SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) AUGUST 25, 1999
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NTL (BERMUDA) LIMITED
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(Exact Name of Registrant as Specified in Charter)
Bermuda 0-24521 Not Applicable
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
Cedar House, 41 Cedar Ave., Hamilton, Bermuda HM 12
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code (441)295-2244
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
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On August 25, 1999 NTL Incorporated ("NTL") announced that Telewest
Communications PLC exercised its right to purchase all of NTL's shares of Cable
London PLC and all of NTL's related rights and interests for the purchase price
of approximately 428 million pounds sterling(approximately $685 million) in
cash. The purchase price implies a total enterprise value for Cable London of
approximately 1 billion pounds sterling(approximately $1.6 billion).
Item 7. Financial Statements and Exhibits
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Exhibits
99.1 Press release, issued August 25, 1999
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NTL (BERMUDA) LIMITED
(Registrant)
By: /s/ Richard J. Lubasch
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Name: Richard J. Lubasch
Title: Executive Vice President-
General Counsel
Dated: September 17, 1999
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EXHIBIT INDEX
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Exhibit Page
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99.1 Press Release issued, August 25, 1999
Exhibit 99.1
FOR IMMEDIATE RELEASE
NTL INCORPORATED ANNOUNCES THE
SALE OF ITS 50% INTEREST IN CABLE LONDON PLC
New York, New York (August 25, 1999) - NTL Incorporated (NASDAQ; NTLI; EASDAQ;
NTLI.ED) announced today that Telewest Communications PLC has exercised its
right to purchase all of NTL's shares of Cable London PLC and all of NTL's
related rights and interests for the purchase price of approximately 428 million
pounds sterling(approximately $685 million) in cash. The purchase price implies
a total enterprise value for Cable London of approximately 1 billion
pounds sterling(approximately $1.6 billion).
The purchase price was set by NTL pursuant to the provisions of a buy/sell
agreement between the parties, as the price at which NTL would be willing either
to purchase all of Telewest's interests in Cable London or sell all of its
interests in Cable London.
The closing of the sale of NTL's interest in Cable London is expected to take
place within the next 90 days.
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For further information contact: In the U.S.: Michael A. Peterson, Director -
Corporate Development; Bret Richter, Director - Corporate Development, Lauren H.
Blair, Assistant General Counsel, or Kathy Makrakis, Director - Investor
Relations at (212) 906-8440; in the UK: Alison Smith at (01252) 402662; or via
e-mail at [email protected].
