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

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Friday 12 March, 2010

Pearl Grp Hld (No.1)

Tier 1 Update

RNS Number : 5340I
Pearl Group Holdings (No.1) Ltd
12 March 2010
 



Pearl Group Holdings (No. 1) Limited in Substantive Discussions

with Ad Hoc Committee of Noteholders

 

 

Pearl Group Holdings (No. 1) Limited wishes to confirm that it is in substantive and positive discussions with the Ad Hoc Committee ("the Committee") of Noteholders to resolve the issues that have existed between them to date.  The Committee represents over 60% of the holders of the Group's Tier 1 Notes.

 

Pearl Group Holdings (No. 1) Limited hopes to be able to make a full announcement shortly.

 

Any agreement would be subject to approval by the Group's regulators and other stakeholders as well as a vote in favour of the proposals by noteholders.

 

Media:

 

Daniel Godfrey, Director of Corporate Communications, Pearl Group

+ 44 (0) 20 7489 4517 (DD)

+ 44 (0) 7894 937 890 (Mob)

 

Andrew Grant, James Bradley, Mal Patel

Tulchan Communications

+ 44 (0) 20 7353 4200

 

 

Investors:

 

Fiona Clutterbuck, Pearl Group

+ 44 (0) 20 7489 4881

 

Lorraine Rees, Head of Investor Relations, Pearl Group

+44 (0) 20 7489 4456

 

 

 

Notes for Editors

 

The Tier 1 Notes referred to are Pearl Group Holdings (No. 1) Limited £500,000,000 6.5864% Fixed/Floating Rate Perpetual Reset Capital Securities ISIN (XS0235245205).

Pearl Group is holding an EGM on 15 March at which shareholders are being asked to approve a change in name of the company to Phoenix Group Holdings.

Pearl Group will announce its 2009 full year results on 31 March 2010.

Pearl Group expects to seek a premium listing on the London Stock Exchange in the first half of 2010.

 


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