Escher Marwick PLC
01 July 2020
Escher Marwick Plc (the "Issuer")
Escher Marwick Plc 2017-F1 EUR Secured 7.00% NTS due 2022 ISIN GB00BF0L7628 (together, the "2017-F1 Notes")
The Issuer announces that interest due on the 2017-F1 Notes on 30 June 2020 has not been made to holders of the 2017-F1 Notes.
No Event of Default (as defined in the terms and conditions of the 2017-F1 Notes) has yet been declared.
The security backing the 2017-F1 Notes is described in the Investment Memorandum dated 21 September 2017 and principally consists of contractual rights to income arranged by O.I.B. Open Innovation & Business S.p.a ("OIB").
As a result of the non-payment of such amounts by OIB to the Issuer, the Issuer has insufficient funds to pay interest on the 2017-F1 Notes. No action has yet been taken by the Issuer against OIB in respect of such payments. The obligation of OIB to make such payments to the Issuer continues.
The 2017-F1 Notes are listed on the Frankfurt Stock Exchange.
Capitalised terms used but not defined herein have the meaning given to them in the terms and conditions of the 2017-F1 Notes as set out in the Pricing Supplement dated 21 September 2017 relating to the 2017-F1 Notes.
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(END) Dow Jones Newswires
July 01, 2020 03:52 ET (07:52 GMT)