Millshaw Sams No.1 Ld Notice to Noteholders (2539S)
March 15 2021 - 5:00AM
UK Regulatory
TIDMBK75
RNS Number : 2539S
Millshaw Sams No.1 Ld
15 March 2021
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE
REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW).
IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER
INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS
NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.
If you are in any doubt as to the action you should take, you
are recommended to seek your own financial advice immediately from
your stockbroker, bank manager, solicitor, accountant or other
financial adviser authorised under the Financial Services and
Markets Act 2000 (if you are in the United Kingdom), or from
another appropriately authorised independent financial adviser and
such other professional advice from your own professional advisors
as you deem necessary.
This Notice is addressed only to holders of the Notes (as
defined below) and persons to whom it may otherwise be lawful to
distribute it ("relevant persons"). It is directed only at relevant
persons and must not be acted on or relied on by persons who are
not relevant persons. Any investment or investment activity to
which this Notice relates is available only to relevant persons and
will be engaged in only with relevant persons.
If you have recently sold or otherwise transferred your entire
holding(s) of Notes referred to below, you should immediately
forward this document to the purchaser or transferee or to the
stockbroker, bank or other agent through whom the sale or transfer
was effected for transmission to the purchaser or transferee.
THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT
BE CONSTRUED AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION OF, OR
A SOLICITATION OF ANY OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR, ANY
SECURITIES OF THE ISSUER OR ANY OTHER ENTITY IN ANY
JURISDICTION.
MILLSHAW SAMS NO.1 LIMITED
26 New Street
St. Helier
Jersey JE2 3RA
(the "Issuer")
NOTICE
to holders of the following notes of the Issuer
presently outstanding
GBP97,840,000 SAM Notes
(the "Noteholders" and the "Notes", respectively)
Capitalised terms used herein and not otherwise defined shall
have the meanings ascribed to them in the offering circular
relating to the Notes dated 17 March 1999.
The Issuer wishes to update Noteholders with regard to its
notice to Noteholders dated 17 April 2020, concerning matters
relating to a small group of Borrowers who had threatened
litigation and a potential settlement of such claims with such
Borrowers.
The Administrator has advised the Issuer that such settlement is
prudent and in the best interests of the Noteholders.
While it is not certain as to the timing of the settlement (and
such settlement remains subject to agreements being finalised), the
Administrator has advised the Issuer that it is also prudent, and
is in accordance with the terms of the Transaction Documents, to
start to provision certain amounts in order to ensure it has
sufficient funds to meet such settlement payments as and when they
arise. As a result, whilst the required Principal Payment will be
made to Noteholders on the forthcoming Participation Payment Date,
a significantly reduced Participation Payment will be distributed
to Noteholders on such date. Further information as to the ultimate
cashflows to Noteholders will be made available to Noteholders in
the next investor report in the normal manner.
Apex Corporate Trustees (UK) Limited, as Trustee for the
Noteholders (the "Trustee"), has been informed of the proposed
settlement. However, the Trustee has not been asked to consent to
(and, therefore, has not consented to) the proposed settlement.
Contact Details:
26 New Street
St. Helier
Jersey JE2 3RA
Facsimile: 01534 814815
Attention: Millshaw Sams No.1 Limited - the Company
Secretary
This Notice is given by
MILLSHAW SAMS NO.1 LIMITED
as Issuer Dated 15 March 2021
MAR - Inside Information
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
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END
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