25 September 2003 London Lightwave Europe -- Marconi Corp plc yesterday announced that it has sold its holding of 12,891,000 shares in Bookham Technology plc.
The deal was effected through a placing with institutional investors carried out by Cazenove & Co. Ltd for a total cash consideration of GBP 16,758,300.
The cash proceeds will be paid into a mandatory redemption escrow account and will be used, in due course, to fund a further partial redemption of the Group's Junior Notes.
Marconi acquired its holding in Bookham Technology in February 2002 as consideration against the sale of its Optical Components business to Bookham.
About Marconi Corp's Redemption Escrow Account (MREA)
When the balance of the MREA reaches USD30 million, this triggers a mandatory partial redemption of Marconi's Junior Notes at 110% of par value.