Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Has anyone an overview of what is happening please. Are these bonds from eros completely unsafe, safe or not known. is eros a reasonable business at present.
Apologies for the dud link. Remove the full stop at the end and it should work.
I couldn't get the link below to work
The latest RNS suggests Eros is selling their film library in a corporate restructuring. They have already sold their music library.
A bondholders action group is being organised to protect bondholder interests - please see the more detailed discussion on https://discord.gg/TC3Ytgf5MX.
Anyone else had their April Coupon payment through?
Had mine but no official RNS it's been paid
Eros Media World PLC (formerly, Eros STX Global Corporation) (the "Company") hereby gives notice that, further to the announcement made on 1 November 2022 relating to the delay in the last coupon payment on the Bonds (due to ongoing administrative issues flowing from its demerger with STX Entertainment), it has now made payment of the full amount of the outstanding coupon to Elavon Financial Services DAC, UK Branch (as Principal Paying Agent in respect of the Bonds). U.S. Bank Trustees Limited (as Trustee in respect of the Bonds) has also been notified that this payment has been made.
The Company is mindful of the pending maturity date of the Bonds and is exploring strategic options in order to secure a successful future for the Company and to build value for all stakeholders. Further announcements will follow in due course once the Company has finalised its plans in this regard.
Lastly, the Company is pleased to report that the preparation of its audited financial statements for the years ended 31 March 2022 and 2021 is continuing to progress, following the challenges faced as a consequence of the demerger with STX Entertainment. A further announcement will follow in due course when the timing of publication of these audited financial statements is confirmed.
Please copy and post on any other Chat forums where EROS bond is being discussed. Also suggest you check out Wasp bond (WAS1 on advfn) for how bondholders are taking action to protect their rights, the same Trustees are involved in both Bonds.
Template for email to Trustee, to request to be kept updated on any progress.
Dear Mr Griffiths,
Reference: Corporate Trust re Eros STX Global Corporation
I would like to register my interest as a bondholder of the £50,000,000 6.50 PER CENT. SECURED BONDS due 13 April 2023. I have attached a screenshot of my holding and I would appreciate you sending me a copy of any notices that are issued by the Issuer or by yourselves regarding the bond.
(Optional – delete as appropriate) I hereby give my consent for you to share my email address with other bondholders.
Many thanks
(Your name here)
Please send to the following email address and cc in the two following addresses:
laurence.griffiths@usbank.com
cc. CDRM@usbank.com
cc. chris.hobbs@usbank.com
PART 2
2. At any time after the Bonds become due and payable, the Trustee may, at its discretion and without further notice, institute such proceedings or take such steps or actions against the Issuer and/or any Subsidiary Guarantor as it may think fit to enforce the terms of the Trust Deed, the Bonds and the Coupons, but it need not take any such proceedings, steps or actions unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by Bondholders holding at least one-fifth in nominal amount of the Bonds outstanding and (b) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. No Bondholder or Couponholder may proceed directly against the Issuer or any Subsidiary Guarantor unless the Trustee, having become bound so to proceed, fails to do so within a reasonable time and such failure is continuing.
At the current time, the Trustee does not intend to take any steps to enforce the terms of the Trust Deed, the Bonds and the Coupons unless so directed and indemnified and/or secured and/or pre-funded to its satisfaction.
Contacts: Noteholders who have queries concerning anything mentioned in this notice may contact the Trustee along with relevant proof of their holding at:
Address: U.S. Bank Trustees Limited, Fifth Floor, 125 Old Broad Street, London, EC2N 1AR
Reference: Corporate Trust re Eros STX Global Corporation
E-mail: cdrm@usbank.com
E-Mail: chris.hobbs@usbank.com
E-mail: laurence.griffiths@usbank.com
Capitalised terms used and not otherwise defined in this notice shall have the same meaning as in the prospectus dated 25 September 2014 which was issued by the Issuer in connection with the Bonds.
Notice is given by the Trustee dated 2 November 2022
U.S. BANK TRUSTEES LIMITED
Received the following from the Trustees 2/11/22 - PART 1
If you are in any doubt as to the action you should take, you are recommended to seek your own advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser.
