Exhibit 99.1
FOR IMMEDIATE RELEASE
London (16 July 2004) - South Hertfordshire United Kingdom Fund, Ltd.(1)
(the "Partnership") announced today that the Partnership has learnt of an
unsolicited mini-tender offer being made by Peachtree Partners to purchase
units of limited partnership interests up to an amount representing 4.9
percent of the Partnership's outstanding units, for a price of $27.50 per
unit of limited partnership interest in cash, subject to adjustments.
The Partnership does not in any way recommend or endorse Peachtree's
mini-tender offer and expresses no opinion as to whether the Partnership's
limited partners should tender their shares in the mini-tender offer. The
Partnership is not associated with Peachtree, the offer or the offer
documentation. Limited partners should note that there is no established
trading market for the units and, accordingly, there is no established
trading price for the units.
The Securities and Exchange Commission (SEC) has cautioned investors about
offers of this nature. Mini-tender offers, which are offers to buy less
than 5 percent of a company's equity, "have been increasingly used to catch
investors off guard," according to an investor alert on the SEC's website.
The Partnership's limited partners should be aware that many of the SEC's
tender offer rules do not apply to mini-tender offers.
To read more about the risks of mini-tender offers, please review an
investor alert on the SEC's website, available at
www.sec.gov/investor/pubs/minitend.htm .
The Partnership's limited partners who may have tendered their units are
advised that they may withdraw their units by providing written notice to
Peachtree in accordance with Peachtree's offering documents within 15 days
from the date of the postmark of the acceptance of the offer.
The Partnership advises its limited partners to consult their financial
advisors concerning this offer.
SAFE HARBOR
Various statements contained in this press release constitute
"forward-looking statements" as defined under the Private Securities
Litigation Reform Act of 1995. Words like "believe," "anticipate,"
"should," "intend," "plan," "will," "expects," "estimates," "projects,"
"positioned," "strategy," and similar expressions identify these
forward-looking statements, which involve known and unknown risks,
uncertainties and other factors that may cause our actual results or
performance, achievements or industry results to be materially different
from those contemplated, whether expressed or implied, by these
forward-looking statements. These factors include those set forth under the
caption "Risk Factors" in our Form 10-K that was filed with the SEC on
March 29, 2004, such as: potential adverse developments with respect to
NTL's and our liquidity or results of operations; NTL's significant debt
payments and its and our other contractual commitments coming due over the
next several years; NTL's and our ability to fund and execute its and our
business plan; the impact of new business opportunities requiring
significant up-front investments; our ability to attract and retain
customers, increase our overall market penetration and react to competition
from providers of alternative services; NTL's ability to integrate its
billing systems; NTL's significant management changes; NTL's and our
ability to develop and maintain back-up for our critical systems; our
ability to respond adequately to technological developments; NTL's and our
ability to maintain contracts that are critical to our operations; our
ability to continue to design networks, install facilities, obtain and
maintain any required governmental licenses or approvals and finance
construction and development, in a timely manner at reasonable costs and on
satisfactory terms and conditions; interest rate and currency exchange rate
fluctuations; and the impact of NTL's recent reorganization and subsequent
organizational restructuring. We assume no obligation to update these
forward-looking statements to reflect actual results, changes in
assumptions or changes in factors affecting these statements.
- ends -
FOR MORE INFORMATION CONTACT:
INVESTOR RELATIONS:
US: Patti Leahy, +1 610 667 5554
UK: Virginia Ramsden, +44 (0) 20 7967 3338
MEDIA:
Alison Kirkwood, NTL Incorporated +44 (0) 1256 752 662
Richard Oldworth or Jeremy Garcia, Buchanan Communications +44 (0)20 7466 5000
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(1) SOUTH HERTFORDSHIRE UNITED KINGDOM FUND, LTD.
The Partnership is a Colorado limited partnership formed in December 1991
pursuant to the public offering of its limited partnership interests for
the purpose of acquiring one or more cable television and telephone systems
in the United Kingdom.
The Partnership holds 66.7% of the shares of NTL (South Hertfordshire)
Limited. NTL Incorporated ("NTL") owns 33.3% of the shares of NTL (South
Hertfordshire) Limited. NTL also owns the general partner of the
Partnership. The general partner provides consulting services to the
Partnership and may delegate some or all of the consulting services to NTL
or to other affiliates.
NTL (South Hertfordshire) Limited (formerly C&W Comms (South Herts)
Limited) is a UK corporation originally owned by Jones Global Funds, Inc.
(the previous general partner) and Jones Cable Group, Ltd., an affiliate of
the previous general partner. NTL (South Hertfordshire) Limited is the
holder of a franchise to own and operate a cable television/telephone
system in the South Hertfordshire franchise area, located adjacent to the
northwest perimeter of Greater London, England. The South Hertfordshire
franchise area passes approximately 92,000 homes, of which approximately
34,000 are current customers.