Bondholder Summons: Completion of Restructuring
30 Apr 2021
To the bondholders in:
ISIN NO0010607435: 2.875% Polarcus Limited Secured Convertible Bond Issue 2011/2022 (A Bonds)
ISIN NO0010757263: 0% Polarcus Limited Secured Convertible Bond Issue 2016/2025 (B Bonds)
ISIN NO0010921398: Polarcus Limited NO0010607435 RD 270121
ISIN NO0010921406: Polarcus Limited NO0010607435 IN 270121
Polarcus Limited (in provisional liquidation) (the “Issuer”) refers to the notice of a Bondholders’ Written Resolution dated 31 March 2021 in relation to the abovementioned bond issue (the “Bondholder Summons”) and to the announcement on 27 April 2021 confirming that the Completion Date in respect of the Restructuring described in the Bondholder Summons was set for 30 April 2021. Terms used and not otherwise defined in this announcement have the meanings given to them in the Bondholder Summons.
The Issuer confirms that the Restructuring has completed today, 30 April 2021.
In accordance with the Bondholder Summons, following the completion of the Guarantor Transfer and the issuance of the HoldCo Shares to the A Bondholders who duly completed the steps set out in Section 3.6(ii) of the Bondholder Summons by the deadline set out therein and to the Shares Trustee, the Bond Trustee has issued instructions to the Securities Depositary to effect:
(i) the cancellation in full of all Overdue A Interest Claims which fell due for payment on 27 January 2021 but which remained unpaid, as represented by ISIN NO0010921406, together with all interest accrued in respect of such amounts;
(ii) the cancellation in full of all Overdue A Principal Claims which fell due for payment on 27 January 2021 but which remained unpaid, as represented by ISIN NO0010921398, together with all interest accrued in respect of such amounts; and
(iii) the partial cancellation on a pro rata basis of A Bonds, as represented by ISIN NO0010607435, together with certain accrued interest thereon, such that with effect from today the outstanding principal amount of A Bonds shall be $26,506,602 (with interest accruing on such A Bonds from 27 April 2021),
being, together, the Partial A Bonds Release, with such instructions expected to be processed by the Securities Depositary within approximately two Banking Days.
Any A Bondholders who did not duly complete the steps set out in Section 3.6(ii) of the Bondholder Summons by the deadline set out therein and who therefore have not received their entitlement of HoldCo Shares today must contact the Shares Trustee and complete the steps set out in Section 3.6(ii) of the Bondholder Summons in order obtain their HoldCo Shares. Any HoldCo Shares which have not been transferred to A Bondholders by 30 October 2021 and remain held by the Shares Trustee will be cancelled on that date.
Any Bondholders requiring further information in relation to this announcement or the Restructuring should refer to the Bondholder Summons.
Hans-Peter Burlid, CFO
+971 50 559 8175
Lisa Rickelton, Joint Provisional Liquidator, as agent