RCS - Petropavlovsk 2010 - Distributions to Convertible Bondholders

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02/11/2022 12:30

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RNS Number : 0858F  Petropavlovsk 2010 Limited  02 November 2022

 

2 November 2022

 

Petropavlovsk 2010 Limited

 

Distributions to Convertible Bondholders

 

Petropavlovsk 2010 Limited announces that distribution of funds in relation to
the US$125m 8.25% Guaranteed Convertible Bonds due 2024 (ISIN: XS1843433555)
and submitted for redemption under the Relevant Event Put Option, is expected
to take place on or around the end of January 2023, based on current
estimates by the Administrators of Petropavlovsk PLC (Opus Business Advisory
Group).

Subject to the approval of the High Court, the Administrators envisage
pursuing a Scheme of Arrangement in order to pay bondholders in full. It is
the intention of the Administrators not only to honour and redeem convertible
bonds as submitted under the Relevant Event Put Option, but to distribute
funds to bondholders who have not yet made themselves known and whom the
Administrators continue to seek to identify.

The Administrators anticipate that they will be in a position to make the
necessary application to the High Court for approval in respect of a Scheme of
Arrangement in the coming weeks. The timetable for any such Scheme will be
dependent on, among other things, court availability. The Administrators are
hopeful that it will be possible to convene a meeting of relevant creditors to
consider the Scheme before the end of 2022. The distribution of any funds will
be subject to mechanisms to ensure no payments are made to or for the benefit
of any sanctioned persons or otherwise in breach of applicable laws.

Further announcements in relation to the terms of any proposed Scheme of
Arrangement will be published in due course. In the interim period,
outstanding holders of the US$125m Guaranteed Convertible Bonds are invited to
contact the Administrators, providing suitable evidence in relation to the
nominal quantity of convertible bonds held, as well as information regarding
the ultimate beneficial owner of any such holding.

Enquiries

 

 Opus Business Advisory Group  +44 (0) 7967 658 296

 Nick Hood                     nick.hood@opusllp.com (mailto:nick.hood@opusllp.com)

 Allister Manson               petropavlovsk@opusllp.com (mailto:petropavlovsk@opusllp.com)

 Petropavlovsk PLC             +44 (0) 20 7201 8900

 Max Zaltsman                  TeamIR@petropavlovskplc.com (mailto:TeamIR@petropavlovskplc.com)

 

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