TIDM69ZM
RNS Number : 1765L
Intu Debenture PLC
11 May 2022
Intu Debenture PLC
Stockholder Update Call Recording Available
INTU DEBENTURE PLC
LEI: 213800UX3TM5RGB1UF29
GBP354,876,000 5.562 per cent. First Mortgage Debenture Stock
2027
INTU DEBENTURE PLC (THE "COMPANY") ANNOUNCES STOCKHOLDER UPDATE
CALL RECORDING AVAILABLE ON COMPANY WEBSITE
11 May 2022
Stockholder Call Recording Available
Further to the Company announcement made on 3 May 2022 (the
"Stockholder Update Call RNS") announcing a call with Stockholders
to provide: (1) an overview of an operation and market update in
respect of trading numbers in the financial quarter ending on 31
December 2021 (the "Q4 Update") and (2) a revised business plan
(the "FY22 - FY24 Business Plan" and together with the Q4 Update,
the "Update Report"), the Company announces that a recording of the
update call, which took place at 11:30am BST on 11 May 2022 (the
"Update Call"), is now available on the Company's website. The
Update Report is also available on the Company's website at
https://debentureplc.com/quarterlyreports/.
On the Update Call, directors of the Company and individuals
from APAM Limited, the Company's asset manager ("APAM") presented a
brief overview of the Update Report (the "Company Presentation")
and answered queries from those Stockholders who registered to
attend in accordance with the procedure set out in the Stockholder
Update Call RNS (the "Stockholder Q&A Session").
To assist in their presentation, APAM prepared a simplified and
shortened series of slides reflecting a condensed version of the
Update Report (the "Update Call Slides"). The Update Call Slides
have, together with the Update Call Recording, been made available
on the Company's website at
https://debentureplc.com/quarterlyreports/ in order to aid those
Stockholders who wish to review the recording of the Update
Call.
No commercially sensitive or price sensitive information was
discussed or disclosed during the Company Presentation or during
the Stockholder Q&A Session, save for such information that had
previously been publicly discussed or disclosed. This announcement
provides neither a comprehensive nor a complete description of the
Company Presentation or the Stockholder Q&A Session.
Stockholders who are interested in the Update Report are encouraged
to review the Update Report and the recording of the Update
Call.
Company Presentation
As noted, during the Company Presentation, directors of the
Company and individuals from APAM provided a brief overview of the
Update Report. As noted above, the key information from the Update
Report was extracted into the Update Call Slides, which were
discussed on the Update Call. The information reflects an overview
of what was previously publicly disclosed and is available on the
Company's website.
APAM noted that it anticipates providing to the Company, which
will make available on the Company website, the trading numbers
relating to the financial quarter ending on 31 March 2022 (the "Q1
'22 Update") by no later than 31 May 2022. APAM further noted that,
as previously anticipated, the Debenhams and Arcadia leases were
disclaimed by the relevant administrators during this period.
For technical reasons, the first minute of the Update Call was
not recorded. The Company can confirm that the omitted minute of
the recording reflected brief introductory remarks by David
Duggins, a director of the Company, who welcomed those Stockholders
who had registered to attend the Update Call. It was noted in these
remarks that: (1) as previously announced by the Company, the FY22
- FY24 Business Plan had received input from an ad hoc group of
Stockholders prior to it being published on the Company's website;
(2) the FY22 - FY24 Business Plan will operate as the Company's
business plan for the financial year ending on 31 December 2022;
and (3) the Company is not required to obtain any external
approvals in connection with the FY22 - FY24 Business Plan.
Stockholder Q&A Session
Stockholders who attended the Stockholder Q&A Session raised
a series of clarificatory questions, a number of which related to
(1) the methodology used in the calculation of the asset valuations
provided by CBRE as at 31 December 2021 (the "Asset Value
Methodology Queries") and (2) to the methodology used by APAM in
the calculation of the exit values more fully set out in the Update
Report (the "Exit Value Methodology Queries"). APAM noted on the
Update Call that it will require additional time to consider and
respond to the Asset Value Methodology Queries and the Exit Value
Methodology Queries.
With respect to the Asset Value Methodology Queries, which
relate to the information included on slides 67 and 68 of the
Update Report, The Company understands that APAM will give further
consideration to the Asset Value Methodology Queries and prepare a
slide responding to these queries, which will be made publicly
available on the Company's website in the coming days.
With respect to the Exit Value Methodology Queries, which relate
to the information included on slide 69 of the Update Report, APAM
has considered the Exit Value Methodology Queries in further detail
and has prepared a slide in response, which is entitled
"Illustrative Exit Values at December 2024". The Company can
confirm that this slide is now included in the Update Call Slides
and is available on the Company's website.
The Company will continue to keep Stockholders 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 dated 30 July 2020 and the trust deed dated 5 October 2006 (as
amended and supplemented from time to time and together with the
Supplemental Trust Deed, 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.
(the "Trustee"), unless the context otherwise requires.
Please note that the Trustee has not been involved in the
preparation or formulation of the Update Report, this announcement
or any announcement in respect of the Update Report, the Update
Call or the Update Call Slides and did not participate in the
Update Call and expresses no views or opinions on the Update
Report, the Update Call Slides, the Update Call or this
announcement. Stockholders are advised to take their own legal,
financial and/or tax advice in relation to the Update Report, the
Update Call Slides and the Update Call.
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: James Taylor
Registrar
Link Group
PXS 1
Central Square
29 Wellington Street
Leeds
LS1 4DL
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 announcement is made by Intu Debenture PLC
Dated: 11 May 2022
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END
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