Listing history
Public Offers of BT Shares
The instalments for the three Public Offers of BT's shares by the Government were as follows:
| BT1 | instalments |
| 28 November 1984 | 50p |
| 24 June 1985 | 40p |
| 09 April 1986 | 40p |
| Total | £1.30 |
Incentives:
Either telephone bill vouchers valued at £18 each subject to a maximum of 12 vouchers, or a share bonus on a 1:10 basis issued on 30 November 1987 (for capital gains tax purposes valued at £2.04 per share).
First day of dealing: 3 December 1984
| BT2 | instalments UK offer | instalments Int'l offer |
| 04 December 1991 | £1.10 | £1.25 |
| 07 July 1992 | £1.20 | £1.20 |
| 02 March 1993 | £1.05 | £1.05 |
| Total | £3.35 | £3.50 |
Incentives:
Either an instalment discount on the second and third instalments of 15 pence per share, subject to a maximum of 1000 shares, Or a share bonus on a 1:10 basis issued on 31 December 1994, subject to a maximum of 150 free shares (for capital gains tax purposes valued at £3.76 per share).
First day of dealing: 9 December 1991
| BT3 | instalments UK offer | instalments Int'l offer |
| 14 July 1993 | £1.50 | £1.60 |
| 01 March 1994 | £1.40 | £1.40 |
| 11 October 1994 | £1.20 | £1.20 |
| Total | £4.10 | £4.20 |
Incentives:
Either an instalment discount of 10 pence per share on the second and third instalments, subject to a maximum of 1000 shares, or a share bonus on a 1:15 basis issued on 31 July 1996 (for capital gains tax purposes valued at (£3.60 per share).
First day of dealing: 18 July 1993
Rights issue
A rights issue of new shares in British Telecommunications plc to existing shareholders was announced on 10 May 2001. A rights issue is a way of raising money by issuing new shares, and giving existing shareholders a right of first refusal. New shares are typically offered at a discount to the current share price. BT's rights issue was 3 for 10 - shareholders were entitled to 3 new shares for every 10 existing shares held. The offer price for the new shares was 300p per share.
BT's rights issue was well received - 89.5% of the new shares were taken up by existing BT shareholders. The remaining shares were sold in an international tender offer, which resulted in bids ranging from 400p-445p. The rights issue raised £5.9bn for the group. BT shares were 568.5p the day the 3-for-10 issue was announced in May. Following the completion of the rights issue, on Tuesday June 19, the shares were 435.5p. The discounted price of the shares post rights issue reflected the dilution from the new shares issued.
