Healthcare Support(Newcastle)FinPLC Second Warning Notice (6550S)

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RNS Number : 6550S

Healthcare Support(Newcastle)FinPLC

12 March 2019

Healthcare Support (Newcastle) Finance plc

12th March 2019

Healthcare Support (Newcastle) Finance plc (the "Company")

Newcastle Hospitals NHS Foundation Trust Issues Purported Second Warning Notice

Having alleged certain service performance deficiencies at the Newcastle Hospitals PFI Project (the "Project"), the Newcastle Hospitals NHS Foundation Trust (the "Trust") issued a purported second "Warning Notice" to the Company's sister company Healthcare Support (Newcastle) Limited ("HSN") on 21 January 2019. This action by the Trust may give rise to a "Trigger Event" for the purposes of the Collateral Deed dated 4 May 2005. Further to the requirements of the Collateral Deed, HSN has previously notified the Bond Trustee (who acts as trustee of a Bond Trust Deed dated 4 May 2005 in respect of the Company's listed 2.187% index-linked guaranteed secured bonds (the "Bonds")) of the occurrence of this potential Trigger Event.

The occurrence of Events of Default and Trigger Events under the Collateral Deed provides the Majority Creditors with certain rights in respect of the Project and, as at the date of this announcement, the Majority Creditors have exercised certain of the rights available to them in connection with previous Events of Default and Trigger Events.

The Company and HSN continue to work with the Majority Creditors, HSN's sub-contractors and the Trust with a view to improving service performance at the Project.

Ends

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March 12, 2019 13:02 ET (17:02 GMT)