Delay to publication of audited accounts
RNS
Number:
Octagon Healthcare Funding plc
1
May 2024
DISCLAIMER
Please note that the information contained in
this
notice may be addressed to and/or targeted at persons who are
residents of particular countries (specified in the
Prospectus dated
11 December 2003 relating to the issue by Octagon Healthcare
Funding plc of £341,328,000 5.333 per cent. Guaranteed Secured
Bonds due 2035 (the Prospectus)) only and is not intended
for use and should not be relied upon by any person outside these
countries and/or to whom the offer contained in the Prospectus is
not addressed. Prior to
relying on the information contained in
this
notice you must ascertain from the
Prospectus whether or not you are part of the intended addressees
of the information contained herein.
Your right to access this service is conditional upon
complying with the above requirement.
This information in this notice is not intended to be a
complete and up to date description of all of the activities and
risks within the Octagon Group (as defined
below).
Octagon Healthcare Funding plc - £341,328,000 5.333 per cent.
Guaranteed Secured Bonds due 2035
Introduction
On 11 December 2003, Octagon
Healthcare Funding plc (the Issuer) issued £341,328,000 5.333 per
cent. Guaranteed Secured Bonds due 2035 (the Bonds) and on-lent the proceeds of the
Bonds to Octagon Healthcare Limited (ProjectCo) pursuant to an on-loan
agreement dated 11 December 2003 (as amended or supplemented from
time to time). In connection with the Bonds, the Issuer and
ProjectCo also entered into a collateral deed with, amongst others,
HSBC Trustee (C.I.) Limited (the Bond Trustee) (the Collateral Deed).
ProjectCo and Issuer, together with
ProjectCo's immediate holding company Octagon Healthcare (Norwich)
Holdings Limited (the HoldCo), form the Octagon Healthcare
(Norwich) group of companies (Octagon Group).
Delay to publication of Octagon Group's audited financial
statements
The Issuer announces that there will
be a short delay in publishing the Octagon Group's consolidated
audited financial statements for the financial year ended 31
December 2023 (the 2023 Financial
Statements) and providing them to certain parties by 30
April 2024 in accordance with the terms of the Collateral Deed and
the Bond Trust Deed (as defined in the Collateral Deed).
The Issuer has provided details to
the Bond Trustee as to the delay and now sets out a summary of
those details here.
Despite the best efforts of all
parties, the Octagon Group requires further time for the auditor to
complete limited and technical procedures in respect of the 2023
Financial Statements audit. These relate to the auditor being
satisfied that a historical data incident which affected the group
of companies of which the financial management services provider to
the Octagon Healthcare Group is a member had no relevant impact on
the integrity of the Octagon Group's financial data. Neither
the Issuer nor the management services provider is aware that there
has been any such impact.
The FCA has been made aware of the
delay to the publication of the 2023
Financial Statements and the listing of the Bonds has been
suspended until the 2023 Financial Statements have been finalised
and published in accordance with the FCA's Disclosure Guidance and
Transparency Rules sourcebook. Upon publication of the 2023
Financial Statements, the Issuer intends to promptly apply for the
listing to be reinstated.
Current trading
· ProjectCo presently holds operating cash of £13,201,798 in
addition to £30,908,935 of contractually reserved funds. On
current (unaudited) projections ProjectCo's cashflow shows
sufficient cash to fund the operation of the Octagon Group until
2035.
· The
Issuer has been in dialogue with the Controlling Creditor (as
defined in the Collateral Deed) and the Bond Trustee (the
Bond Counterparties) and
the Controlling Creditor has confirmed that it is satisfied that
2023 Financial Statements may be delivered within the permitted 15
business day grace period provided for in the Collateral Deed.
On the basis of this confirmation, there is currently no
Event of Default under the Collateral Deed.
· The
Issuer is also keeping the Bond Counterparties appraised of the
situation and will continue to keep them appraised of any further
developments. Other than the confirmation of the application
of the grace period, the Bond Counterparties have not required and
have not granted, at this stage, any waiver or consent to any
potential defaults or defaults.
For further information or to
arrange a meeting with Octagon Healthcare Funding plc's management,
please contact:
Andrew Kershaw (Manager's
representative)
07889 810514