TIDM54KD
RNS Number : 1609S
Financial Guaranty UK Limited
12 March 2021
THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION TO ANY PERSON LOCATED
OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE
THIS ANNOUNCEMENT.
Financial Guaranty UK Limited Announces Consent Solicitation in
relation to GBP203,680,000 Guaranteed Asset Backed Fixed Rate Notes
due 2044 issued by Bishopsgate Asset Finance Limited
12 March 2021 - Financial Guaranty UK Limited (incorporated with
limited liability in England and Wales with registered number
05030956) (the "Financial Guarantor") has today provided a notice
of meeting (the "Notice of Meeting") to solicit consents (the
"Consent Solicitation") from the holders of the outstanding
GBP203,680,000 Guaranteed Asset Backed Fixed Rate Notes due 2044
(ISIN: XS0263456344 / Common Code : 026345634 ) issued by
Bishopsgate Asset Finance Limited (the "Issuer"), which are
unconditionally and irrevocably guaranteed as to scheduled payments
of principal and interest only pursuant to a Financial Guarantee
issued by the Financial Guarantor (the "Notes"), to consider and,
if thought fit, pass an Extraordinary Resolution (the
"Extraordinary Resolution") at a meeting of the Noteholders (the
"Meeting") to approve the proposed amendments to the Notes
Financial Guarantee and the other operative provisions contained in
the Amendment Agreement in respect of the Notes dated 12 March 2021
among the Financial Guarantor, Deutsche Trustee Company Limited, as
Trustee, and Deutsche Bank AG, London Branch, as Custodian (the
"Amendment Agreement"), and to relinquish any rights they have in
relation to the proceeds from any payment amount under the
financial guarantee of the Birmingham Bonds (as defined below) , as
more fully described in, and subject to the terms and conditions
set out in, the Consent Solicitation Memorandum dated 12 March 2021
(the "Consent Solicitation Memorandum"). Noteholders are advised to
refer to the Consent Solicitation Memorandum for meanings of
capitalised terms used in this announcement and not otherwise
defined herein, the full terms of the Consent Solicitation and the
procedures related thereto.
The Notes were originally issued on 10 August 2006 in an
aggregate nominal amount of GBP203,680,000. As of the date of the
Consent Solicitation Memorandum, GBP 153,951,567 in aggregate
nominal amount of the Notes remains outstanding. As a result of a
scheduled amortisation payment on the Notes to be made on 31 March
2021, the outstanding nominal amount of Notes at the time of the
Meeting and any adjourned Meeting is expected to be
GBP151,292,486.
Background to the Proposal
The Financial Guarantor is no longer engaged in the business of
writing new financial guarantees, and its current principal
activity is the run-off of its outstanding financial
guarantees.
As more fully described in the Consent Solicitation Memorandum,
the Financial Guarantor's management believes that, in the event
any policy in its financial guarantee portfolio experienced a loss
and a claim were to be made on the Financial Guarantor, it is
likely that this would result in the Financial Guarantor's own
funds being lower than its Minimum Capital Requirement ("MCR"), as
a result of which the Financial Guarantor would be put into
administration. Accordingly the management of the Financial
Guarantor believes that its financial guarantee in relation to the
Notes does not provide material credit enhancement for the Notes.
As of 30 June 2020, the Financial Guarantor's Solvency Capital
Requirement ("SCR") ratio was 30%, which is not in compliance with
the minimum required ratio of 100% under Prudential Regulatory
Authority of the United Kingdom ("PRA") standards standards.
Because the Financial Guarantor is no longer formally rated it no
longer provides any credit rating enhancement for the Notes.
The Financial Guarantor is currently undergoing a de-risking
exercise in relation to its financial guarantee portfolio. This
exercise includes seeking to remove or substantially reduce certain
of the financial guarantees in its portfolio, subject to market
conditions and reaching agreements on acceptable terms with the
relevant counterparties. To this end the Financial Guarantor is
currently conducting the Consent Solicitation in respect of the
Notes. In addition, the Proposal includes an effective partial
defeasance of the financial guarantee provided by the Financial
Guarantor in respect of the GBP398,680,000 1.972 per cent.
