LONDON - Eros Media World PLC, a company registered in the Isle of Man, has announced the mandatory redemption of its £50,000,000 9.00 percent bonds due in 2026. The redemption is set to take place on March 10, 2025, as per the terms outlined in the bond conditions.
Bondholders are to receive an upfront cash consideration of £7.00 per £100 nominal amount of the bonds, in addition to a consent fee of £0.50 per £100 nominal amount. The record date for determining entitlement to the cash consideration, which includes both the upfront and delayed cash considerations, is March 7, 2025. Bondholders must hold their bonds on this date to be eligible for the payment. Any bonds purchased after the record date will not be entitled to the cash consideration.
The delayed cash consideration, amounting to £57.50 per £100 nominal amount of the bonds, is expected to be paid within 12 months following the mandatory redemption date. This payment is contingent on the sale of reserve shares, as detailed in the Consent Solicitation Memorandum dated August 19, 2024.
Payment of the delayed cash consideration is only assured to recorded bondholders, who will be registered by Truva Trust Corporation Plc, the appointed trustee. These bondholders may request a non-transferable receipt from the trustee to evidence their entitlement to the delayed cash consideration, subject to a fee.
Eros Media World PLC has taken steps to secure this redemption by entering into a Charge over Shares, granting the trustee security over the reserve shares on behalf of the recorded bondholders. The exact date of the delayed cash consideration payment will be announced on the trustee’s website.
This redemption reflects the company’s adherence to its financial obligations and is based on information provided by RNS, the news service of the London Stock Exchange (LON:LSEG). The distribution of this notice may be subject to legal restrictions in certain jurisdictions.
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