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DUBAI - Arada Sukuk Limited announced Tuesday that it failed to obtain sufficient consent from certificate holders to modify the terms of its $500 million Trust Certificates due 2027.
The consent solicitation, which began on June 16, sought approval for certain modifications to the certificates’ terms and conditions. According to the company’s statement, valid electronic voting instructions in favor of the proposed changes represented less than the required 50 percent threshold of the outstanding certificates.
As a result, the company stated that "Electronic Consent has not been granted and the Extraordinary Resolution has not been duly passed."
Arada Sukuk will now proceed with a formal meeting of certificate holders scheduled for July 9 at Greenberg Traurig’s offices in London, where the Extraordinary Resolution will be considered again.
The company had offered a consent fee of $0.75 per $1,000 in aggregate face amount to eligible certificate holders who submitted valid voting instructions by the consent fee deadline.
The $500 million Trust Certificates, identified by ISIN XS2471859251, were issued by Arada Sukuk Limited, an exempted company incorporated in the Cayman Islands with limited liability.
The announcement was made through a regulatory news service filing with the London Stock Exchange (LON:LSEG).
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