TIDMDS21 TIDMDS20 TIDMDS19

RNS Number : 7378F

Dozens Savings PLC

23 March 2022

DOZENS SAVINGS PLC

(the "Issuer")

5.0% Secured Bonds

constituted pursuant to a trust deed (the "Trust Deed") dated 14 February 2019

entered into between the Issuer and U.S. Bank Trustees Limited (the "Trustee")

NOTICE OF MODIFICATION OF THE TERMS AND CONDITIONS

The Issuer hereby gives notice that, with the consent of the Trustee, the Conditions of the Series of Bonds listed below have been amended to replace the definition of "Maturity Date", insert a new definition of "Original Maturity Date" and replace Condition 9.1 (Redemption at Maturity). As a result, each Series of Bonds listed below will be redeemed earlier than their relevant original Maturity Date and will be redeemed, in each case, at their outstanding principal amount plus an amount equal to the amount of interest that would otherwise have accrued in the period between the relevant original Maturity Date and the relevant new Maturity Date.

(A) GBP99,600 Secured Bonds due 4 May 2022 as described in a Pricing Supplement dated 27 April 2021 with ISIN GB00BNC0DC16 (the "April 2021 Bonds");

(B) GBP99,700 Secured Bonds due 1 June 2022 as described in a Pricing Supplement dated 24 May 2021 with ISIN GB00BN7CQD48 (the "May 2021 Bonds");

(C) GBP99,900 Secured Bonds due 1 July 2022 as described in a Pricing Supplement dated 24 June 2021 with ISIN GB00BNTDTC53 (the "June 2021 Bonds");

(D) GBP99,200 Secured Bonds due 2 August 2022 as described in a Pricing Supplement dated 26 July 2021 with ISIN GB00BNLYZV71 (the "July 2021 Bonds");

(E) GBP99,500 Secured Bonds due 1 September 2022 as described in a Pricing Supplement dated 24 August 2021 with ISIN GB00BN7FQP58 (the "August 2021 Bonds"); and

(F) GBP100,000 Secured Bonds due 30 September 2022 as described in a Pricing Supplement dated 23 September 2021 with ISIN GB00BMV9JQ82 (the "September 2021 Bonds").

Each Series of Bonds will be redeemed on the applicable new Maturity Date set out below:

 
      Series             ISIN       Symbol   New Maturity Date 
 April 2021 Bonds    GB00BNC0DC16    DS16        25-Apr-22 
                    -------------  -------  ------------------ 
 May 2021 Bonds      GB00BN7CQD48    DS17        26-Apr-22 
                    -------------  -------  ------------------ 
 June 2021 Bonds     GB00BNTDTC53    DS18        27-Apr-22 
                    -------------  -------  ------------------ 
 July 2021 Bonds     GB00BNLYZV71    DS19        27-Apr-22 
                    -------------  -------  ------------------ 
 August 2021 Bonds   GB00BN7FQP58    DS20        28-Apr-22 
                    -------------  -------  ------------------ 
 September 2021                                  29-Apr-22 
  Bonds              GB00BMV9JQ82    DS21 
                    -------------  -------  ------------------ 
 

The last day of trading and the withdrawal and delisting date in respect of each Series of Bonds shall be as set out below:

 
                                              Last day       Withdrawal 
   Series                                     of Trading    and Delisting 
                                                             Date (on or 
                         ISIN       Symbol                     around) 
 April 2021 Bonds    GB00BNC0DC16    DS16     22-Apr-22      25-Apr-22 
                    -------------  -------  ------------  --------------- 
 May 2021 Bonds      GB00BN7CQD48    DS17     25-Apr-22      26-Apr-22 
                    -------------  -------  ------------  --------------- 
 June 2021 Bonds     GB00BNTDTC53    DS18     26-Apr-22      27-Apr-22 
                    -------------  -------  ------------  --------------- 
 July 2021 Bonds     GB00BNLYZV71    DS19     26-Apr-22      27-Apr-22 
                    -------------  -------  ------------  --------------- 
 August 2021 Bonds   GB00BN7FQP58    DS20     27-Apr-22      28-Apr-22 
                    -------------  -------  ------------  --------------- 
 September 2021                               28-Apr-22      29-Apr-22 
  Bonds              GB00BMV9JQ82    DS21 
                    -------------  -------  ------------  --------------- 
 

For the avoidance of doubt, accrued interest for the period from the previous Interest Payment Date to the new Maturity Date will also be payable.

Director Sam Dunford-Baker commented on the decision to bring the Issuer's bond programme to an end: "For more than three years, Dozens Savings plc has been pleased to offer its 5% fixed-rate secured bonds to customers of its corporate parent, Project Imagine Ltd. This programme has successfully introduced many customers of Project Imagine Ltd to investment products while providing them a great return. However, since the bond programme launch, the changing interest rate environment has made the initially high 5.00% fixed-rate higher still, while still costing Dozens Savings plc GBP2.00 in operating costs to provide every GBP1.00 in interest. Furthermore, because each series is a fixed issuance, for one bidder to buy a Bond another bidder must miss out meaning that the Bonds are fundamentally non-viral and ultimately inconsistent with Project Imagine Ltd's goal of making investments easily accessible for all. Following consideration of these factors, the Directors of Dozens Savings plc have decided to discontinue the programme in order that its corporate parent, Project Imagine Ltd, can pursue other even more inclusive financial products with greater ease of use which more efficiently allocate returns at greater volume. Notwithstanding, the Directors are delighted to be able to offer the Bondholders their full 12 months' interest early in recognition of their support of the Bond programme to date."

Further details regarding the Bonds are contained in the Issuer's Base Admission Document dated 14 February 2019 and the Pricing Supplement associated therewith, all of which can be found via the issuer's website, https://www.dozens.com/aquisannouncements/regulatory-announcements/ .

The Directors of the Issuer accept responsibility for this announcement.

For further information, please contact:

Sam Dunford-Baker

Director

Dozens Savings plc

Email: hello@dozens.com

Tel: 0808 164 1020

Alfred Henry Corporate Finance Limited

AQSE Corporate Advisor to Dozens Savings plc

Attn: Jon Isaacs

www.alfredhenry.com

Tel: +44 (0) 203 772 0021

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