Escher Marwick PLC Escher Marwick Plc Company Announcement

Date : 01/07/2020 @ 08:52
Source : RNS Non-Regulatory

Escher Marwick PLC Escher Marwick Plc Company Announcement


Escher Marwick PLC

01 July 2020

Official Announcement

Escher Marwick Plc (the "Issuer")

Company Announcement

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



(END) Dow Jones Newswires

July 01, 2020 03:52 ET (07:52 GMT)

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