HDL Debenture Limited HDL Debenture Limited Announcement (7772H)
31 7월 2023 - 11:29PM
UK Regulatory
TIDM06HB
RNS Number : 7772H
HDL Debenture Limited
31 July 2023
STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE
31 July 2023
HDL Debenture Limited 10.375 per cent First Mortgage Debenture
Stock 2023 (ISIN: GB0004198445).
Pursuant to the notice of meeting dated 30 June 2023 convening a
meeting ("Meeting") of holders of 10.375 per cent First Mortgage
Debenture Stock 2023 ("Stockholders") issued by HDL Debenture
Limited (formerly Hemingway Properties PLC) (the "Issuer") (the
"Notice of Meeting"), such Meeting was held at the offices of Link
Group, 6th Floor, 65 Gresham Street, London EC2V 7NQ at 10.00 a.m.
(London time) on 26 July 2023 for the purpose of considering and,
if thought fit, passing the resolution set out within the Notice of
Meeting (the "Resolution").
The Resolution was proposed as an Extraordinary Resolution at
the Meeting in accordance with the provisions of the trust deed
dated 13 July 1993 (as amended and/or supplemented from time to
time), made between the Issuer, Hemingway Investments Limited,
Hemingway Estates Limited and Royal Exchange Trust Company Limited
as trustee.
The Resolution, which included a partial redemption, was
rejected unanimously by the Stockholders on a show of hands.
The maturity date of the Stock is 31 July 2023. The Issuer is
paying the coupon amount, which was due on the Stock today, but it
is not able to pay the principal amount and therefore an Event of
Default will occur pursuant to Condition 1 of the Stock.
Based on the latest property valuation dated June 2023, the
combined value of the mortgaged properties and cash assets provide
capital cover of 1.48x. The Issuer is continuing discussions,
facilitated by The Investment Association, with a group of
Stockholders representing the majority of the Stock in relation to
proposals to facilitate repayment of the Stock through the sale
and/or refinancing of the mortgaged properties.
This announcement is given by:
HDL Debenture Limited
10 Upper Berkeley Street
London
W1H 7PE
Contacts
HDL Debenture Limited
Brian Cole, Group CFO; brian.cole@marcol.com ; +44 (0) 20 7298
8618
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END
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(END) Dow Jones Newswires
July 31, 2023 10:29 ET (14:29 GMT)
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