AGH 3.06 0.00 Vol 0 AGL 20 0.00 Vol 4610 BAS 1.52 0.00 Vol 0 BFM 15.8 -0.25 Vol 2550 BG23B 90.0001 -7.50 Vol 80 BPH 7 0.00 Vol 0 DEVON 3.55 0.00 Vol 0 LOM 2.5 0.00 Vol 0 NTB 33 -3.00 Vol 5000 ONE 3.46 0.46 Vol 110 POLAR 5 0.00 Vol 0 SOM 15.5 0.00 Vol 0 WHHL 3.75 0.00 Vol 0 WWW 21.5 0.00 Vol 0
Market Closed:
Cohort Ltd,
Cedar House,
41 Cedar Avenue,
Hamilton, HM12
Listed Since: 2015/06/11
Currency: GBP
Telephone: 44 (0) 161 923 6000
Fax: 44 (0) 161 236 7266

In March 2015 MPE Properties Limited issued 10.5% secured loan notes in the nominal amount of £1,050,000 and with a final maturity date of 25 March 2019 (the “Loan Note Programme”).

In June 2015 Maydown Precision Engineering Limited was placed into administration and in July 2015 its assets were sold to Schivo NI Limited, a newly formed subsidiary of the Schivo group of engineering companies.  Schivo NI Limited became the new tenant of the property owned by the Company. It was initially granted a licence to occupy the premises.  A formal ten year lease was signed in December 2015 at a rent of £150k p.a.

Under the terms of the Loan Note Programme, the Company was required to maintain a cash balance of £100k to be used to maintain payments to noteholders in the event of any disruption in rent payments. In its capacity as security trustee, Lesmoir-Gordon, Boyle & Co. Limited (“LGB”) agreed with the Company that the £100k reserve could be used to cover various transaction costs and the quarterly shortfall cause by the lower rent payments from the new tenant of the premises.

On 6 October 2016 the loan noteholders agreed by way of a resolution to restructure the repayment schedule under the Loan Note Programme.

The interest payments on the notes are to be maintained at 10.5% p.a., although the principal payments will be reduced such that on the maturity date the outstanding balance of principal will be 80% rather than 60% of the original nominal amount.  All other terms of the loan notes will remain unchanged and the loan notes remain secured by a senior fixed and floating charge over the assets of MPE Properties Limited.

Details of the new repayment schedule are available on request from the Company or Lesmoir-Gordon, Boyle & Co. Limited.

The issue of Bonds was restricted to Qualified Investors.





08:30-09:00 Price Discovery
09:00-16:30 Continuous Trading


TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619


30 Victoria Street
3rd Floor
Hamilton, Bermuda


P.O. Box HM 1369
Hamilton HMFX



The information contained in these pages has been obtained from sources which The Bermuda Stock Exchange believes are reliable. However, the accuracy of the information cannot and is not guaranteed and The Bermuda Stock Exchange makes no representation as to its accuracy or completeness. Neither this Web site, nor any information contained herein, constitutes advice or a solicitation to subscribe, purchase or sell any securities. The Bermuda Stock Exchange expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this site or any external sites referenced from this website.