Unite Group PLC Withdrawal of Convertible Bond Redemption Notice (6420E)
10 May 2017 - 12:30AM
UK Regulatory
TIDMUTG
RNS Number : 6420E
Unite Group PLC
09 May 2017
9 May 2017
THE UNITE GROUP PLC
("Unite Students", "Unite", the "Group", or the "Company")
WITHDRAWAL OF CONVERTIBLE BOND OPTIONAL REDEMPTION NOTICE
We refer to our announcement issued yesterday, 8 May 2017 in
respect of the GBP89,900,000 2.50 per cent. Guaranteed Convertible
Bonds due 2018 (the "Bonds") of Unite Jersey Issuer Limited.
There is a difference of opinion regarding the legal
interpretation of the methodology used to calculate the share price
at which an early redemption can be called. We have decided to
respect the alternative interpretation and therefore will withdraw
the redemption notice issued yesterday. It remains the Board's
intention to call the Bonds for redemption at the earliest possible
opportunity and a further update will be provided when
appropriate.
Accordingly, the notice below has been issued to
Bondholders.
"It has been brought to our attention by certain Bondholders
that the requirements for the optional redemption of the Bonds may
not have been satisfied on certain of the days on which it was
measured due to an alternative interpretation of the measurement of
Parity Value. Consequently, it is unclear whether the Optional
Redemption Notice issued yesterday was validly given at this stage
and the Issuer is withdrawing this Optional Redemption Notice."
ENDS-
For further information, please contact:
Unite Students
Joe Lister, Chief Financial Officer Tel: +44 117
Paul Richmond, Corporate Affairs 302 7005
Director
Bell Pottinger
Victoria Geoghegan Tel: +44 20
Nick Lambert 3772 2562
Elizabeth Snow
Notes to editors:
About Unite Students
Unite Students is the UK's largest and most established manager
and developer of purpose-built student accommodation. It provides a
home for around 50,000 students, in more than 140 properties,
across 28 leading university cities in England and Scotland. Unite
works in partnership with more than 60 Higher Education
institutions and also lets rooms directly to students.
Unite's purpose is to provide a home to its culturally-diverse
customers, offering them a strong foundation for academic and
personal success. The accommodation is high quality, safe and close
to university campuses, transport links and local amenities.
Students live in ensuite study bedrooms with rents covering all
bills, insurance, 24-hour security, fortnightly cleaning of
communal kitchens and bathrooms and high speed Wi-Fi.
Founded in 1991 in Bristol, The Unite Group plc is a FTSE250
company, listed on the London Stock Exchange, employing more than
1,250 people. It pursues a sustainable growth strategy, designed to
make the most of the resilient nature of the student accommodation
sector. Unite is focused on maintaining its position as the leading
provider of student accommodation in the UK, by having the best
brand, operating the highest quality portfolio and maintaining the
strongest capital structure in the sector. This is achieved with
consistent investment in, and improvement to, the operating
platform; highly selective development activity and asset
management initiatives.
Unite is invested in and operates a two specialist funds and
joint ventures with institutional investment partners, the GBP2
billion Unite UK Student Accommodation Fund (USAF) and the GBP1
billion London Student Accommodation Vehicle (LSAV).
Unite is the founder and major donor of the Unite Foundation.
Since 2012 this has provided free student accommodation and
financial support to 160 young people in the UK who lack family
support.
For more information you can visit Unite's corporate website
www.unite-group.co.uk, the student site www.unite-students.com or
the Unite Foundation www.unitefoundation.co.uk.
LEI: 213800BBUUWVDH9YI827
This information is provided by RNS
The company news service from the London Stock Exchange
END
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