Escher Marwick PLC Company Announcement
Source: RNSOfficial Announcement
Escher Marwick Plc company announcement
Escher Marwick Plc 2016-5 ISIN - GB00BDD88415 3 year 5% (the "Notes")
The Notes matured on 7 June 2019 and the Issuer has paid Noteholders all interest due up to the Maturity Date. As at 9 August 2019, the principal due to Noteholders was GBP 5,794,336.00.
Escher Marwick Plc (the "Issuer") has made a partial principal payment in respect of the Notes in the amount of GBP 5,085,638.43.
This is due to a shortfall in the payment of amounts due to EM Acquisition II Limited ("HoldCo") by ACF Acquisitions 11 Limited ("AcquisitionCo"), which has resulted in inadequate funds to pay the Noteholders in full. Alternative Commercial Finance Limited (the "Collateral Advisor") acts as collateral advisor to ACF under a collateral advisory agreement and is responsible for originating, monitoring and servicing assets acquired by ACF.
The Issuer will provide an update on the steps being taken in respect of the shortfall in due course and no later than 8 November 2019.
The Notes are listed on Euronext Dublin.
Capitalised terms used but not defined herein have the meaning given to them in the terms and conditions of the Notes as set out in the Listing Particulars dated 31 May 2016 relating to the Notes.
Notes to editors
About Escher Marwick Plc
info@eschermarwick.com
+44 (0)207 030 4970
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