Plantation Place

RNS Number : 4796A

Invista Foundation Property Tst Ltd

01 February 2011

 



1 February 2011

INVISTA FOUNDATION PROPERTY TRUST LIMITED (the "Company")

PLANTATION PLACE, FENCHURCH STREET, LONDON EC3 - RESULTS OF CLASS B NOTEHOLDER VOTE

On 1 December 2010 the Company announced details of a proposal (the "Proposal") to Noteholders by REC Plantation Place Limited, the issuer of the off-balance sheet, non-recourse, securitised debt to the One Plantation Place Unit Trust ('OPPUT').   The Company owns a 28.9% stake OPPUT, which in turn owns the prime City of London office building, Plantation Place on Fenchurch Street.  The proposal involved a waiver of the loan to value ratio covenant for a period of up to 22 months, during which time a consensual and orderly sales process would be undertaken which could result in the sale of the property or the equity interest in OPPUT, subject to certain conditions being met.

At the Noteholder meeting held on 23 December 2010 the proposal received the support of 82% of all Noteholders who voted, but was not formally approved as the required 75% threshold was not reached in respect of the Class B Notes, where 74% voted for the proposal.  The Junior Lender, whose debt is held outside the securitised loan structure, also provided its consent to the Proposal.

Following the announcement on the 23 December 2010, REC Plantation Place convened a second meeting of the Class B Noteholders to enable further consideration of the Proposal in light of the overwhelming level of support received across all tranches and the approval of the Proposal by each of the Class A, C, D and E Notes and the Junior Lender.

The Class B Noteholder meeting was held on 31 January 2011 where the proposal was again blocked by a single investor representing 2.41% of the total Notes outstanding but 26.25% of the Class B Notes.

In light of the above the Company and the other equity investors in OPPUT will continue to seek a consensual solution to maximise value for all stakeholders through a sale of the property or the equity interest in the property.

For further information please contact:

Invista Real Estate Investment Management Duncan Owen / Nick Montgomery	020 7153 9300
Northern Trust David Sauvarin	01481 745529

 

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