Index-Linked Guaranteed Secured Bonds due 2044 issued by Consort
Healthcare (Birmingham) Funding plc (the "Birmingham Bonds"), of
which Bishopsgate Asset Finance Limited (the Issuer) owns 59.26% of
the outstanding principal amount. There can be no assurance as to
the outcome of the Financial Guarantor's de-risking exercise, which
is subject to various factors outside of the control of the
Financial Guarantor. In particular, there can be no assurance as to
which financial guarantees in the Financial Guarantor's current
financial guarantee portfolio, if any, will be removed or
substantially reduced. On the basis of the Financial Guarantor's
Solvency II model as of 30 June 2020, the Financial Guarantor
currently projects that, assuming that none of the financial
guarantees in its financial guarantee portfolio would be removed or
reduced, its SCR ratio would reach 100% in 2029. If the consent
solicitation in respect of the Notes were to be successfully
completed, the SCR ratio of the Financial Guarantor would increase
but it would remain significantly below the minimum required ratio
of 100% under PRA standards.
The Proposal
For the reasons described above, the Financial Guarantor has
requested the Trustee to convene the Meeting in accordance with the
Trust Deed and is inviting Noteholders (the "Proposal") to approve,
by way of an Extraordinary Resolution pursuant to the Conditions
and the Meeting Provisions, the proposed amendments to the Notes
Financial Guarantee and the other operative provisions contained in
the Amendment Agreement and relinquish any rights they have in
relation to the proceeds from any payment amount under the
financial guarantee of the Birmingham Bonds, as set out below.
Purposes of the Proposal
The purposes of the Proposal are to:
(a) reduce the financial guarantee of the Financial Guarantor in
respect of the Notes to 3% of each guaranteed amount, whilst
retaining the same security package and the same covenant package.
The Financial Guarantor will maintain its role as the controlling
creditor in respect of all amendments, waivers and consents (except
existing reserved rights and entrenched rights);
(b) add an obligation on the Financial Guarantor not to amend or
waive the obligations in the Information Agreement to be dated on
or about the date of the Effective Time between Consort Healthcare
(Birmingham) Funding Limited plc and the Financial Guarantor (the "
Information Agreement ") ; and
(c) effectively partially defease the financial guarantee
provided by the Financial Guarantor in respect of the Birmingham
Bonds, of which Bishopsgate Asset Finance Limited (the Issuer) owns
59.26% of the outstanding principal amount. The effect of such
partial defeasance is that the holders of the Notes would no longer
have the indirect benefit of the Financial Guarantor's financial
guarantee in respect of the Birmingham Bonds. The effective partial
defeasance will be effected through the provisions of the Amendment
Agreement and a relinquishment by Noteholders of any rights that
they have to the proceeds from any payment amount under such
guarantee.
In the Information Agreement: (i) Consort Healthcare
(Birmingham) Funding plc will agree to publish on an ongoing basis
(A) the audited consolidated financial statements of each of
Consort Healthcare (Birmingham) Funding plc and Consort Healthcare
(Birmingham) Limited as project company, (B) each financial ratio
in a forecast (but not the forecast itself) which is delivered
under the collateral deed in respect of the Birmingham Bonds and
(C) a notice of any default or event of default which is delivered
under the collateral deed in respect of the Birmingham Bonds; (ii)
Consort Healthcare (Birmingham) Funding plc will also agree to
publish a report, substantially in the form of the reports known as
"Finance Report Dashboards" that have been previously delivered to
the Financial Guarantor under the collateral deed in respect of the
Birmingham Bonds (A) no later than 1 April 2021, containing a
summary of the performance of the operations of Consort Healthcare
(Birmingham) Limited during the financial year ended 31 December
2020, (B) no later than 25 business days after 31 December in each
year, containing a summary of the performance of the operations of
Consort Healthcare (Birmingham) Limited during the previous year,
and (C) no later than 25 business days after 30 June in each year,
containing a summary of the performance of the operations of
Consort Healthcare (Birmingham) Limited during the previous half
financial year; and (iii) the Financial Guarantor will agree to
publish no later than 25 business days after each 30 June and 31
December, a summary of its consents, waivers and amendments
provided under the collateral deed for the Birmingham Bonds during
the six month period then ended. It will be a requirement in the
Information Agreement that each Regulatory News Service
announcement for a report described under clause (ii)(A) or (ii)(B)
above will include details of a live open line conference call to
be held within one month after publication of such Regulatory News
Service announcement, and on such conference call Consort
Healthcare (Birmingham) Funding plc will answer questions about
that report, although Consort Healthcare (Birmingham) Funding plc
will not be obliged to provide other information, or information
that may be commercially sensitive or subject to confidentiality
restrictions or provide responses to questions where it does not
have sufficient information to provide a response. The Information
Agreement will be executed on or about the date of the Effective
Time and
will not become effective if the Effective Time does not
occur.
