Substitution and Admission of 2021 Debentures

RNS Number : 3896D

Value and Income Trust plc

28 March 2014

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

London, 28 March 2014

VALUE AND INCOME TRUST PLC AND AUDAX PROPERTIES PLC

£15,000,000 11% First Mortgage Debenture Stock 2021 (the "2021 Debentures")

Substitution Effective and Admission of 2021 Debentures

The directors of Value and Income Trust plc ("VIT") announce that, following the approval of the substitution of VIT as issuer of the 2021 Debentures (the "Substitution") by the holders of the 2021 Debentures on 11 March 2014, applications have been made to the UK Listing Authority and the London Stock Exchange for the 2021 Debentures to be admitted in the name of VIT to the Official List and to trading on the main market of the London Stock Exchange respectively, in each case from 8.00 a.m. today ("Admission").

The Substitution, which was conditional upon Admission occurring, will therefore become effective at 8.00 a.m. today.

Following an application by Audax Properties plc ("Audax") to the UK Listing Authority and the London Stock Exchange, which was conditional upon Admission occurring, the admission of the 2021 Debentures to the Official List and to trading on the London Stock Exchange's main market for listed securities in each case in the name of Audax will be cancelled with effect from 8:00 a.m. today.

A copy of the Prospectus issued by VIT in connection with the listing and admission to trading has been submitted to the National Storage Mechanism and is available for inspection at http://www.morningstar.co.uk/uk/NSM.  

Capitalised terms used but not defined in this announcement have the same meanings as set out in the Prospectus.

Enquiries

VIT and Audax

Matthew Oakeshott, Director                   Tel:       [phone]

J.P. Morgan Cazenove (corporate broker to VIT) 

William Simmonds                                 Tel:       [phone]

Edward Gibson-Watt                              Tel:       [phone]

This announcement is not intended to, and does not, constitute or form part of an offer or invitation to sell or subscribe for or acquire or exchange securities in VIT or Audax or a solicitation of any vote or approval in any jurisdiction pursuant to the Substitution or otherwise.  This announcement does not constitute a prospectus or a prospectus equivalent document.  Holders of the 2021 Debentures are advised to read carefully the formal documentation in relation to the Substitution.  In deciding whether or not to approve the Substitution, holders of the 2021 Debentures must rely solely on the information contained or referenced, and the procedures described, in the Explanatory Memorandum.

The release, publication or distribution of this announcement in jurisdictions other than the UK and the implications of the Substitution for holders of the 2021 Debentures outside the UK may be affected by the laws of the relevant jurisdictions.  Holders of the 2021 Debentures outside the UK should inform themselves about and observe any applicable requirements.  It is the responsibility of each holder of the 2021 Debentures to satisfy himself as to the full observance of the laws of the relevant jurisdiction in connection therewith, including the obtaining of any governmental, exchange control or other consents which may be required to be observed and the payment of any issue, transfer or other taxes in such jurisdictions.  This announcement has been prepared for the purpose of complying with English law and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the UK.

Cautionary note on forward looking statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of VIT and Audax and certain plans and objectives of the VIT Directors and the Audax Directors with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "will", "may", "should", "would", "could" or other words of similar meaning. These statements are based on assumptions and assessments made by the VIT Directors and the Audax Directors in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although the VIT Directors and the Audax Directors believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct and assume no obligation to update or correct the information contained in this document and VIT and Audax therefore caution you not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

 

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