GTM 3442
16-04-2010, 07:17 AM
REL: 1718 HRS Rural Portfolio Capital Limited
GENERAL: RPC010: Financing of cash requirements
Rural Portfolio Capital Limited
Market Announcement - 15 April 2010
(Code RPC010)
Rural Portfolio Capital Limited announces that the financing of the cash
requirements for 15 April 2010 (as discussed in the half year report and the
market announcement on the 12 February 2010) are currently being finalised
within the Rural Portfolio Investments Limited group.
The six monthly dividend payments to RPS holders due 15 April 2010 will be
paid today from the Dividend Escrow Account.
Under the Security Trust Deed dated 22 February 2007, it is a requirement
that the Dividend Escrow Account shall at all times hold sufficient funds in
order to meet the next dividend payable. The Trustee has been advised that
this funding of the Dividend Escrow Account for the next six monthly payments
due on 15 October 2010 will not occur today. The Security Trust Deed allows
a 30 day period for such a breach to be remedied, prior to an enforcement
event occurring.
The RPI Group expects to complete arrangements to top up of the Dividend
Escrow Account within the remedy period. An extension of time has been
sought from the New Zealand financial institutions with existing borrowings
to the RPI Group, to allow all arrangements for those borrowings to be
concluded.
A further announcement on the completion of this process will be made as soon
as possible.
ENDS
End CA:00193790 For:RPC Type:GENERAL Time:2010-04-15:17:18:07
And what does the team think the chances are of an "enforcement event" occurring ?
And is it worth buying in at 100% in anticipation ? Or simply for the yield ?
GENERAL: RPC010: Financing of cash requirements
Rural Portfolio Capital Limited
Market Announcement - 15 April 2010
(Code RPC010)
Rural Portfolio Capital Limited announces that the financing of the cash
requirements for 15 April 2010 (as discussed in the half year report and the
market announcement on the 12 February 2010) are currently being finalised
within the Rural Portfolio Investments Limited group.
The six monthly dividend payments to RPS holders due 15 April 2010 will be
paid today from the Dividend Escrow Account.
Under the Security Trust Deed dated 22 February 2007, it is a requirement
that the Dividend Escrow Account shall at all times hold sufficient funds in
order to meet the next dividend payable. The Trustee has been advised that
this funding of the Dividend Escrow Account for the next six monthly payments
due on 15 October 2010 will not occur today. The Security Trust Deed allows
a 30 day period for such a breach to be remedied, prior to an enforcement
event occurring.
The RPI Group expects to complete arrangements to top up of the Dividend
Escrow Account within the remedy period. An extension of time has been
sought from the New Zealand financial institutions with existing borrowings
to the RPI Group, to allow all arrangements for those borrowings to be
concluded.
A further announcement on the completion of this process will be made as soon
as possible.
ENDS
End CA:00193790 For:RPC Type:GENERAL Time:2010-04-15:17:18:07
And what does the team think the chances are of an "enforcement event" occurring ?
And is it worth buying in at 100% in anticipation ? Or simply for the yield ?