Eros Media 26 Discussion Threads

[tsaras] 22/12/2022 22:08

Thank you for taking the lead. I would say post it here, doesn’t do any harm. Worst case there is an Eros fake account who might join in..

[alphajo] 22/12/2022 22:05

I've started that. HL was not aware of what's happening. Now they said they will contact all Bondhlders individually.
I've contacted HL because that's where I hold the bond. They were actually responsive and helpful.
I encourage you to do the same with your respective broker.
Thinking of setting up a Slack for Bondholders - and share the link here, good idea?

[tsaras] 22/12/2022 09:10

Basically someone should take the lead and send email. Then maybe contact HL, AJ Bell et al to get more people. I hope someone can step up and do it. Otherwise we have to wait for expiry and those Trustee clowns to mobilise along with the rest of the hibernating bondholders

[demersal] 20/12/2022 12:23

Lets see what we've got to work with - Im going to read the trustee document and just double check the trustee are doing at least what they are committed to. And there are about 70 or so names of bondholders which have been shared. We need the details of bondholders of 10million bonds. We probably aren't there in the first sweep but any move on our part to get towards that figure makes engagement more useful to Eros. It is in everyone's interest to resolve this.

[pyueck] 19/12/2022 15:55

Quite honestly we are screwed. No way that retail bondholders will be able to get together and call a default. We should never have agreed to the extension (which if you remember they couldn't get 75% to bother voting on that).

[alphajo] 19/12/2022 12:02

Are you on the list of bondholders that have agreed to share their contact details?
I am, and I am getting in touch with a few people who have entered the position in a professional capacity to see if anyone has a better idea of what to do next.

[bicyclepump] 15/12/2022 12:17

From a recent press release:

The Company has also announced that its Annual General Meeting will be held on December 29, 2022 at the registered office of the Company at First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF, British Isles at 2:00 pm GMT (UK).

So, if anyone is in the area, you could go along and ask some awkward questions.

[demersal] 12/12/2022 09:11

It would certainly be advantageous to be in the position of being able to serve one. It might encourage Eros to be a bit more forthcoming. If you google Ero bondholder you end up on these boards fairly quickly. The next step is to gather bondholder details as per the trustee offer and then try and find everyone else!

[alphajo] 12/12/2022 02:47

Bondholders need to have a proactive approach!

I've read the prospectus:

The trustee will do nothing until 20% of the bondholders give notice to the Issuer that an Event of Default occurred and that the bonds shall be immediately payable.

[alphajo] 08/12/2022 12:40

MESSAGE RECEIVED FROM TRUSTEE - must act before 9 December

If you would like to enter into correspondence with the other Bondholders and are happy for your contact details (comprising of your name and email address) to be shared with the other Bondholders who have also consented to their contact details being shared, please get in touch with us at the below email address by 5pm London time on 9 December 2022. In order for your details to be shared with such other Bondholders, you will be required to provide your express consent and satisfactory proof of holding to us.

[e-mail]

[pyueck] 08/12/2022 12:13

Honestly can’t see a way this saga ends in a positive way. What do people think hang on or just take the 16p in the pound that is left?

[nailed] 07/12/2022 12:33

Three full-length feature films will be produced by Arabia Pictures and Eros Media World PLC
Movie 1: how to issue bonds which you cannot repay
Movie 2: how to use company debt to spend on yachts
Movie 3: how to leave investors in the dark

[bicyclepump] 01/12/2022 15:04

Just had this via AJ Bell:

Further to our previous communication, we have received an update from Eros STX Global Corporation regarding the 6.5% 15 April 2023 GBP bond which is set to mature on 15 April 2023.

The trustees in respect of the bond, has announced they are not currently able to confirm whether there will be any distributions returned to shareholder upon maturity on 15 April 2023.

Any further announcements will be released upon receipt.

[nailed] 29/11/2022 23:59

£50,000,000 6.50 PER CENT. SECURED BONDS
due 13 April 2023 (the “Bonds”) of the Issuer
(ISIN: XS1112834608; Common Code: 11283460)