The Proposal
The Financial Guarantor is inviting Noteholders to approve the
following amendments to the Notes Financial Guarantee and the other
operative provisions contained in the Amendment Agreement and to
make the following relinquishment of rights as set out in the
Extraordinary Resolution:
Modifications to the Notes Financial Guarantee
The Notes Financial Guarantee shall be modified as follows:
(a) Clauses 2.1 and 2.2 shall be deleted and the following substituted in their place:
"2.1 FGIC unconditionally and irrevocably guarantees the payment
to the Trustee for the benefit of the Holders of the Guaranteed
Obligations, subject to and in accordance with the terms of this
Deed, of:
2.1.1 an amount equal to 3 percent of the portion of any
Guaranteed Amounts which are unpaid on any Scheduled Payment Date
by reason of Non-payment; and
2.1.2 an amount equal to 3 percent of any Recovered Amounts.
2.2 Without prejudice to the provisions of Clause 2.1 above, in
the event that the Guaranteed Obligations are deemed to be invalid,
unenforceable or ineffective in any respect or any other event or
circumstance occurs which might affect FGIC's obligations under
Clause 2.1 above, FGIC unconditionally and irrecoverably undertakes
to pay to the Trustee for the benefit of the Holders of the Bond
Guaranteed Obligations, subject to and in accordance with the terms
of this Deed:
2.2.1 an amount equal to 3 percent of the portion of any
Guaranteed Amounts which are unpaid on any Scheduled Payment Date
by reason of Non-payment; and
2.2.2 an amount equal to 3 percent of any Recovered Amounts."
(b) The following shall be added to end of clause 1:
"References in this Agreement to payment by FGIC of the
Guaranteed Amounts or the Recovered Amounts (or both), shall be a
reference to payment by FGIC of amounts under Clauses 2.1 or 2.2
below."
Other Operative Provisions Contained in the Amendment
Agreement
The following provisions contained in the Amendment Agreement
shall become effective (with terms having the meanings assigned to
them in the Supplemental Trust Deed):
(a) "FGUK shall not amend or waive the obligations of Consort
Healthcare (Birmingham) Funding Limited plc in the Information
Agreement between Consort Healthcare (Birmingham) Funding Limited
plc and FGUK to be dated on or about the date of the Effective Time
(as defined in the Consent Solicitation Memorandum)."
(b) "If the Custodian receives any amount in respect of a
payment by FGUK under FGUK's guarantee of the payment obligations
of Consort Healthcare (Birmingham) Funding plc under the Collateral
(a "Guarantee Payment Amount"):
(i) the Custodian shall promptly notify FGUK, the Issuer and the Trustee in writing; and
(ii) if so directed by the Issuer (acting on the instructions of
the Instructing Creditor) the Custodian shall promptly pay an
amount equal to the Guarantee Payment Amount to FGUK (in its
capacity as such guarantor) (the "Birmingham Guarantor"), and not
pay the Guarantee Payment Amount to the Issuer, the Trustee or the
Holders."
(c) "The Custodian shall, if directed from time to time by the
Issuer (acting on the instructions of the Instructing Creditor) or,
following the Security created by the Supplemental Trust Deed
becoming enforceable, the Trustee , take any of the following
actions which result in the Collateral ceasing to have the benefit
(in whole or part) of the guarantee from the Birmingham
Guarantor:
(i) selling all or part of the Collateral following the
enforcement of the Security in the Supplemental Trust Deed, on the
basis that the purchaser thereof does not have the benefit (in
whole or part) of the guarantee from the Birmingham Guarantor;
(ii) attending and voting in (or giving a proxy therefor) a
meeting of the holders of bonds issued by Consort Healthcare
(Birmingham) Funding plc, so that such bonds do not have the
benefit (in whole or part) of the guarantee from the Birmingham
Guarantor;
(iii) replacing the Collateral with (A) bonds issued by Consort
Healthcare (Birmingham) Funding plc which are not guaranteed by the
Birmingham Guarantor or (B) bonds issued by another person, which
are backed by bonds issued by Consort Healthcare (Birmingham)
Funding plc, and are structured to not have a guarantee from the
Birmingham Guarantor;
(iv) any action incidental to any action which results in the
Collateral not having the benefit (in whole or part) of the
guarantee from the Birmingham Guarantor; or
(v) any or all of the above."
