Exhibit 99.1
TELEWEST COMMUNICATIONS PLC ANNOUNCES PASSAGE OF "BAR DATES"
AND DETAILS OF THE DISTRIBUTION OF TELEWEST GLOBAL, INC. COMMON STOCK
16 July 2004
London - Telewest Communications plc ("Telewest") today announces the
passage of the "bar dates" for the schemes of arrangement (the "Schemes")
comprising part of its financial restructuring. With the passage of the bar
dates, the Schemes are closed to claims for which no notice has been
received and Telewest will proceed with the distribution of the common
stock of Telewest Global, Inc. ("Telewest Global") to its creditors and
shareholders in accordance with the attached distribution schedule.
Trading in Telewest Global's common stock on the Nasdaq National Market
will commence on 19 July 2004 under the symbol "TLWT".
ENQUIRIES:
TELEWEST 020 7299 5000
Mary O'Reilly, head of media 020 7299 5888
Richard Williams, head of investor relations 020 7299 5479
CITIGATE DEWE ROGERSON 020 7638 9571
Anthony Carlisle 07973 611888
Telewest Global, the newly-restructured broadband communications and media
group, currently operates a network covering approximately 4.9 million
homes in the UK and provides multi-channel television, telephone and
internet services to approximately 1.74 million UK households, and voice
and data telecommunications services to around 67,000 business customers.
Its content division, Flextech, is the BBC's partner in UKTV. Together they
are the largest supplier of basic channels to the UK pay-TV market. For
further information go to www.telewest.co.uk/media.
DISTRIBUTION SCHEDULE
TELEWEST NOTE AND DEBENTURE HOLDERS
Pursuant to the relevant schemes of arrangement an escrow agent will
distribute 241,325,000 shares of Telewest Global common stock (representing
98.5% of Telewest Global's outstanding common stock) to the holders of
Telewest's and its Jersey finance subsidiary's notes and debentures. The
shares will be distributed amongst the various notes and debentures as
follows:
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
NOTES AGGREGATE PRINCIPAL APPROXIMATE TOTAL NUMBER MULTIPLIER APPROXIMATE NUMBER OF
AMOUNT OF SHARES OF COMMON STOCK SHARES PER
TO BE DISTRIBUTED $1,000/(POUND)1,000 OF
(C) PRINCIPAL(1)
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
9.625% Senior Debentures $300,000,000 12,434,919 1.220 41.450
due 2006
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
11% Senior Discount $1,536,413,000 65,458,708 1.254 42.605
Debentures due 2007
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
11.25% Senior Notes due 2008 $350,000,000 14,792,798 1.244 42.265
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
9.875% Senior Notes due 2010 (pound)180,000,000 12,053,718 1.971 66.965
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
9.875% Senior Notes due 2010 $350,000,000 14,079,319 1.184 40.227
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
5.25% Senior Convertible (pound)299,500,000 18,499,185 1.818 61.767
Notes due 2007
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
9.875% Senior Discount (pound)325,000,000 18,462,118 1.672 56.807
Notes due 2009
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
9.25% Senior Discount Notes $500,000,000 17,055,545 1.004 34.111
due 2009
- ---------------------------- --------------------------- --------------------------- --------------------- ------------------------
11.375% Senior Discount $450,000,000 14,065,729 0.920 31.257
Notes due 2010
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
6% Senior Convertible Notes $1,000,000,000 37,814,386 1.113 75.629
due 2005 (Issued by
Telewest's Jersey finance
and including the benefit
of Telewest's Guarantee)
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
5% Accreting Convertible (pound)293,600,050 16,608,566 1.665 56.569
Notes due 2003
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
Total: (2) 241,324,991
- ----------------------------- --------------------------- --------------------------- --------------------- ------------------------
- ---------------------
<FN>
(1) Principal outstanding at maturity in the case of the 11.375% Senior
Discount Notes due 2010.
(2) The aggregate total obligation, measured as the sum of the principal
amounts of each note or debenture multiplied by the relevant multiplier
(C), is $7,102,976,985.
</FN>
To determine the number of shares that the holder of a note or debenture is
entitled to receive in connection with a given note or debenture, multiply
the principal amount of the note or debenture held by the applicable
multiplier (C), divide that number by $7,102,976,985 (A) and multiply by
241,325,000 (B):
(principal amount of note or debenture held x C) x B
------------------------------------------------
A
It is anticipated that the distribution of shares will be completed on 19
July 2004.
No fractional shares will be distributed to the holders of notes and
debentures. Fractional interests will be aggregated and sold on the open
market. The net proceeds of such sales will be paid to the UK National
Society for the Prevention of Cruelty to Children.
TELEWEST SHAREHOLDERS
Pursuant to the Telewest scheme of arrangement, Telewest shareholders on
the register of members on 14 July 2004 will be allocated in aggregate,
3,675,000 shares of Telewest Global common stock (representing 1.5% of
Telewest Global's outstanding common stock). The shares of common stock
will be distributed to eligible shareholders as set forth below.
- --------------------------------------------------------------
NUMBER OF TELEWEST NUMBER OF NUMBER OF SHARES OF
ORDINARY SHARES TELEWEST ADRS TELEWEST GLOBAL COMMON
STOCK RECEIVED
- --------------------------------------------------------------
804.4004 4.022002 1
- --------------------------------------------------------------
Fractional share entitlements will not be distributed to shareholders.
Instead, fractional share entitlements will be aggregated and sold on the
open market. The net proceeds of such sales will be paid in cash in pounds
sterling (without interest) pro rata to each shareholder entitled to a
fractional share.