NOTICE OF EVENT OF DEFAULT
EROS MEDIA WORLD PLC (formerly EROS STX GLOBAL CORPORATION, formerly EROS INTERNATIONAL PLC)
(the “Issuer”)
Notice to the holders of £50,000,000 6.50 PER CENT. SECURED BONDS due 13 April 2023 (the “Bonds”) of the Issuer
(ISIN: XS1112834608; Common Code: 111283460)
THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
We, U.S. Bank Trustees Limited, in our capacity as trustee in respect of the Bonds (the “Trustee”) refer to the RNS notice delivered by the Issuer dated 1 November 2022 (the “Issuer Notice”).
The Issuer Notice can be found here:
https://www.londonstockexchange.com/news-article/ERO1/update-coupon-payment-on-the-bonds/15697722
Event of Default: The Issuer has informed the Trustee that it has not been able to make the payment due on the Interest Payment Date on 15 October 2022 within the applicable grace period specified. The applicable grace period has now expired and this therefore constitutes an Event of Default pursuant to Condition 8(a) of the Conditions of the Bonds.
With regards to the non-payment, the Issuer Notice states that the Issuer: “hereby gives notice that, due to ongoing administrative issues flowing from its demerger with STX Entertainment, it has not yet made the coupon payment on the Bonds which was due on 17 October 2022, and payable by 31 October 2022.
[The Issuer] is committed to rectifying this delay in payment of the coupon as soon as possible and will do so shortly”
The Trustee accepts no responsibility for the contents of the Issuer Notice.
Directions and Indemnity: following the occurrence of an Event of Default, the Trustee at its discretion may, and if so requested by holders of at least one-fifth in nominal amount of the Bonds then outstanding or if so directed by an Extraordinary Resolution shall, subject in each case, to its being indemnified and/or secured and/or pre-funded to its satisfaction, give notice to the Issuer that the Bonds are, and they shall immediately become, due and payable as at such date at their nominal amount together (if applicable) with accrued interest.
Our bonds are secured against Eros World Media and not this company. Very hard to work out the structure.
Appeal to NYSE board takes at least 25 days to be heard from when requested but they surely need to get the account out before then
This is looking odd, Indian stock soaring, US stock delisted from NYSE and now on OTC but soared. This bond is a mystery. Could be a steal but equally could be throwing money down a big pit.
US shares delisted by NYSE. What this means for bond who knows but not good news I suspect. The group is a tangled web of impenetrability.
Eros Media World Plc (NYSE: EMWP) (“Eros”, the “Company”) today announced that the New York Stock Exchange (the “NYSE”) has granted the Company an extension through August 17, 2022, subject to reassessment on an ongoing basis, to complete and file with the Securities and Exchange Commission its annual report on Form 20-F for the fiscal year ended March 31, 2021 (the “2021 20-F”) and the Company’s Semi-Annual Report on Form 6-K for the six months ended September 30, 2021 including the unaudited financial statements to be contained therein (the “2022 HY 6-K”)
hxxps://www.businesswire.com/news/home/20220803005993/en/Eros-Receives-NYSE-Extension-for-Annual-Report-Filing
Where is the interest?
Less than £1k traded and they mark it up 20% +
One of their subs has filed for chapter 11. Wonder if next interest payment will be paid?
Well done, great result to get out of this with 60p in the pound.
PYUECK, Thanks for this info; managed to get out first thing this morning at an average of 60p
Surprised this has held up so well with today's news. Eros STX looking to sell off STX. Bond maturities extended but to way less than our bond was extended to. I think we were crazy extending this bond. Surely most likely scenario now is STX gets sold, proceeds used to pay off other bondholders in part and then we get left with nothing. Look at the share price, looks like market thinking that shareholders will get next to nothing and Eros shell will be worthless. We will end up with debt in something worthless.
Got paid and its been back dated to 15/10
Still nothing for me. Unfortunately like anybody who says 'the cheque is in the post' I will believe it when it is in my account.
The prospectus may well allow them 14 days grace to make the payment, however based on their public statements this delay only reinforces the gravity of the companies cash problem.