Withdrawal of Convertible Bond Redemption Notice

RNS Number : 6420E

Unite Group PLC

09 May 2017

 

9 May 2017

THE UNITE GROUP PLC

("Unite Students", "Unite", the "Group", or the "Company")

WITHDRAWAL OF CONVERTIBLE BOND OPTIONAL REDEMPTION NOTICE

We refer to our announcement issued yesterday, 8 May 2017 in respect of the £89,900,000 2.50 per cent. Guaranteed Convertible Bonds due 2018 (the "Bonds") of Unite Jersey Issuer Limited. 

There is a difference of opinion regarding the legal interpretation of the methodology used to calculate the share price at which an early redemption can be called. We have decided to respect the alternative interpretation and therefore will withdraw the redemption notice issued yesterday.  It remains the Board's intention to call the Bonds for redemption at the earliest possible opportunity and a further update will be provided when appropriate.

Accordingly, the notice below has been issued to Bondholders.

"It has been brought to our attention by certain Bondholders that the requirements for the optional redemption of the Bonds may not have been satisfied on certain of the days on which it was measured due to an alternative interpretation of the measurement of Parity Value. Consequently, it is unclear whether the Optional Redemption Notice issued yesterday was validly given at this stage and the Issuer is withdrawing this Optional Redemption Notice."

ENDS-

For further information, please contact:

Unite Students Joe Lister, Chief Financial Officer Paul Richmond, Corporate Affairs Director	Tel: [phone]
Bell Pottinger Victoria Geoghegan Nick Lambert Elizabeth Snow	Tel: [phone]

Notes to editors:

About Unite Students

Unite Students is the UK's largest and most established manager and developer of purpose-built student accommodation. It provides a home for around 50,000 students, in more than 140 properties, across 28 leading university cities in England and Scotland. Unite works in partnership with more than 60 Higher Education institutions and also lets rooms directly to students.

Unite's purpose is to provide a home to its culturally-diverse customers, offering them a strong foundation for academic and personal success. The accommodation is high quality, safe and close to university campuses, transport links and local amenities. Students live in ensuite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning of communal kitchens and bathrooms and high speed Wi-Fi.

Founded in 1991 in Bristol, The Unite Group plc is a FTSE250 company, listed on the London Stock Exchange, employing more than 1,250 people. It pursues a sustainable growth strategy, designed to make the most of the resilient nature of the student accommodation sector. Unite is focused on maintaining its position as the leading provider of student accommodation in the UK, by having the best brand, operating the highest quality portfolio and maintaining the strongest capital structure in the sector. This is achieved with consistent investment in, and improvement to, the operating platform; highly selective development activity and asset management initiatives.

Unite is invested in and operates a two specialist funds and joint ventures with institutional investment partners, the £2 billion Unite UK Student Accommodation Fund (USAF) and the £1 billion London Student Accommodation Vehicle (LSAV).

Unite is the founder and major donor of the Unite Foundation. Since 2012 this has provided free student accommodation and financial support to 160 young people in the UK who lack family support.

For more information you can visit Unite's corporate website www.unite-group.co.uk, the student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.

LEI: 213800BBUUWVDH9YI827

 

END

 

 

MSCSSWFLUFWSEEI