Corus holders vote in favor of early redemption of 4 5/8% convertibles

By Jennifer Chiou

New York, Dec. 4 - Corus Nederland BV said holders of NLG 294.132 million or 87.9% of its NLG 345 million of 4 5/8% convertible bonds due April 2007 approved the early redemption of the securities.

The bondholders' meeting took place on Dec. 4. It was called on Nov. 10.

The bonds will be redeemed at NLG 1,037.50 per NLG 1,000.00 principal amount, plus accrued interest, on Jan. 18. Those who voted in favor of the early redemption prior to Nov. 24 will also receive an early voting premium of NLG 5.00.

The early redemption is linked to the bid for Corus Group plc by Tata Steel Ltd. and Tata Steel UK Ltd.

Corus added that the redemption will become effective only if the acquisition takes place on or before Feb. 28, the backstop date.

Credit Suisse Securities (Europe) Ltd. is the solicitation agent (contact Paul Hawker at 44 20 7883 6748 or Mark Hammarskjold at 44 20 7883 7718). ABN Amro Bank is the tabulation agent (31 76 57 99 520).

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