Doc re. Call option exercise

Consort Healthcare (Tameside) PLC

30 August 2024

 

CONSORT HEALTHCARE (TAMESIDE) PLC

The outstanding 1.9810 per cent. Index-Linked Guaranteed Secured Bonds due 2041

ISIN XS0321115130

(the "Notes")

CHANGE OF OWNERSHIP AND EXTENSION OF ACCOUNTING REFERENCE DATE

Consort Healthcare (Tameside) plc

London, 30 August 2024 -  (the "Company"), a project company for the Private Finance Initiative (PFI) concession contract to design, construct, finance, maintain and manage the lifecycle costs of hospital facilities in Tameside for the Tameside & Glossop Integrated Care NHS Foundation Trust (the "Trust") provides the following update regarding the ownership of certain equity and subordinated debt interests in the group of which the Company is a member (the "Group") and change of accounting reference date.

Exercise of Call Option

As contemplated by the announcement made by the Company on 31 July 2024, the Company, Consort Healthcare (Tameside) Holdings Limited ("HoldCo", a holding company of the Group), Consort Healthcare (Tameside) Intermediate Limited ("Intermediate HoldCo", an intermediate holding company of the Group which, together with HoldCo, wholly owns the Company) and Ambac Assurance UK Limited ("Ambac", the Controlling Creditor and Bond Financial Guarantor (each as defined in the trust deed for the Notes)) have entered into a call option agreement with the holders of all of the issued shares in, and subordinated debt issued by, HoldCo and Intermediate HoldCo, respectively (the "Instruments"). Pursuant to such agreement, among other things, Ambac was granted an option (the "Call Option") over the Instruments.  Ambac has now exercised the Call Option and the Instruments have been transferred to a nominee of Ambac for nominal consideration.  Accordingly the Group is now indirectly owned by Ambac.

Change of Accounting Reference Date

The accounting reference period of the Company ending 31 December 2023 has been extended so as to end on 30 June 2024.  Subsequent accounting reference periods will end on the same day and month in future years.

This announcement is given by the Company. 

Enquiries:  [e-mail]

THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIES OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.

 

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