HDL Debenture Limited HDL Debenture Limited Announcement (7772H)

TIDM06HB

RNS Number : 7772H

HDL Debenture Limited

31 July 2023

STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE

31 July 2023

HDL Debenture Limited 10.375 per cent First Mortgage Debenture Stock 2023 (ISIN: GB0004198445).

Pursuant to the notice of meeting dated 30 June 2023 convening a meeting ("Meeting") of holders of 10.375 per cent First Mortgage Debenture Stock 2023 ("Stockholders") issued by HDL Debenture Limited (formerly Hemingway Properties PLC) (the "Issuer") (the "Notice of Meeting"), such Meeting was held at the offices of Link Group, 6th Floor, 65 Gresham Street, London EC2V 7NQ at 10.00 a.m. (London time) on 26 July 2023 for the purpose of considering and, if thought fit, passing the resolution set out within the Notice of Meeting (the "Resolution").

The Resolution was proposed as an Extraordinary Resolution at the Meeting in accordance with the provisions of the trust deed dated 13 July 1993 (as amended and/or supplemented from time to time), made between the Issuer, Hemingway Investments Limited, Hemingway Estates Limited and Royal Exchange Trust Company Limited as trustee.

The Resolution, which included a partial redemption, was rejected unanimously by the Stockholders on a show of hands.

The maturity date of the Stock is 31 July 2023. The Issuer is paying the coupon amount, which was due on the Stock today, but it is not able to pay the principal amount and therefore an Event of Default will occur pursuant to Condition 1 of the Stock.

Based on the latest property valuation dated June 2023, the combined value of the mortgaged properties and cash assets provide capital cover of 1.48x. The Issuer is continuing discussions, facilitated by The Investment Association, with a group of Stockholders representing the majority of the Stock in relation to proposals to facilitate repayment of the Stock through the sale and/or refinancing of the mortgaged properties.

This announcement is given by:

HDL Debenture Limited

10 Upper Berkeley Street

London

W1H 7PE

Contacts

HDL Debenture Limited

Brian Cole, Group CFO; brian.cole@marcol.com ; +44 (0) 20 7298 8618

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