Last checked at 30 Sep 2020 15:42
INTU DEBENTURE PLC
LEI: 213800UX3TM5RGB1UF29
INTU DEBENTURE PLC (THE "COMPANY") ANNOUNCES THE RESULTS OF A MEETING IN RELATION TO THE £354,876,000 5.562 per cent. First Mortgage Debenture Stock due 2027 (the "Stock") issued by THE COMPANY
30 September 2020
Capitalised terms used in this Announcement and not otherwise defined shall have the meanings given to them in, or incorporated by reference into, the notice of meeting prepared by the Company and provided to the holders of the Stock on 3 September 2020 (the "Notice of Meeting"), unless the context otherwise requires.
Announcement of the results of the Meeting
The Company announces today the results of a meeting convened for holders of the Stock to vote in respect of the Extraordinary Resolution to approve the proposals referred to in the Extraordinary Resolution, in relation to proposed amendments to the Company's Escrow Agreement in order to facilitate the release of the Undrawn Funds from the Escrow Account to allow the Company to support its continuing trading activities.
Notice is hereby given to the holders of the Stock that at a virtual meeting of the Stockholders convened by the Notice of Meeting and held by way of videoconference on 30 September 2020 at 10:00 a.m. (London time), the necessary quorum was achieved and the Extraordinary Resolution detailed in the Notice of Meeting previously notified to the Stockholders in accordance with the terms of the Trust Deed for the Stock was duly passed.
The proposals set out in the Notice of Meeting (including the execution of the Escrow Agreement Amendment Agreement and any Escrow Release Request) will be implemented as soon as practicable.
Transition update and valuations
The Company continues to work on the transition, from intu Properties plc (in administration), of the asset and facilities management (to APAM and MAPP respectively) in respect of the properties on which the Stock is currently secured (the "Properties"). The transition of the management of the Properties as described is currently anticipated in the first half of October 2020.
The Company has received property valuation reports (the "Reports") in respect of the Properties. The Reports are from various property valuers and value the Properties as at 30 June 2020. As described in the Company's trading update in the strategic report of its annual report and accounts published on 30 June 2020, the ongoing volatility in the UK retail market, further exacerbated by the impact of COVID-19, has had a downward pressure on the valuations of the Properties over H1 2020. The aggregate valuations in the Reports support that view, with the aggregate valuation of the Properties declining by £87.1m from £325.7m as at 31 December 2019 to £238.6m as at 30 June 2020. The Company notes that the Reports are subject to significant qualifications including the current Royal Institution of Chartered Surveyors COVID-19 material valuation uncertainty declaration.
Disclaimer
This Announcement must be read in conjunction with the Notice of Meeting. This announcement is issued by the Company. None of the Trustee or the Registrar accepts any responsibility for the contents of this announcement.
Stockholders should contact the following for further information:
Company
Intu Debenture plc40 BroadwayLondon SW1H 0BTUnited Kingdom
Email: intu.secretariat@intu.co.ukAttention: Company Secretary
Registrar
Link Asset Services34 Beckenham RoadBeckenham, BR3 4TUUnited 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 Notice is given by INTU Debenture PLC
Dated: 30 September 2020
This announcement is released by Intu Debenture plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the proposals described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Susan Marsden (Company Secretary) at Intu Debenture plc.