Mortgage Debenture Stock


 

TIDMBD25 
 
RNS Number : 1294M 
Ashpol PLC 
23 January 2009 
 

FOR IMMEDIATE RELEASE 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
FROM THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD 
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 
23 JANUARY 2009 
Ashpol PLC (the "Company") 
GBP75,000,000 10.75% First Mortgage Debenture Stock 2025 (the "Stock") 
The properties of the Company, generating income of GBP8.4 million per annum, 
were independently valued at GBP111 million as at 30 June 2008. This valuation 
was below the GBP125 million minimum value requirement. 
Law Debenture Trustees ("the Trustee") wrote to the Company in August 2008 in 
accordance with 10 (c) of the Stock's trust deed, advising that the Company had 
until 31 December 2008 to remedy the deficit and that failure to do so could 
result in the security for the Stock becoming enforceable. As at 22 January 2009 
the deficit has not been remedied. 
One of the properties in the Company's portfolio is the Nortel Complex in 
Harlow, Essex ("the Property") which is let to Nortel Networks UK Limited 
("NNUK") at a rent of GBP5.4 million per annum and guaranteed by Nortel Networks 
Limited ("NNL"). The rent for the current quarter was received in December 2008. 
NNUK obtained an administration order from the English High Court of Justice 
under the insolvency Act 1986. NNL, which is incorporated in Canada, has 
obtained an order from the Ontario Superior Court of Justice for creditor 
protection pursuant to the provisions of the Companies' Creditors Arrangement 
Act. 
The Company is being advised by Fenchurch Advisory Partners in relation to the 
Stock. 
 
 
Contacts: 
Fenchurch Advisory Partners    Tel: 020 7382 2222 
Richard Locke 
Graham Marchant 
 
 
Fenchurch Advisory Partners Limited ("Fenchurch Advisory Partners"), which is 
authorised and regulated in the United Kingdom by the Financial Services 
Authority, is acting exclusively for the Company and no-one else in connection 
with the Stock and will not be responsible to anyone other than the Company for 
providing the protections afforded to customers of Fenchurch Advisory Partners 
or for providing advice in relation to the Stock or in relation to the contents 
of this announcement. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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