REG - Consort Hlth.T'side - Doc re. Call option exercise

Ambac FinancialAnnouncement

30/08/2024 11:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240830:nRSd3251Ca&default-theme=true

RNS Number : 3251C  Consort Healthcare (Tameside) PLC  30 August 2024

 

CONSORT HEALTHCARE (TAMESIDE) PLC

 

The outstanding 1.9810 per cent. Index-Linked Guaranteed Secured Bonds due
2041

ISIN XS0321115130

(the "Notes")

 

CHANGE OF OWNERSHIP AND EXTENSION OF ACCOUNTING REFERENCE DATE

 

Consort Healthcare (Tameside) plc

 

London, 30 August 2024 -  (the "Company"), a project company for the Private
Finance Initiative (PFI) concession contract to design, construct, finance,
maintain and manage the lifecycle costs of hospital facilities in Tameside for
the Tameside & Glossop Integrated Care NHS Foundation Trust (the "Trust")
provides the following update regarding the ownership of certain equity and
subordinated debt interests in the group of which the Company is a member (the
"Group") and change of accounting reference date.

 

 

Exercise of Call Option

 

As contemplated by the announcement made by the Company on 31 July 2024, the
Company, Consort Healthcare (Tameside) Holdings Limited ("HoldCo", a holding
company of the Group), Consort Healthcare (Tameside) Intermediate Limited
("Intermediate HoldCo", an intermediate holding company of the Group which,
together with HoldCo, wholly owns the Company) and Ambac Assurance UK Limited
("Ambac", the Controlling Creditor and Bond Financial Guarantor (each as
defined in the trust deed for the Notes)) have entered into a call option
agreement with the holders of all of the issued shares in, and subordinated
debt issued by, HoldCo and Intermediate HoldCo, respectively (the
"Instruments"). Pursuant to such agreement, among other things, Ambac was
granted an option (the "Call Option") over the Instruments.  Ambac has now
exercised the Call Option and the Instruments have been transferred to a
nominee of Ambac for nominal consideration.  Accordingly the Group is now
indirectly owned by Ambac.

 

Change of Accounting Reference Date

 

The accounting reference period of the Company ending 31 December 2023 has
been extended so as to end on 30 June 2024.  Subsequent accounting reference
periods will end on the same day and month in future years.

 

This announcement is given by the Company.

Enquiries:  consorttameside@vercitygroup.com

 

THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIES OR MAY HAVE QUALIFIED AS
INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU NO. 596/2014), AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCMZGFRLGFGDZG