Annual General Meeting

09 Jul 2003

 

At the Annual General Meeting of 3i Group plc at 11:00 this morning, Baroness Hogg, Chairman of 3i, will comment:

3i has been improving its investment processes, sharpening its competitive position, and giving clear leadership to each of our businesses buy-outs, growth capital and early stage technology. Looking forward, we believe these initiatives give 3i a much stronger base for growth.

3i will also be issuing a convertible bond to raise up to €550 million. The issue will enable us to take advantage of attractive investment opportunities, replace existing borrowings that are repayable in August and for general corporate purposes.

Brian Larcombe, Chief Executive, will comment that:

Realisations have continued at good levels since the year end but investment completions have been low for 3i and the market generally. We believe this is because macroeconomic and political uncertainty earlier in the year resulted in business decisions being deferred. We expect to see a lower level of investment for the first half compared with last year but expect this to increase as the year progresses.

We continue to be confident in the quality of new investment that we are making to drive long term growth.

For information please contact:

 

 3i Group plc  
 Patrick Dunne, Group Communication Director  Tel:  020 7975 3283     
 Issued by The Maitland Consultancy  
 Philip Gawith  Tel:  020 7379 5151

 

STABILISATION/FSA

In the United Kingdom, this announcement is directed exclusively at persons who fall within article 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) order 2001. The bonds referred to in this announcement will be issued only to such persons.

This announcement is not for distribution, directly or indirectly in or into the United States or to any US person (as defined in Regulation S under the US Securities Act of 1933, as amended ("Regulation S")). These materials are not an offer of securities for sale into the United States or elsewhere. The securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons unless they are registered or exempt from registration. There will be no public offer of securities in the United States.

Notes to Editors
3i brings capital, knowledge and connections to the creation and development of businesses around the world. It invests in a wide range of opportunities from start-ups to buy-outs and buy-ins, focusing on businesses with high growth potential and strong management.

3i invests in businesses across three continents through local investment teams in Europe, Asia Pacific and the US. To date, 3i has invested over £14.5 billion (including co-investment funds).