Update on Exchangeable Bonds

Esken Limited
18 March 2024
 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

18 March 2024

ESKEN LIMITED
("Esken" or the "Company")

Update on Exchangeable Bonds

Esken, the aviation group, announces that, following a detailed review with advisers of the interaction between the terms of exchangeable bonds of £53.1 million issued by Esken Finance plc (the "Exchangeable Bonds") and recent events relating to the group, including the Recapitalisation Support Agreement acceded to by the Company and other members of the group (as announced on 6 March), it has today notified the trustee of the Exchangeable Bonds that, including as a result of certain aspects of the Recapitalisation Support Agreement, one or more events of default have occurred under the terms of the Exchangeable Bonds.

The Exchangeable Bonds are due to mature on 8 May 2024 and the notification to the trustee does not automatically accelerate that maturity date.

Notification of default to the trustee has no impact on the recapitalisation proposal being implemented in relation to London Southend Airport.

The Company continues to work with its advisers and holders of a significant majority of the Exchangeable Bond on implementation of the recapitalisation proposal, as announced on 6 March. A further update will be provided when the process and timings have been settled.

Enquiries:

Esken Limited    C/o Teneo

 

Teneo

Olivia Peters

+44 7902 771008

esken@teneo.com 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings