TIDM68VY
RNS Number : 2233T
Equity Release Funding (No.4) PLC
16 July 2020
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY
SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE,
INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR
STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL
OR LEGAL ADVISER.
REGULATION (EU) NO 596/2014 OF THE EUROPEAN PARLIAMENT AND OF
THE COUNCIL OF 16 APRIL 2014 (MARKET ABUSE REGULATION) REQUIRES
DISCLOSURE BY OR ON BEHALF OF THE ISSUER OF ANY INSIDE INFORMATION
CONCERNING THE ISSUER.
IMPORTANT NOTICE TO THE HOLDERS OF THE
GBP125,000,000 Class A1 Mortgage Backed Floating Rate Notes due
2039
(the "Class A1 Notes") (ISIN: XS0197423188)
GBP215,000,000 Class A2 Mortgage Backed Floating Rate Notes due
2039
(the "Class A2 Notes") (ISIN: XS0197423345)
GBP61,000,000 Class B Mortgage Backed Floating Rate Notes due
2049
(the "Class B Notes") (ISIN: XS0197423774)
GBP16,500,000 Class C Mortgage Backed Deferrable Interest
Floating Rate Notes due 2049
(the "Class C Notes") (ISIN: XS0197424236)
GBP1,000,000 Class D Mortgage Backed Deferrable Interest
Floating Rate Notes due 2049
(the "Class D Notes") (ISIN: XS0197424400)
issued by
EQUITY RELEASE FUNDING (NO.4) PLC
(incorporated in England and Wales with limited liability,
registered number 04986587)
(the "Issuer")
On or about 27 July 2004
The Class A1 Notes, Class A1 Notes, Class B Notes, Class C Notes
and Class D Notes are together referred to as the " Notes " and
holders of the Notes, the " Noteholders ".
Capitalised terms defined in the prospectus relating to the
Notes dated 27 July 2004 have the same meaning when used below.
The Issuer wishes to notify the Noteholders of the
following.
On 18 May 2020 a claim form (the "Claim Form") was issued
without notice in the Commercial Court naming Mr Alfred Olutayo
Oyekoya as Claimant and the Issuer and its directors as Defendants
(the "Proceedings"). The Proceedings can be identified by Claim No.
CL-2020-00312. The Issuer received a copy of the Claim Form by
email from the Claimant on 18 May 2020. No Particulars of Claim
were attached to the Claim Form.
On 4 June 2020 the Issuer and its directors received a letter
from Callon Capital Management Limited ("CCM") in which CCM stated
that its "affiliates have a beneficial interest in certain of the
Notes" and that CCM, "together with its affiliates and other
investors in the Notes, have formed an ad hoc group to promote the
interests of the Noteholders as a whole.". The Issuer understands
that Mr Oyekoya had previously been a director of CCM.
On 8 June 2020, the Issuer responded to the letter of 4 June
2020 requesting proof of the holdings of the affiliates referred to
in the letter, and evidence of CCM's affiliation with such
affiliates in their capacity as Noteholders. To date, no such
evidence has been provided.
In a letter dated 3 July 2020 from CCM to the Issuer, CCM stated
that "a meeting of the investors in the Notes is scheduled where,
inter alia, items concerning the Issuers, their constitution and
board composition would be discussed, debated and, if deemed
appropriate, voted on, with, subject to the outcome of the votes,
resolutions passed and, accordingly, implemented with respect to
aforementioned matters".
On 7 July 2020 the Issuer repeated its request for proof of
holdings and evidence of CCM's affiliation with such affiliates in
their capacity as Noteholders but to date no such proof of evidence
has been provided.
The Issuer reminds Noteholders that the convening of meetings of
Noteholders and the passing of resolutions are governed by the
terms of the Transaction Documents and the Conditions of the
Notes.
On 29 June 2020, the High Court made a bankruptcy order against
Mr Oyekoya with immediate effect (the "Bankruptcy Order"). The
claims which form the subject of the Proceedings (the "Claims") are
now, or shortly will be, vested in Mr Oyekoya's trustee in
bankruptcy and in any event are subject to the management of the
official receiver.
On 30 June 2020, the Issuer and its directors received
particulars of claim (the "Particulars of Claim") by email from Mr
Oyekoya in relation to the Proceedings.
On 9 July 2020 the Hon. David Halpern QC issued a civil
restraint order which precludes the issue of any claim or
application by Mr Oyekoya without the prior permission of a High
Court Judge (the "Civil Restraint Order"). This information will be
brought to the attention of the Official Receiver.
The Issuer has instructed Alston & Bird (City) LLP
("Alston") as its legal advisers in relation to this matter. Alston
have written to Mr Oyekoya on behalf of the Issuer and its
directors notifying Mr Oyekoya, amongst other things, of:
-- the rejection by the Issuer and its directors of the Claims in their entirety;
-- the effect of the Bankruptcy Order on the Claims and Mr
Oyekoya's authority to serve the Particulars of Claim;
-- noting the Civil Restraint Order on Mr Oyekoa and informing
him that this will be brought to the attention of the Official
Receiver; and
-- the failure of the Particulars of Claim to disclose meaningful causes of action.
Noteholders and potential Noteholders are advised to take into
consideration the matters set out in this notice when making any
investment decisions in relation to the Notes, and if they are in
any doubt as to any particular course of action, they should seek
their own financial and/or legal advice.
The Issuer will provide further update to Noteholders in
relation to the matters set out in the notice as it considers
necessary.
This Notice is issued without prejudice to any and all of the
rights of the Issuer under the Transaction Documents relating to
the Notes, all of which are expressly reserved.
This notice is given by:
E-mail: transactionteam@wilmingtontrust.com
Telephone: +44 (0) 207 397 3600
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 or visit www.rns.com.
END
UPDKKABDCBKKOOD
(END) Dow Jones Newswires
July 16, 2020 05:21 ET (09:21 GMT)
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