CONTACT THE TRUSTEE FOR UPDATES13 Nov 2022 08:04
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.
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