ANNOUNCEMENT
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION
OF BONDHOLDERS. IF BONDHOLDERS ARE IN ANY DOUBT AS TO THE
ACTION THEY SHOULD TAKE, THEY SHOULD IMMEDIATELY CONSULT THEIR OWN
INDEPENDENT PROFESSIONAL ADVISERS.
THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST
TO THE REGISTERED AND BENEFICIAL OWNERS OF THE BONDS. IF
APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES
RECEIVING THIS NOTICE ARE REQUIRED TO EXPEDITE TRANSMISSION HEREOF
TO BENEFICIAL OWNERS OF THE BONDS IN A TIMELY MANNER. IF
BONDHOLDERS OR BENEFICIAL OWNERS OF THE BONDS ARE IN ANY DOUBT AS
TO THE MATTERS REFERRED TO IN THIS NOTICE, THEY SHOULD CONSULT
THEIR STOCKBROKER, LAWYER, ACCOUNTANT OR OTHER PROFESSIONAL ADVISER
WITHOUT DELAY.
If you have recently sold or
otherwise transferred your entire holding(s) of Bonds referred to
below, you should immediately forward this Notice to the purchaser
or transferee or to the stockbroker, bank or other agent through
whom the sale or transfer was effected for transmission to the
purchaser or transferee.
THE
COVENTRY AND RUGBY HOSPITAL COMPANY PLC - RNS
ANNOUNCEMENT
THE
COVENTRY AND RUGBY HOSPITAL COMPANY PLC (the "Issuer")
£407,239,000
3.246 per cent. Index Linked
guaranteed secured bonds due 30 June 2040
(including £35,000,000 variation bonds)
(with
authority to issue further bonds)
unconditionally and irrevocably guaranteed as to scheduled
payments of principal and interest pursuant to a financial
guarantee policy
issued
by MBIA ASSURANCE S.A. (succeeded
by Assured Guaranty UK
Ltd)
(the
"Bonds")
(ISIN:
XSO159152189 Common Code: 015915218)
Change of Hard Services Provider
The Coventry and Rugby Hospital
Company PLC (the Issuer) and the Hard Services Provider, Vinci
Construction UK Ltd ('Vinci') have agreed a settlement in relation
to the Project. Vinci will be replaced by Mitie FM Limited
('Mitie') on 1 May 2024.
Following a procurement process,
Mitie has been selected as Interim Services Provider for an initial
two-year period. The interim services agreement exposes the
Issuer to certain commercial risks including:
1. Payment on cost-plus
basis;
2. Performance will not
be subject to the Project Agreement payment mechanism, although
their margin and overhead will be at risk if they fail to meet
certain key performance indicators;
3. "interface risks"
including potential liability to the Soft FM Provider (ISS
Mediclean Limited) and the Medical Equipment Provider (GE Medical
Systems Limited) for losses they suffer in relation to the
performance of Mitie.
Enquiries
The Issuer
The Coventry and Rugby
Hospital Company Plc
8 White Oak
Square
Swanley
Kent
BR8 7AG
Attention: Jacques
Mostert, Project Co. Representative.
Important information
This announcement is not a prospectus, is
distributed for information purposes only and does not constitute
or form part of any offer or invitation to issue, acquire or
dispose of any securities in any jurisdiction. Nothing in this
document is intended to amount to an invitation or inducement to
engage in investment activity. Nothing in this document amounts to
the giving of advice. If you are in any doubt as to the action you
should take, you should consult a professional adviser.