LONDON - MRG Finance UK plc, a company operating under a £300,000,000 Euro Medium Term Note Programme, has announced an adjournment of a note holders' meeting originally scheduled for today due to lack of quorum. The adjourned meeting is now set for January 7, 2025, at the offices of Norton Rose Fulbright LLP in London, where series 1 note holders will vote on proposed changes to the terms of EUR 50,000,000 8.75% notes due October 26, 2026.
The proposed extraordinary resolution includes amending the maturity date of the notes from October 26, 2026, to June 30, 2025, and altering the redemption basis so that notes will be redeemed at 2% of their nominal amount, as well as adjusting related financial definitions and subsidiary classifications.
These changes follow a supplemental trust deed dated October 25, 2023, which amended the initial trust deed from June 25, 2018. The amendments are subject to the approval of note holders at the adjourned meeting.
The notice emphasizes that note holders should consult their own independent professional advisers if they are in any doubt about the actions they should take or are unsure of the impact of the implementation of the extraordinary resolution to be proposed.
MRG Finance UK's notice also includes instructions for note holders who wish to attend the meeting or appoint proxies, detailing the process for doing so through the clearing systems Euroclear and Clearstream.
The adjourned meeting's quorum requirements are outlined, with the original meeting requiring the presence of note holders representing at least 75% of the outstanding principal amount and the adjourned meeting requiring 25%.
The outcome of the extraordinary resolution will be binding on all series 1 note holders, whether they are present at the meeting or not. This information is based on a press release statement from MRG Finance UK plc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.