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DUBAI - Arada Sukuk 2 Limited announced Tuesday that its consent solicitation to modify terms of its $550 million Trust Certificates due 2029 has failed to secure the required support from certificate holders.
The Cayman Islands-based company reported that valid electronic voting instructions in favor of the proposed changes represented less than 50 percent of the aggregate face amount of outstanding certificates. As a result, electronic consent was not granted and the extraordinary resolution was not passed.
The consent solicitation, which was announced on June 16, sought approval for certain modifications to the terms and conditions of the certificates. The company had offered eligible certificate holders a consent fee of $0.75 per $1,000 in aggregate face amount.
Following the unsuccessful electronic voting process, Arada Sukuk 2 will proceed with a formal meeting scheduled for July 9 at Greenberg Traurig’s offices in London. The meeting aims to consider and potentially pass the extraordinary resolution that failed to secure sufficient electronic consent.
The company did not disclose specific details about the proposed modifications in its announcement.
Standard Chartered (LON:STAN) Bank is acting as the solicitation agent for the process, while Sodali & Co Ltd serves as the information and tabulation agent.
This information was provided in a press release statement from Arada Sukuk 2 Limited.
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