Intu Debenture PLC Trading Statement (5000F)
17 November 2020 - 8:00AM
UK Regulatory
TIDM69ZM
RNS Number : 5000F
Intu Debenture PLC
16 November 2020
16 November, 2020
Intu Debenture Plc
Trading Update
INTU DEBENTURE PLC
LEI: 213800UX3TM5RGB1UF29
INTU DEBENTURE PLC (THE "COMPANY") ANNOUNCES TRADING UPDATE AND
NON-PAYMENT OF UPCOMING SCHEDULED INTEREST AMOUNT AND SCHEDULED
REDEMPTION AMOUNT IN RELATION TO THE GBP354,876,000 5.562 per cent.
First Mortgage Debenture Stock due 2027 (the "Stock") issued by THE
COMPANY
16 November 2020
Trading Update
The Company has a new website which is available at
https://debentureplc.com/ where information made available to the
public will be published from time to time, pursuant to clause
16.15 of the Trust Deed.
The Company also has a trading update which is available at
www.debentureplc.com/QuarterlyReports/.
Non-payment of upcoming Scheduled Interest Amount and Scheduled
Redemption Amount
As outlined in the trading update, the Company continues to face
challenging conditions in the retail market, including reduced rent
and service charge collections during the Covid-19 crisis. These
conditions have adversely impacted the liquidity position of the
Company and its subsidiaries. In light of the current market
conditions, and the Government's restrictions imposed on the retail
sector and wider population, the Company does not anticipate a
significant improvement in its liquidity position in the near
term.
Accordingly, NOTICE IS HEREBY GIVEN that the Company is due,
pursuant to clause 5 of the Trust Deed and the conditions of the
Stock, to make payment of the Scheduled Interest Amount and the
Scheduled Redemption Amount on 31 December 2020. The Company does
not anticipate that it will be able to make payment of either the
Scheduled Interest Amount or the Scheduled Redemption Amount on 31
December 2020, or within the 14-day grace period for non-payment
set out in Condition 16(i) of the Stock.
The Company further notes that, as announced by the Company on 3
September 2020 (RNS Number 9650X), it was due, pursuant to clause 5
of the Trust Deed and the conditions of the Stock, to make payment
of the Scheduled Interest Amount and the Scheduled Redemption
Amount otherwise due on 30 June 2020 on 7 August 2020 (the
"Deferred Payments"), and that it has failed to make payment of
such Deferred Payments. The Company does not anticipate that it
will be able to make payment of the Deferred Payments, and
acknowledges an Event of Default has occurred and is continuing as
a result.
The Company will continue to keep holders of the Stock notified
of any relevant developments in accordance with applicable law and
regulation.
Capitalised terms used in this Notice and not otherwise defined
shall have the meanings given to them in the Supplemental Trust
Deed and the trust deed dated 5 October 2006 (as amended and
supplemented from time to time, the "Trust Deed") constituting the
Stock and made between the Company, the Charging Subsidiaries (as
defined in the Trust Deed), and The Law Debenture Trust Corporation
p.l.c., unless the context otherwise requires.
Stockholders should contact the following for further
information:
Company
Simmons & Simmons LLP
Citypoint
1 Ropemaker Street
London
EC2Y 9SS
United Kingdom
Email: intu@simmons-simmons.com
Attention: Peter Manning and Ross Miller
Registrar
Link Asset Services
34 Beckenham Road
Beckenham, BR3 4TU
United Kingdom
Telephone: +44 371 664 0300
(Calls are charged at the standard geographic rate and will vary
by provider. Calls outside the United Kingdom will be charged at
the applicable international rate. Open between 09:00 - 17:30,
Monday to Friday excluding public holidays in England and
Wales)
Email: shareholderenquiries@linkgroup.co.uk
Alvarez & Marsal Europe LLP and Milbank LLP have been
retained as financial and legal advisers to an ad hoc group of
Stockholders. Their contact details are as follows:
ProjectIrisAMTeam@alvarezandmarsal.com and Iris@milbank.com.
This Notice is given by INTU Debenture PLC
Dated: 16 November 2020
This announcement is released by Intu Debenture plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information
relating to the proposals described above. For the purposes of MAR
and Article 2 of Commission Implementing Regulation (EU) 2016/1055,
this announcement is made by David Duggins (Director) at Intu
Debenture plc.
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END
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