Hospital Co (Dartford) Issuer PLC Delay to publication of audited accounts

RNS Number : 7624Y

Hospital Co (Dartford) Issuer PLC

01 August 2024

 

Delay to publication of audited accounts

RNS Number: 7624Y

The Hospital Company (Dartford) Issuer plc

1 August 2024

DISCLAIMER

Please note that the information contained in this notice is addressed solely to holders of the £152,525,000 3.003 per cent. Index Linked Guaranteed Secured Bonds due 2031 (the Bonds) of The Hospital Company (Dartford) Issuer plc (the Issuer) and persons who it may be lawfully delivered in accordance with the laws of the jurisdiction in which they are located and it is not intended for use by any other persons.  Prior to relying on the information contained in this notice you must ascertain from whether or not you are part of the intended addressees of the information contained herein.

Your right to access this service is conditional upon complying with the above requirement.

This information in this notice is not intended to be a complete and up to date description of all of the activities and risks within the Issuer or the Dartford Group (as defined below).  Nothing in this notice constitutes an offer to sell or the solicitation of an offer to buy any Bonds or any other securities of the Issuer or any other person.

The Hospital Company (Dartford) Issuer plc:

£152,525,000 3.003 per cent. Index Linked Guaranteed Secured Bonds due 2031

Introduction

On 31 March 2003, The Hospital Company (Dartford) Issuer plc (the Issuer) issued £152,525,000 3.003 per cent. Index Linked Guaranteed Secured Bonds due 2031 (the Bonds) and on-lent the proceeds of the Bonds to The Hospital Company (Dartford) Limited (ProjectCo) pursuant to an on-loan agreement dated 31 March 2003 (as amended or supplemented from time to time).  In connection with the Bonds, the Issuer and ProjectCo also entered into a collateral deed with, amongst others, BNP Paribas Trust Corporation UK Limited (the Bond Trustee) (the Collateral Deed).

ProjectCo and the Issuer, together with ProjectCo's immediate holding company The Hospital Company (Dartford) Group Limited (the GroupCo), form the Hospital Company (Dartford) group of companies (the Dartford Group).

Terms used but not otherwise defined in this announcement have the meaning given to them in Bond Trust Deed dated 31 March 2023 constituting the Bonds and/or the Collateral Deed.

Delay to publication of the Dartford Group's audited financial statements

The Issuer announces that there will be a short delay in publishing the Dartford Group's audited financial statements for the financial year ended 31 March 2024 (the 2024 Financial Statements) in accordance with the requirements of the FCA's Disclosure Guidance and Transparency Rules sourcebook.

Despite the best efforts of all parties, the Dartford Group requires further time for the auditor to complete certain procedures relating to its audit of the 2024 Financial Statements.  These relate to an extended review of specific accounting treatments used in the 2024 Financial Statements.

The FCA has been made aware of the delay to the publication of the 2024 Financial Statements and the listing of the Bonds has been suspended until the 2024 Financial Statements have been finalised and published in accordance with the FCA's Disclosure Guidance and Transparency Rules sourcebook.  Upon publication of the 2024 Financial Statements, the Issuer intends to promptly apply for the listing to be reinstated.

The Issuer is continuing to work with the auditor to ensure that the audit of the 2024 Financial Statements can be completed as soon as possible to enable the listing of the Bonds to be reinstated promptly.  The Issuer therefore remains compliant with the terms of the Bonds and the Collateral Deed and no Event of Default or Acceleration Event is outstanding thereunder.

The Issuer has provided details to the Bond Trustee and the Credit Provider as to the delay and will continue to keep them appraised of any further developments.

Current trading

ProjectCo presently holds operating cash of £13,091,889 in addition to £18,853,701 of contractually reserved funds.

For further information or to arrange a meeting with The Hospital Company (Dartford) Issuer plc's management, please contact:

Andrew Kershaw (Manager's representative)

07889 810514

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