(d) "None of the Custodian, the Trustee nor any Noteholder shall
assert any right to the Birmingham Guarantor's guarantee of the
Collateral (or the proceeds thereof)."
Relinquishment of Rights under the Financial Guarantee of the
Birmingham Bonds
In addition to approving the proposed amendments to the Notes
Financial Guarantee and the other operative provisions contained in
the Amendment Agreement, the Noteholders will relinquish any rights
that they have to the proceeds from any payment amount under the
financial guarantee provided by the Financial Guarantor in respect
of the Birmingham Bonds, of which Bishopsgate Asset Finance Limited
(the Issuer) owns 59.26% of the outstanding principal amount.
Rating Agencies
S&P Global Ratings has confirmed that, based on the
information provided to it, the proposed modifications to the Note
Financial Guarantee will not in and of themselves result in a
downgrade, withdrawal or qualification of the ratings currently
assigned to the Notes.
Investment Association
The Proposal has been considered by a special committee of The
Investment Association (the "Special Committee") at the request of
the Financial Guarantor. The members of the Special Committee, who
hold, in aggregate approximately 72.19% of the outstanding nominal
amount of the Notes, have examined the Proposal. They have informed
the Financial Guarantor that they find the Proposal acceptable and
that, subject to client and other approvals, they intend to vote in
favour of the Proposal in respect of their holdings of Notes. The
Special Committee has advised the Financial Guarantor that this
recommendation relates only to the Proposal set out in this Consent
Solicitation Memorandum with respect to the Notes and does not
relate to any future offers or proposals which the Financial
Guarantor may make. Noteholders should nonetheless undertake their
own detailed assessment of the Proposal.
Early Participation Fee
If the Extraordinary Resolution is passed, the Eligibility
Condition is satisfied and the other conditions to the Consent
Solicitation are satisfied (or waived) , the Financial Guarantor
will pay, or procure to be paid, on the Payment Date, a cash
payment of GBP5.00 for each GBP1,000 nominal amount of Notes that
are validly voted at the Meeting (the " Early Participation Fee ")
to Noteholders who complete and deliver ( and do not revoke, in the
limited circumstances where such revocation is permitted ) valid
Solicitation Instructions which are received by the Tabulation
Agent on or prior to the Early Participation Deadline. The proposed
amendments to the Notes Financial Guarantee and the other operative
provisions contained in the Amendment Agreement and the
relinquishment of rights contained in the Extraordinary Resolution
will become effective upon payment of the Early Participation Fee
and Ineligible Noteholder Payment to Noteholders who are entitled
to receive such payments under the terms of the Consent
Solicitation, subject to the satisfaction of all other conditions
of the Consent Solicitation. Information on the Ineligible
Noteholder Payment is set out in the Notice of Meeting. For the
avoidance of doubt, Noteholders that are eligible to receive the
Early Participation Fee or the Ineligible Noteholder Payment will
only be paid such fee or payment in respect of their amortised
holdings after the amortisation payment on the Notes is made on 31
March 2021. For holdings of Notes in nominal amounts that are not
integral multiples of GBP1,000 as of the date of the Meeting, the
Early Participation Fee and the Ineligible Noteholder Payment
(where payable) will be calculated based on the nominal amount of
Notes after rounding down to the nearest integral multiple of
GBP1,000.
Meeting
Notice of the Meeting, which will be held via teleconference at
10.00 a.m. (London time) on 6 April 2021, has been given to
Noteholders in accordance with the Trust Deed. At the Meeting,
Noteholders will be invited to consider and, if thought fit, pass
the Extraordinary Resolution to approve the implementation of the
Proposal. The Proposal requires the consent of the Noteholders of a
majority of at least 75% of the votes cast at a meeting duly
convened and held by two or more persons (provided that the holder
of Notes in global form shall be treated as two persons for this
purpose) present in person holding or representing in aggregate a
clear majority in nominal amount of the Notes for the time being
outstanding.
Indicative Timetable
Set out below is an indicative timetable showing one possible
outcome for the timing of the Consent Solicitation and the
Proposal, which will depend, among other things, on timely receipt
(and non-revocation) of instructions, the right of the Financial
Guarantor to extend, re-open, amend and/or terminate the Consent
Solicitation (other than the terms of the Extraordinary Resolution,
the bringing forward of the Expiration Deadline, the Eligibility
Condition, the Regulatory Condition or the Payment Condition) as
described in the Consent Solicitation Memorandum, the passing of
the Extraordinary Resolution and satisfaction of the consent
conditions. Accordingly, the actual timetable may differ
significantly from the timetable below.
