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Name | Symbol | Market | Type |
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Citi Fun 24 | LSE:BD25 | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
TIDMBD25 RNS Number : 1294M Ashpol PLC 23 January 2009 FOR IMMEDIATE RELEASE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 23 JANUARY 2009 Ashpol PLC (the "Company") GBP75,000,000 10.75% First Mortgage Debenture Stock 2025 (the "Stock") The properties of the Company, generating income of GBP8.4 million per annum, were independently valued at GBP111 million as at 30 June 2008. This valuation was below the GBP125 million minimum value requirement. Law Debenture Trustees ("the Trustee") wrote to the Company in August 2008 in accordance with 10 (c) of the Stock's trust deed, advising that the Company had until 31 December 2008 to remedy the deficit and that failure to do so could result in the security for the Stock becoming enforceable. As at 22 January 2009 the deficit has not been remedied. One of the properties in the Company's portfolio is the Nortel Complex in Harlow, Essex ("the Property") which is let to Nortel Networks UK Limited ("NNUK") at a rent of GBP5.4 million per annum and guaranteed by Nortel Networks Limited ("NNL"). The rent for the current quarter was received in December 2008. NNUK obtained an administration order from the English High Court of Justice under the insolvency Act 1986. NNL, which is incorporated in Canada, has obtained an order from the Ontario Superior Court of Justice for creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act. The Company is being advised by Fenchurch Advisory Partners in relation to the Stock. Contacts: Fenchurch Advisory Partners Tel: 020 7382 2222 Richard Locke Graham Marchant Fenchurch Advisory Partners Limited ("Fenchurch Advisory Partners"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company and no-one else in connection with the Stock and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Fenchurch Advisory Partners or for providing advice in relation to the Stock or in relation to the contents of this announcement. This information is provided by RNS The company news service from the London Stock Exchange END STRIFFLILDIFFIA
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