holder will cease to hold

voting rights:

13. Additional information:
Notification using the total voting rights figure of 7,752,033,835
14. Contact name:
Helen Lewis (LGIM)
15. Contact telephone number:

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

HOLFFFFSUSUSEEF

By Kate Holton

LONDON, Nov 17 (Reuters) - Britain's Cable & Wireless is tapping the loan and bond market for refinancing and looking to tie in its well respected management team as part of an accelerated demerger designed to unlock value for shareholders. C&W will spin off its Worldwide unit, which offers business communications across Europe, Asia and the United States, and retain its International division providing fixed-line and mobile services in the Caribbean, Macau, Panama and elsewhere.
C&W, which put its demerger plan on hold a year ago due to difficult market conditions, said the demerger would create two companies listed on the London Stock Exchange.
The group has said there are few synergies between the two units and a demerger, to be completed by the end of March, should unlock value.
Shareholders will receive one share in each new company for each share that they hold.
Analysts welcomed the timing of the demerger and the move to retain senior management.
Citi said in a note the news marked a big step forward, and that a 20 pence discount it considered was priced into the C&W share on structural grounds could now start to unwind.
But analysts cautioned over comments that the group was still in talks with its pension trustees and said the use of a convertible bond as part of the refinancing could result in a dilution for shareholders.
"The positive is that the timing is relatively fast," Morgan Stanley analyst Nick Delfas said. "(But) the demerger does not in itself create value, and unanswered questions about the pension remain."
Shares in the group, which has a history dating back to the 1860s when telegraph cables were first laid overseas from Britain, closed up 1.7 percent at 142 pence against a FTSE 100 that ended down 0.7 percent.

C&W plans to put in place around 1.1 billion pounds ($1.85 billion) of new and replacement cash and bank credit lines to ensure the separation.
As part of that refinancing, Britain's second-biggest corporate telecoms provider after BT will also raise 230 million pounds through a five-year convertible bond, which people close to the deal said had attracted "a couple of billion pounds" of investor demand.
The company said the coupon was 5.75 percent per year and the conversion price was set at 184.1 pence per share, representing a 33 percent premium.
To settle its pension issue, it has held talks with the scheme's trustees and is looking to reach agreement on any additional funding that is needed.
C&W said its pension fund had an IAS 19 deficit of 305 million pounds at the end of September. Finance Director Tim Pennington told analysts on a call the firm would likely pay in a bit more than the already agreed 75 million to be paid between now and April 2011.
In terms of pension assets and liabilities, it expected around half would be transferred to Worldwide, with the other half remaining with International.
The group also set out changes to its incentive scheme for senior management, subject to shareholder and participant approval.
Under the new plan the incentive scheme would not vest on the demerger as had been expected but continue to run until the end of the 2011 financial year, which analysts interpreted as a way of tying in the team.
C&W said Richard Lapthorne and Tony Rice would take up the roles of chairman and chief executive respectively at International while John Pluthero and Jim Marsh would be Worldwide chairman and CEO respectively.
"I like the amount of detail in the statement. It's very thorough but the pensions talks and the convertible bond are negatives," Execution analyst Will Draper said.
(Additional reporting by Daisy Ku; Editing by Hans Peters, John Stonestreet)

($1 = 0.5958 pound) Keywords: CABLE&WIRELESS/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By Kate Holton

LONDON, Nov 17 (Reuters) - Britain's Cable & Wireless is tapping the bond market for refinancing and tying in its well-respected management team as part of an accelerated demerger designed to unlock value for shareholders. C&W will spin off its Worldwide unit, which offers business communications across Europe, Asia and the United States, and retain its International division providing fixed-line and mobile services in the Caribbean, Macau, Panama and elsewhere.
C&W, which put its demerger plan on hold a year ago due to difficult markets, said the demerger would create two companies listed on the London Stock Exchange.
The group has said there are few synergies between the two units and a demerger, to be completed by next April, should unlock value.
Shareholders will receive one share in each new company for each share that they hold.
Analysts welcomed the timing of the demerger and the move to retain senior management but noted with caution a comment that the group was still in talks with its pension trustees.
Analysts also noted the use of a convertible bond as part of the refinancing could result in a dilution for shareholders.
"The positive is that the timing is relatively fast," Morgan Stanley analyst Nick Delfas said. "(But) the demerger does not in itself create value, and unanswered questions about the pension remain."
Shares in the group, which has a history dating back to the 1860s when telegraph cables were first laid overseas from Britain, were up 2.2 percent at 1127 GMT against a FTSE 100 down 0.4 percent.

C&W plans to put in place around 1.1 billion pounds ($1.85 billion) of new and replacement cash and bank credit lines to ensure the separation.

As part of that refinancing, Britain's second-biggest corporate telecoms provider after BT will also raise 200 million pounds through a convertible bond, which has been "heavily oversubscribed" according to people familiar with the deal.
To settle its pension issue, it has held talks with the scheme trustees and is looking to reach agreement on any additional funding that is needed.
C&W said its pension fund had an IAS 19 deficit of 305 million pounds at the end of September.
Finance Director Tim Pennington told analysts on a call they would likely pay a bit more than the already agreed 75 million to be paid between now and April 2011.
In terms of pension assets and liabilities, it expected around half would be transferred to Worldwide, with the other half remaining with International.
The group also set out changes to its incentive scheme for senior management, subject to shareholder and participant approval.
Under the new plan the incentive scheme would not vest on the demerger as had been expected but continue to run until the end of the financial year 2011, which analysts interpreted as a way of tying in the team.
C&W said Richard Lapthorne and Tony Rice would take up the roles of chairman and chief executive respectively at International while John Pluthero and Jim Marsh would be Worldwide chairman and CEO respectively.
"I like the amount of detail in the statement. It's very thorough but the pensions talks and the convertible bond are negatives," Execution analyst Will Draper said.

(Additional reporting by Daisy Ku; Editing by Hans Peters)

($1 = 0.5958 pound) Keywords: CABLE&WIRELESS/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.