Intu Debenture PLC Announcement of Board Changes (4548Z)
15 Mai 2023 - 2:31PM
UK Regulatory
TIDM69ZM
RNS Number : 4548Z
Intu Debenture PLC
15 May 2023
Intu Debenture PLC
Announcement of board changes
INTU DEBENTURE PLC
LEI: 213800UX3TM5RGB1UF29
GBP354,876,000 5.562 per cent. First Mortgage Debenture Stock
2027
INTU DEBENTURE PLC (THE "COMPANY") ANNOUNCES CHANGES TO ITS
BOARD AND THOSE OF ITS SUBSIDIARIES
15 May 2023
Announcement of board changes
The Company announces the appointment of Andrew Dixon and Peter
Cooper to the board of the Company and each of its subsidiaries.
These appointments have been made following consultation with an ad
hoc group of Stockholders as the group prepares to complete its
financial restructuring and, in particular, the appointments take
into account the respective skillsets the new directors will bring
to the Company and its subsidiaries following the completion of the
proposed financial restructuring.
In connection with the above referenced appointments, the
Company hereby announces the resignation of David Duggins from the
board of the Company and each of its subsidiaries. David Duggins
was appointed to the board of the Company and each of its
subsidiaries from 21 July 2020 onwards to stabilise the Company and
its subsidiaries following the administration of the Intu
Properties Plc group. The board of the Company and each of its
subsidiaries have thanked David Duggins for his dedication and
leadership during the period of his directorships.
Further, the Company announces that the resignations of each of
Barry Cox and John Heller from the board of the Company (and, in
the case of John Heller, each of its subsidiaries) will be
forthcoming. Barry Cox was appointed to the board of the Company on
15 June 2022 and will leave the board after a short handover period
to finalise the amended Trust Deed (as defined below) in
preparation for the launch of the Company's financial
restructuring. John Heller is currently overseeing an ongoing
valuation process for the Company and each of its subsidiaries and,
once this process is completed, will step down from the boards of
the Company and each of its subsidiaries.
Taking into account the above appointments, resignation and
impending resignations, Andrew Dixon and Peter Cooper will comprise
the entirety of the board of the Company and each of its
subsidiaries in the relatively short term. Andrew Dixon and Peter
Cooper have added their thanks to the above referenced directors
for their work and guidance during their respective tenures.
The Company will continue to keep Stockholders notified of any
relevant developments in accordance with applicable law and
regulation.
Capitalised terms used in this announcement 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 this announcement and expresses no
views or opinions on this announcement.
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, respectively, to an ad
hoc group of Stockholders. Their respective contact details are as
follows:
ProjectIrisAMTeam@alvarezandmarsal.com and Iris@milbank.com.
This announcement is made by Intu Debenture PLC
Dated: 15 May 2023
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END
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