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DUBAI - Arada Sukuk 2 Limited announced Wednesday that holders of its $550 million Trust Certificates due 2029 approved an extraordinary resolution to modify terms and conditions of the certificates.
The adjourned meeting held on July 23 achieved quorum requirements, satisfied eligibility conditions, and successfully passed the proposed resolution, according to a company statement released via the London Stock Exchange (LON:LSEG)’s news service.
The consent solicitation process, which began on June 16, invited certificate holders to approve specific modifications to the terms of the certificates. Details of these modifications were outlined in a consent solicitation memorandum distributed to eligible holders.
The Cayman Islands-incorporated trustee plans to pay a consent fee of $0.75 per $1,000 in certificate face value to eligible holders. Payment is expected around July 24, but no later than July 30, which is five business days following the adjourned meeting.
All certificates that were blocked for voting purposes during the consent solicitation will be unblocked "as soon as practicable," the company stated.
The trust certificates, identified by ISIN XS2841181972, remain outstanding at their full $550 million aggregate face amount.
Standard Chartered (LON:STAN) Bank acted as the solicitation agent for the process, while Sodali & Co Ltd served as the information and tabulation agent.
The announcement was made through RNS, the London Stock Exchange’s news service.
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