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LONDON - Shaftesbury Capital PLC (LSE:SHB (HM:SHB)), a real estate investment trust, has announced changes to the exchange terms of its GBP 275 million secured exchangeable bonds following a recent dividend payment to shareholders. The adjustments come after the company paid a final dividend of GBP 0.018 per share on May 30, 2025.
The bondholders were previously informed on February 28, 2025, that the cash dividend would trigger a Capital Distribution event as per the bond conditions, since the dividend amount exceeded the Reference Amount set for the Relevant Period. Consequently, the Capital Distribution amount will now be included in the Exchange Property, which is the basket of assets bondholders receive when they choose to exchange their bonds for shares.
Effective May 30, 2025, an additional GBP 374,179.25 has been added to the Exchange Property, which now consists of 127,008,786.5254 Shaftesbury Capital Shares and GBP 805,015.7913 in cash. This adjustment means that each holder of GBP 100,000 principal amount of bonds is entitled to 46,185.0133 Shaftesbury Capital Shares and GBP 292.7330 in cash upon exercising their exchange rights.
The notice also specified that the same amount, GBP 374,179.25, will be credited to the security as outlined in the bond conditions. The Trustee, responsible for overseeing the bond terms, has not formulated or endorsed this notice and advises bondholders to seek independent legal and financial advice regarding the notice’s implications.
Shaftesbury Capital PLC’s announcement is based on the terms set out in the bond conditions and is not influenced by the Trustee’s opinions. This information is shared for the benefit of the bondholders and is derived from a press release statement.
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