Intu Properties PLC - Appointment of administrator and share suspension
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
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
In addition, following applications by intu:
(ii) the Main Board of the
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
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:
· Multiple series of commercial mortgage-backed notes issued by
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
intu properties plc
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
This information is provided by RNS, the news service of the
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