Keele Residential Funding PLC Bondholder Communication (2495R)

TIDM96OJ

RNS Number : 2495R

Keele Residential Funding PLC

07 December 2016

Bondholder communication

On 7 January 2016 the Issuer notified the holders of the Bonds (the "Bondholders") that it had been informed by The University of Keele (the "University") that, during 2016, the University intended to draw up and consider an estates strategy (the "University Estates Strategy") with a view to potentially increasing the amount and quality of its on-campus student accommodation.

On 19 April 2016 the Issuer, at the request of the University, notified the Bondholders that the University wished to hold discussions with the Bondholders and that, following those discussions a resolution might be put forward to amend the terms and/or to consent to further proposals relating to the Issuer, the University Estates Strategy and/or the Bonds.

The University has now notified the Issuer of certain developments and proposals set out below relating to the University Estates Strategy that may result in an early redemption of Bonds and/or have a significant effect on the price of the Bonds and, consequently, the Issuer is notifying the Bondholders of these developments.

The University has entered into a letter of appointment with UPP Projects Limited ("UPP") who are private sector developers and providers of student accommodation with a view to UPP taking over the student accommodation currently on the Campus including accommodation currently let to the Issuer.

A planning application has been submitted to the local authority in relation to the development of additional student accommodation in accordance with the University Estates Strategy.

The University have issued a press release on 6 December 2016 relating to the above matters and the development of the University Estates Strategy. The press release may be accessed on line at https://www.keele.ac.uk/pressreleases/

UPP and the University will be approaching potential investors with a view to gauging their interest in funding UPP in implementing the University Estates Strategy. On the assumption that UPP are satisfied that investors will provide the required funding then the University and UPP intend that the financing of the University Estates Strategy should be in place on or before June 2017.

If you have any questions, please contact the Issuer, Keele Residential Funding Plc at [e-mail] Ref: Keele Residential Funding Plc (telephone [phone])

This notice is given by the Issuer.

7 December 2016

This information is provided by RNS

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December 07, 2016 12:03 ET (17:03 GMT)