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Pearl Grp Hld (No.1) (36RW)

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Wednesday 25 March, 2009

Pearl Grp Hld (No.1)

Statement re coupon payment

RNS Number : 4866P
Pearl Group Holdings (No.1) Ltd
25 March 2009
 




Pearl Group Holdings (No. 1) Limited

£500,000,000 6.5864% per cent Fixed/Floating Rate Perpetual Reset Capital Securities (the 'Notes')


The Board of Pearl Group Holdings (No. 1) Limited ('PGH') hereby gives notice of its decision to defer payment of the coupon on its £500,000,000 6.5864% per cent Fixed/Floating Rate Perpetual Reset Capital Securities Preferred Securities (XS0235245205) on the next Coupon Payment Date, 25 April 2009. The conditions for payments are set out in the terms and conditions of the Notes. PGH has no present intention to initiate the Alternative Coupon Satisfaction Mechanism at this time (as defined in the terms and conditions of the Notes).


Although the Board of PGH has determined that it currently has sufficient resources to pay the coupon on the Notesin making its decision to defer payment of the coupon the Board of PGH took into account ongoing market conditions and decided to maintain an increased level of prudence in the current environment by deferring payment of the Coupon.


In addition, PGH is evaluating the making, or procuring of, a tender offer for the Notes and outstanding coupon at a value at, or close to, the last traded price on 24 March 2009 of 12.5 pence Any such tender offer is expected to require the prior completion of the 31 December 2008 audit and whether it is made and the price of the offer will reflect market and company conditions at that time.


A further announcement will be made as and when appropriate.  As previously indicated a separate presentation will be organised for bondholders in Q2 2009 in respect of the 2008 results for PGH.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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