85VK Aspire Def.fina

TIDM85VK

RNS Number : 9003F

Aspire Defence Finance PLC

27 February 2018

Update regarding liquidation of Carillion plc

Aspire Defence Finance plc (the "Company"), the Issuer for Project Allenby/Connaught ("the Project"), wishes to update its Series A and Series B Bondholders further to its announcements of 17 and 29 January 2018 concerning the impact of the compulsory liquidation of Carillion plc ("Carillion") on the Project.

The Project continues to deliver services and the construction of the Army Basing Programme Works as normal.

As noted in the Company's announcement dated 17 January 2018 Carillion seconded managerial and supervisory staff to Aspire Defence Capital Works ("ADCW"), the sub-contractor responsible for the Army Basing Programme Works. Ninety-three per cent of those former Carillion employees, including all the members of the ADCW senior leadership team previously employed by Carillion, have accepted employment offers from KBR, Carillion's partner in the ADCW joint venture.

As noted in the Company's announcement dated 29 January 2018, the liquidation of Carillion has caused a potential event of default as such term is defined in the Project's financing documents. The Company has submitted remedial plans to the monoline insurers of the Series A and Series B Bonds, Ambac Assurance UK Limited and Assured Guaranty (UK) plc. The remedial plans have the support of the monoline insurers in-principle, and they are being put into effect.

The Company will continue to provide further updates as appropriate.

By order of the Board,

Angus McColl

Company Secretary

27 February 2018

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

February 27, 2018 02:00 ET (07:00 GMT)

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