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INTU PROPERTIES PLC - Application for Appointment of Administrators and Application for Suspension of Listing and Trading

Release Date: 26/06/2020 15:11
Code(s): ITU     PDF:  
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Application for Appointment of Administrators and Application for Suspension of Listing and Trading

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code:     ITU
LEI: 213800JSNTERD5CJZO95
26 JUNE 2020


APPLICATION FOR APPOINTMENT OF ADMINISTRATORS AND APPLICATION FOR
SUSPENSION OF LISTING AND TRADING OF INTU ORDINARY SHARES

Further to the announcement made earlier today, intu properties plc (“intu”) announces that
application is being made for James Robert Tucker, Michael Robert Pink and David John
Pike of KPMG LLP to be appointed as joint administrators (the “Administrators”) to intu and
several other key central entities in the intu Group. The appointment is expected to become
effective shortly.

In addition, following applications by intu:
(i)    the Financial Conduct Authority has suspended the listing of intu’s ordinary shares on
       the premium segment of the Official List and the London Stock Exchange has
       suspended the trading of intu shares on the main market for listed securities
       maintained by the London Stock Exchange; and

(ii)   the Main Board of the Johannesburg Stock Exchange has suspended the listing and
       trading of intu’s ordinary shares on the Main Board of the Johannesburg Stock
       Exchange,
in each case with immediate effect.

Shopping centres continue to trade
Underlying group operating companies remain unaffected and all shopping centres are
continuing to trade. The intu Group’s relationships with its tenants are with these operating
companies, not the companies entering administration.

The shopping centre operating companies have or are expected to enter into transitional
services agreements with the Administrators of the central entities to ensure continuity of
service provision by the central entities to the individual shopping centres.

Background to the Administration
On 1 May 2020, intu announced a waiver to certain potential breaches in respect of its
revolving credit facility until 11.59 p.m. on 26 June 2020, and that it was engaging with key
stakeholders of the intu Group at both the asset and Group level to explore all options,
including potentially seeking standstills to overcome the current market dislocation.
Discussions have been ongoing with financial stakeholders to achieving standstill-based
agreements. However, insufficient alignment and agreement in relation to the terms of such
standstill-based agreements has been achieved with financial stakeholders ahead of the
above deadline. As such, application is being made for the Administrators to be appointed to
intu and several other key central entities in the intu Group.

Bond and listed debt holders
The suspension of intu’s ordinary shares from listing and trading described above does not
affect the listing and trading of the intu Group’s listed debt securities and no application has
been made for the suspension of listing or trading of such securities. The intu Group’s listed
debt securities are as follows:
*     £350 million of Guaranteed Convertible Bonds due 2022 issued by Intu (Jersey) 2
      Limited and guaranteed by intu, listed on The International Stock Exchange (ISIN
      XS1511910025);

*     £354,876,000 5.562% First Mortgage Debenture Stock 2027 issued by Intu Debenture
      plc, listed on the Official List and traded on the London Stock Exchange (ISIN
      GB00B1DBF788);

*     Multiple series of commercial mortgage-backed notes issued by The Trafford Centre
      Finance Limited, listed on the Official List and traded on the London Stock Exchange;

*     £450 million 3.875 per cent Notes due 2028, £350 million 4.625 per cent Notes due 2033
      and £350 million 4.25 per cent Notes due 2035, each issued by Intu (SGS) Finance plc,
      listed on the regulated market of the Irish Stock Exchange (ISINs XS0904228557,
      XS0904228987 and XS1131914811, respectively); and

*     £485 million 4.125% Fixed Rate Bonds due 2028 issued by intu Metrocentre Finance
      plc, listed on the regulated market of the Irish Stock Exchange (ISIN XS0994934965).

Further information for the intu Group’s bond and listed debt holders will be available shortly
on intu’s website (www.intugroup.co.uk/en/investors/reports-results-and-policies/).
The person responsible for arranging the release of this announcement is Susan Marsden,
Company Secretary of intu.

ENQUIRIES
intu properties plc
Adrian Croft                   Head of Investor Relations             +44 (0)20 7960 1212
Public relations
UK:                            Justin Griffiths, Powerscourt          +44 (0)20 7250 1446
SA:                            Frédéric Cornet, Instinctif Partners   +27 (0)11 447 3030


JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited




                                                

Date: 26-06-2020 03:11:00
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