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 our previous notice dated 2 November 2022.
As at the date hereof, the Trustee has not been directed by the requisite number of Bondholders in
accordance with the terms of the Trust Deed to take any action (or refrain from taking any action) in
response to the matters set out in our previous notice.
We have been contacted by a number of Bondholders, who have expressed a desire to enter into
correspondence with other Bondholders to discuss the matters raised in our previous notice. The
Trustee does not maintain a list of Bondholders or their contact details and given the Bonds are held
in global form, it is unable to access any such list. In any event, the Trustee is unable to share any
details of any Bondholder without its express consent.
If you would like to enter into correspondence with the other Bondholders and are happy for your
contact details (comprising of your name and email address) to be shared with the other
Bondholders who have also consented to their contact details being shared, please get in touch with
us at the below email address by 5pm London time on 9 December 2022. In order for your details
to be shared with such other Bondholders, you will be required to provide your express consent and
satisfactory proof of holding to us.
In facilitating the above, the Trustee assumes no responsibility to the Bondholders as to the accuracy
of any details provided and the Trustee is not able to advise Bondholders as to what course of action
(if any) they may wish to take.
Capitalised terms used and not otherwise defined in this notice shall have meanings give to them in
the prospectus dated 25 September 2014, which was issued by the Issuer in connection with the
Bonds.
29 November 2022
U.S. BANK TRUSTEES LIMITED
Email: [e-mail]

[alphajo] 29/11/2022 20:39

Does it look like we need to get organized as a group of bondholders and get our own lawyers?
If Eros is bankrupt I assume there was a process to pay the bondholders (but it would take place in India)?
But the company has not announced any bankruptcy filing as far as I can see. As they are UK bonds there must be some legal process locally I hope?
It seems like I'm about to learn a lot about all that. I don't have tons of money in Eros but I'm happy to spend some time and take a proactive approach. I've responded to the trustee with my email and said please share it.

[demersal] 28/11/2022 08:12

Given that Eros have previously been committed to producing accounts and keeping their US listing, and have also denounced their own press releases as "puffery" (their own words ) when sued by shareholders I think there is little to be trusted in vague terms.

It would seem obvious that Eros have terrible cash flow problems and simply can't pay. I have no wish to bring the company down out of spite if given time they can refinance and survive but the best course of action is engagement between the bondholders and Eros. The trustee are supposed to fulfil this role but have made it clear they will stick to the doing the absolute minimum. This is the worst of both worlds - Eros are complying by notifying the trustee and the trustee then does nothing. I suspect that if Eros simply stopped paying the bonds and was sitting on a pile of cash the trustee would still take no action unless compelled.

Im not a finance guy and comments from others on this board prove they have more expertise than me so I welcome thoughts, but I would conclude if Eros survive then active bondholders will come out of it better than passive ones. What that means in practice I welcome ideas on!

[ciaranfairmichael] 23/11/2022 14:06

I have a very small holding here and happy to add my details to any group. I suspect there isn't large institutional holdings of ERO1. Getting 20% of the bond (£10M nominal) together in order to give notice through the trustee will be difficult but would force Eros to pay (unlikely), re-negotiate or enter bankruptcy (and we see what's left for us).

Eros International Media (India) has a market cap of just under £30M on the BSE and was about 75% owned by Eros Media World as of a number of years ago. Eros Now, the international movie rights and even Eros music would also be worth a small amount, but hard to know what they'd be worth in the event of bankruptcy. Eros International (India) has been losing money over the last number of reporting periods, so the company is worth increasingly less. I've not looked into what other debt the company has and where we would fall in the order of repayments.

[nailed] 23/11/2022 13:29

Our only hope is this part: [The Issuer] is committed to rectifying this delay in payment of the coupon as soon as possible and
will do so shortly”

Maybe they expect everyone to sell the bonds back to them at 15 and then they make the payment to themselves.

[demersal] 23/11/2022 10:05

I have no idea what Im doing but... I think the misunderstanding from the trustees was we should be contacting them was to ask if the *trustee* was having any discussion with Eros. Anyone can read the public announcements.

The purpose of asking is to understand....
the level of engagement by the trustee
if the terms of the trustee agreement are being kept and
to understand our position better in the light of incredibly vague information from Eros.
To put pressure on Eros to honour and engage on resolving what is obviously an existensial issue.

The problem is the trustee are supposed to represent the interests of bondholders? Are they doing that?


In other news Im happy to share some other way my email address to directly establish a register of bondholders if anyone is interested.

[alphajo] 21/11/2022 18:46

You should have received this:
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:


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.

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: [e-mail]
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

[redhorse2020] 21/11/2022 16:24

Heard back from the trustee but only to say that I should be kept up to date by my broker. As you say, they don’t seem particularly interested.

[demersal] 21/11/2022 08:15

Anyone got a response from the trustees? Nothing from mine? Though last time I contacted us bank it took mulltiple goes. They dont strike me as active trustees..

[nailed] 15/11/2022 16:39

Sales rise 250.92% to Rs 222.87 crore against Rs 63.51 in previous quarter ended Sep 2021

Net Loss of Eros International Media reported to Rs 34.55 crore in the quarter ended September 2022 as against net loss of Rs 12.99 crore during the previous quarter ended September 2021. Sales rose 250.92% to Rs 222.87 crore in the quarter ended September 2022 as against Rs 63.51 crore during the previous quarter ended September 2021.