TIDM85VK

RNS Number : 9192H

Aspire Defence Finance PLC

16 March 2018

Update regarding liquidation of Carillion plc

Aspire Defence Finance plc (the "Company"), the Issuer for Project Allenby/Connaught ("the Project"), wishes to update its Series A and Series B Bondholders further to its announcements concerning the impact of the compulsory liquidation of Carillion plc ("Carillion") on the Project.

The Project continues to deliver services and the construction of the Army Basing Programme Works as normal.

As noted in the Company's announcement dated 29 January 2018, the liquidation of Carillion has caused a potential event of default as such term is defined in the Project's financing documents. The Company has submitted remedial plans to the monoline insurers of the Series A and Series B Bonds, Ambac Assurance UK Limited and Assured Guaranty (UK) plc (the "Monolines"). The remedial plans have the support of the monoline insurers in-principle, and they are being put into effect.

The Project's financing documents specify a 60-day period for the remedial plans to be implemented. Whilst good progress has been made to remedy the situation the revised arrangements are not complete. The Company has requested, and the Monolines have agreed to, an extension to that cure period to 30 April 2018.

The Company will continue to provide further updates as appropriate.

By order of the Board,

Angus McColl

Company Secretary

16 March 2018

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUVVURWNAOAUR

(END) Dow Jones Newswires

March 16, 2018 03:00 ET (07:00 GMT)

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