Millshaw Sams No.1 Ld Issues relating to historic mortgage redemptions (6951W)

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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November 16, 2017 04:18 ET (09:18 GMT)

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