Mirland Development Corporation PLC Approval of Settlement Plan by Bondholders (9185F)
November 18 2015 - 4:16AM
UK Regulatory
TIDMMLD
RNS Number : 9185F
Mirland Development Corporation PLC
17 November 2015
17 November 2015
MirLand Development Corporation plc
("MirLand" or the "Company")
Approval by the Preliminary Meetings of the Settlement between
the Company and its Bondholders
Mirland announces that, following preliminary meetings held in
Israel on 22 October 2015 ("Preliminary Meetings"), a proposed
Settlement Plan and amended trust deeds to the Bonds (Series A-F)
(the "Settlement" or the "Settlement Plan") have been approved
between the Company and its Bondholders (Series A-F) (the
"Bondholders").
At the Preliminary Meetings, the below resolutions were
passed:
1. The Series C-F Bondholders approved the Settlement with a
majority greater than 75% of the par value of each series.
2. The Series A-B Bondholders did not approve the Settlement
with the requisite majority, such that the Series A Bondholders
voted in favour of the Settlement with a majority of 56% of the
participating voting parties and the Series B Bondholders voted
against the Settlement with a majority of 90% of the participating
voting parties.
3. As a result of the above and in accordance with the direction
motion provided by the Tel Aviv Court on 3 August 2015, the trustee
of each Bond series shall vote in the meeting of the creditors as
follows:
i. the trustee of Series A Bonds shall split the votes of the
participants in
proportion to the voting majority at the Preliminary Meeting
being 56% for and
44% against;
ii. the trustee of Series B Bonds shall, since the proportion of
those opposed to the
Settlement is greater than 75% of the par value of the series,
vote against the
Settlement for the entire value of the series; and
iii. the trustees of Series C-F Bonds, since the proportion of
those in favour of the
Settlement is greater than 75% of the par value of the series,
vote in favour of the
Settlement for the entire value of the series.
4. In light of the above and with particular consideration given
to the Series A-B Bondholders who were opposed to the Settlement
and with regard to the simple majority of the creditors needed to
approve the Settlement in Cyprus, the Company wishes to announce
that the Bondholders (Series A-F) have approved the Settlement with
the Company.
The Company will now act to convene a meeting of creditors
pursuant to a ruling of the Cypriot Court on 14 July 2015.
The completion of the Settlement is subject to various
conditions precedent by deadlines set in the Settlement documents,
including, among other things, receiving approval of the Settlement
by the Cypriot court, receipt of approval of the Tel Aviv Stock
Exchange, and approval of the Company and its shareholders.
There is no certainty that the conditions precedent set out in
the Settlement documents will be completed by the set deadlines,
nor that that the Settlement will be completed.
MirLand Development Corporation
plc
Yevgeny Steklov
+357 (25) 871
Yevgeny@mirland-development.com 785
FTI Consulting
Dido Laurimore / Ellie Sweeney/Tom
Gough +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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