Mirland Development Corporation PLC Bond Update (8720G)
August 11 2016 - 1:01AM
UK Regulatory
TIDMMLD
RNS Number : 8720G
Mirland Development Corporation PLC
11 August 2016
11 August 2016
MirLand Development Corporation plc
("MirLand" or the "Company")
Approval by the Preliminary Meetings of the Settlement between
the Company and its Bondholders
Mirland announces that, following preliminary meetings held in
Israel on 9 August 2016 ("Preliminary Meetings"), a proposed
Settlement Plan (the "Settlement" or the "Settlement Plan") has
been approved between the Company and its Bondholders (Series A-F)
(the "Bondholders"). The terms of the Settlement are in line with
those announced by the Company on 20 July 2016.
After reviewing the results of the Preliminary Meetings, the
Settlement Plan was approved by a majority of 96% of the par value
of the bonds (Series A-F) according to the below resolutions:
1. The Series C-F Bondholders approved the Settlement with a
majority greater than 75% of the par value of each series.
2. The Series A-B Bondholders did not approve the Settlement
with the requisite majority, such that the Series A Bondholders
voted in favour of the Settlement with a majority of 62.2% of the
participating voting parties and the Series B Bondholders voted in
favour of the Settlement with a majority of 51.97% of the
participating voting parties.
3. As a result of the above and in accordance with the direction
motion provided by the Tel Aviv Court on 3 August 2015, the trustee
of each Bond series shall vote in a meeting of the creditors as
follows:
(i) the trustee of Series A Bonds shall split the votes of the
participants in proportion to the voting majority at the
Preliminary Meeting being 62.22% for and 37.78% against;
(ii) the trustee of Series B Bonds shall split the votes of the
participants in proportion to the voting majority at the
Preliminary Meeting being 51.97% for and 48.03% against; and
(iii) the trustees of Series C-F Bonds, since the proportion of
those in favour of the Settlement is greater than 75% of the par
value of the series, vote in favour of the Settlement for the
entire value of the series.
4. Given the required majority, pursuant to Cypriot Companies
Law*, the Bondholders (Series A-F) have approved the Settlement
with the Company.
The completion of the Settlement is subject to various
conditions, including the approval of certain resolutions by the
Company's shareholders in a general meeting. There is no certainty
that the conditions precedent set in the Settlement documents will
be completed by the set deadlines, nor that that the Settlement
will be completed.
The Company will now act to convene a meeting of the creditors
and an extraordinary general meeting of the shareholders of the
Company ("EGM") to consider and, if thought fit, to approve the
Settlement Plan pursuant to a ruling of the Cypriot Court on 4 July
2016.
The Company will make further announcements in due course.
Notes:
*A majority consisting of more than 50% (of the par value) of
the creditors present and voting at the meeting, either personally
or by a representative.
MirLand Development Corporation plc
Yevgeny Steklov
Yevgeny@mirland-development.com +357 (25) 871 785
FTI Consulting
Dido Laurimore / Ellie Sweeney/Tom Gough +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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