Frthr re Debenture Tender Off

RNS Number:4797X
Hemingway Properties Ld
18 January 2001


Tender for 10.375% First Mortgage Debenture Stock 2023 (the "stock")
                                                                    
Following today's informal meeting with stockholders, Hemingway Properties
Limited  (the "company") and its parent (First Sloane Street Limited (the
"parent", and together with the company, the "group")) make the following
amendments to the tender of 9 January 2001.

Tender Period and Closing

- The tender will now close at 10.00am on 26 January 2001, with pricing to occur
  at or around 10am on 31 January 2001 with bargains to settle on 7 February    
  2001.

Tender Amount

- The tender by the company is for all stockholders alike to offer to sell up   
  to Stg 100 million nominal amount of the stock.

Tender Price

- Stockholders are invited to submit offers at such a price at which the Gross  
  Redemption Yield of the stock (as defined in the conditions of the stock)     
  equals the sum of (i) the Gross Redemption Yield of the 8 per cent.  Treasury 
  Stock 2021 (the "reference gilt") and (ii) a spread of 2.25 per cent.  For the
  purposes of calculating the tender price, the Gross Redemption Yield of the   
  reference gilt will be based on the average of the bid and offer prices of the
  reference gilt quoted by three Gilt Edged Market Makers at or around 10am on  
  31 January 2001.

All other terms of the tender remain as set out in the announcement of the
tender made on 9 January 2001.

In accordance with the terms of the tender announced on 9 January 2001, as a
consequence of the above amendments to the tender the company will permit
stockholders to withdraw or amend any offer to sell stock made on or before 18
January 2001.

Hemingway 10te (LSE:06HB)
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