AGH 2.9 0.00 Vol 0 AGL 29.9 0.00 Vol 0 BAS 1.5 0.00 Vol 0 BFM 21 0.00 Vol 0 BG23B 0 0.00 Vol 0 BPH 0 0.00 Vol 0 DEVON 3.25 0.00 Vol 0 LOM 0 0.00 Vol 0 NTB 33.2 0.20 Vol 300 ONE 3.8 0.00 Vol 0 POLAR 8.95 0.00 Vol 0 SOM 15 0.00 Vol 0 WHHL 0 0.00 Vol 0 WWW 25 0.00 Vol 0
Market Open:
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
Email: WillRawkins@a2evc.com

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.

On 4th April, the Company announced the extension of the life and the listing of the Notes to the earlier of (i) 25 September 2019 or (ii) the date that the Notes are redeemed in full.

The Notes were issued on 25 March 2015.  The £1,050,000 proceeds of the issue were used to acquire the factory premises at 11 Carrakeel Drive, Maydown (the “Property”).  In accordance with the amortization schedule of the Notes, the outstanding principal amount of the Notes on 25 March 2019 was £844,347.  Final repayment of the Notes depends on the sale or refinancing of the Property.

The Company has received an acceptable offer to purchase the Property for an amount that will allow the Notes to be repaid in full.  It was intended that the sale of the Property would have been completed before the scheduled maturity of the Notes, but unfortunately this was not possible. 

Under the terms of the loan note instrument, noteholders together holding not less than 75% of the principal amount of the Notes (the “Noteholder Majority”) may direct LGB & Co. Limited (“LGB”) as Security Trustee to call an Event of Default.  LGB has proposed to Noteholders that the Company is given more time to complete the sale of the Property.  This proposal has been accepted by the Noteholder Majority.

Under this arrangement quarterly interest payments will continue at a default interest rate of 14% p.a. There will be no further amortisations until redemption.  Payments to the Company by the lessee of the Property will be sufficient to cover the interest payments.

Contact: Andrew Boyle, LGB & Co. Limited (andrew.boyle@lgbco.com 44-20-7518 9895)


FINANCIAL AND OTHER INFORMATION

DIRECTORY

LISTING SPONSOR

TRADING HOURS

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

CONTACT DETAILS

TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619
Email: info@bsx.com

LOCATION

30 Victoria Street
3rd Floor
Hamilton, Bermuda

MAILING ADDRESS

P.O. Box HM 1369
Hamilton HMFX

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