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


Wednesday 08 April, 2009

Pearl Grp Hld (No.1)

Statement re Pearl Group Anno

RNS Number : 3271Q
Pearl Group Holdings (No.1) Ltd
08 April 2009

Pearl Group Holdings (No. 1) Limited

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

Pearl announced today that it is in advanced discussions to raise £500 million new equity from investors and restructure its capital subject to agreement with its lenders, approval of the FSA and certain other conditions. Thereafter, Pearl intends to seek a listing on the London Stock Exchange and, in due course, to pursue further acquisition opportunities.

The Board of Pearl Group Holdings (No. 1) Limited ('PGH') announced on 25 March 2009 that it would defer payment of the coupon of the Notes, following a decision to maintain an increased level of prudence in the current environment. In addition, PGH announced that it 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.  

Today's announcement by Pearl does not change PGH's intentions with regard to the possible tender offer for the Notes or the price at which it might be made, nor does it change PGH's current intentions in respect of the Notes themselves.

Noteholders should be aware that implementation of the proposals referred to in the announcement will not necessarily improve the financial position of PGH. The decision whether or not any future coupon payment is to be paid or deferred will be determined by the Board of PGH solely in the light of its financial circumstances at the relevant time. Accordingly, Noteholders should not assume that implementation of such proposals will result in a resumption of payment of coupons by PGH on the Notes.

PGH has arranged a formal Noteholders' meeting on 6 May 2009. Details of the meeting have been made available to Noteholders.

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

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