Escher Marwick PLC

Escher Marwick Plc Company Announcement

RNS Number : 0935D
Escher Marwick PLC
14 February 2020

Official Announcement



Escher Marwick Plc company announcement


Escher Marwick Plc 2016-06   ISIN - GB00BD0FRG07   20 year   5.5%   (the "Notes")


Escher Marwick Plc (the "Issuer") announces that interest payments due on the Notes on 13 May 2018, 13 November 2018, 13 May 2019 and 13 November 2019 were not made in full and only partially paid. This is due to a shortfall in sums received by the Issuer in respect of assets held by it as security for the Notes.


The Issuer's current assets comprise a minority interest in a number of corporate bonds. A number of such corporate bonds are currently being restructured following defaults and will either be refinanced or deferred to allow underlying assets to be commercialised. 


In all cases, the Issuer is being provided information by Best Administration Services Ltd regarding the applicable restructuring and will continue to keep holders of the Notes informed of developments.



The Issuer will provide a further update by 13 May 2020.



The Notes are listed on the Frankfurt Stock Exchange.



Capitalised terms used but not defined herein have the meaning given to them in the terms and conditions of the Notes as set out in the Pricing Supplement dated 17 October 2016 relating to the Notes.




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