Millshaw Sams No.1 Ld Issues relating to historic mortgage redemptions (6951W)
16 Novembre 2017 - 10:18AM
UK Regulatory
TIDMBK75
RNS Number : 6951W
Millshaw Sams No.1 Ld
16 November 2017
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE
REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW).
IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER
INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS
NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.
If you are in any doubt as to the action you should take, you
are recommended to seek your own financial advice immediately from
your stockbroker, bank manager, solicitor, accountant or other
financial adviser authorised under the Financial Services and
Markets Act 2000 (if you are in the United Kingdom), or from
another appropriately authorised independent financial adviser and
such other professional advice from your own professional advisors
as you deem necessary.
This Notice is addressed only to current and historic holders of
the Notes (as defined below) and persons to whom it may otherwise
be lawful to distribute it ("relevant persons"). It is directed
only at relevant persons and must not be acted on or relied on by
persons who are not relevant persons. Any investment or investment
activity to which this Notice relates is available only to relevant
persons and will be engaged in only with relevant persons.
If you have recently sold or otherwise transferred your entire
holding(s) of Notes referred to below, you should immediately
forward this document to the purchaser or transferee or to the
stockbroker, bank or other agent through whom the sale or transfer
was effected for transmission to the purchaser or transferee.
THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT
BE CONSTRUED AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION OF, OR
A SOLICITATION OF ANY OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR, ANY
SECURITIES OF THE ISSUER OR ANY OTHER ENTITY IN ANY
JURISDICTION.
MILLSHAW SAMS NO.1 LIMITED
26 New Street
St. Helier
Jersey JE2 3RA
(the "Issuer")
NOTICE
to historic and current holders of the following notes of the
Issuer
presently outstanding
GBP97,840,000 SAM Notes
(the "Noteholders" and the "Notes", respectively)
Capitalised terms used herein and not otherwise defined shall
have the meanings ascribed to them in the deed of master
definitions dated 25 March 1999 between, amongst others, the Issuer
and Barclays Bank PLC ("Barclays") or the offering circular
relating to the Notes dated 17 March 1999.
Barclays, in its capacity as Administrator of the Mortgages, has
informed the Issuer and the Trustee that the Administrator became
aware of certain issues relating to the application and calculation
of the property valuation methodology when ascertaining the
redemption value on certain Mortgages.
As a result of becoming aware of the issues, the Administrator
chose to undertake a full review of all Mortgage redemptions that
have occurred to date.
The Administrator informed the Issuer and the Trustee that the
Administrator has identified certain cases where insufficient
redemption proceeds were recovered from a Borrower.
The Administrator has assessed the quantum of the shortfall and
on 15 November 2017 the Administrator made a payment to the Issuer
of GBP7,296,971.02 which comprises the shortfall owed and a sum to
reflect the delay in receipt of Participation Payments by
Noteholders (based on the historic return on the Notes).
Current Noteholders will therefore receive their entitled share
of this additional payment, by way of a Participation Payment, on
the Participation Payment Date falling in 15 December 2017.
The Trustee has approved the above arrangements in accordance
with the provisions of the Trust Deed.
The Issuer notes that the aforementioned issues may have also
resulted in historic Noteholders (who are not Noteholders at the
date of this Notice) receiving reduced Participation Payments in
the past. Such Noteholders are kindly requested to contact the
Administrator.
Current Noteholders with queries concerning the content of this
Notice are kindly requested to contact the Administrator using the
details set out below.
The Issuer also notes that the Reuters screen page "BARCAPSAMS",
on which the Put Option exercise price was previously published, is
no longer available. The Issuer has therefore arranged for the
exercise price to now be published on the Reuters screen page
"BARCBAXX".
Contact Details:
Issuer: 26 New Street
St. Helier
Jersey JE2 3RA
Facsimile: 01534
814815
Attention: Millshaw
Sams No.1 Limited
- the Company Secretary
Administrator: Barclays Bank PLC
1 Churchill Place
London, E14 5HP
Email: debt.ir@barclayscorp.com
Attention: Lisa Bartrip,
Investor Relations
This Notice is given by
MILLSHAW SAMS NO.1 LIMITED
as Issuer
Dated 16 November 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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