Event Timing
Announcement 12 March 2021
Early Participation Deadline 4.00 p.m. (London time) on 26
March 2021
Expiration Deadline 4.00 p.m. (London time) on 30
March 2021
Meeting of Noteholders to be 10.00 a.m. (London time) on
held to via teleconference 6 April 2021
Announcement of the outcome As soon as reasonably practicable
of the Meeting after the Meeting
Following the Extraordinary No later than the third Business
Resolution being passed at the Day immediately following the
Meeting and the Eligibility passing of the Extraordinary
Condition and the other consent Resolution
conditions being satisfied or
waived, (i) payment by the Financial
Guarantor of the Early Participation
Fee and Ineligible Noteholder
Payment to Noteholders who are
entitled to receive such payments
under the terms of the Consent
Solicitation and (ii) the proposed
amendments to the Notes Financial
Guarantee and the other operative
provisions contained in the
Amendment Agreement and the
relinquishment of rights contained
in the Extraordinary Resolution
become effective (the Effective
Time) .
Noteholders are advised to check with any bank, securities
broker or other intermediary through which they hold their Notes
when such intermediary would need to receive instructions from a
Noteholder in order for such Noteholder to participate in, or (in
the limited circumstances in which revocation is permitted) to
validly revoke their instruction to participate in, the Consent
Solicitation and/or vote in respect of the Proposal before the
deadline specified above. The deadlines set by any such
intermediary and each Clearing System for the submission and (where
permitted) revocation of Solicitation Instructions will be earlier
than the deadline above.
Consent Conditions
The implementation of the Consent Solicitation and the related
Extraordinary Resolution will be conditional on:
(a) the passing of the Extraordinary Resolution;
(b) the Consent Solicitation not having been terminated in
accordance with the provisions for such termination set out in this
Consent Solicitation Memorandum;
(c) the quorum required for, and the requisite majority of votes
cast at, the Meeting being satisfied by Eligible Noteholders only,
irrespective of any participation at the Meeting by Ineligible
Noteholders (including, if applicable, the satisfaction of such
condition at an adjourned Meeting) (the " Eligibility Condition
");
(d) the PRA having issued a statement of non-objection (in such
form as the PRA may determine) to the Financial Guarantor in
relation to the Consent Solicitation (the " Regulatory Condition
"); and
(e) the payment by the Financial Guarantor of the Early
Participation Fee and the Ineligible Noteholder Payment to
Noteholders who are entitled to such payments under the terms of
the Consent Solicitation (the " Payment Condition ").
The Financial Guarantor may (subject to applicable law and the
meeting provisions set out in the Trust Deed) terminate the Consent
Solicitation for any reason at any time before the Effective Time.
The Financial Guarantor also reserves the right at any time to
waive any or all of the conditions of the Consent Solicitation
(other than the Eligibility Condition, the Regulatory Condition or
the Payment Condition), as set out in the Consent Solicitation
Memorandum.
Consent Solicitation Memorandum
Noteholders may obtain a copy of the Consent Solicitation
Memorandum upon request by contacting the Tabulation Agent.
Solicitation Agent
The Solicitation Agent for the Consent Solicitation is:
Barclays Bank PLC
5 The North Colonnade
Canary Wharf
London E14 4BB
(Attention: Liability Management Group, Telephone: +44 20 3134
8515, Email: eu.lm@barclays.com)
Tabulation Agent
The Tabulation Agent for the Consent Solicitation is:
Lucid Issuer Services Limited
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
(Attention: Owen Morris, Telephone: +44 20 7704 0880, Fax: +44
20 3004 1590, Email: fguk@lucid-is.com)
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN INVITATION TO
PARTICIPATE IN THE CONSENT SOLICITATION.
This announcement may contain inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
(MAR), as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019 (SI 2019/310), as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018, encompassing
information relating to the Consent Solicitation and the Proposal
described above.
UK MIFIR product governance / Professional investors and ECPs
only target market - Manufacturer target market is eligible
counterparties and professional clients (all distribution
channels). No key information document (KID) pursuant to Regulation
(EU) No 1286/2014 as it forms part of UK domestic law by virtue of
the EUWA (UK PRIIPs Regulation) has been prepared as the Notes
referred to in this Notice are not available to retail investors in
the UK.
None of the Solicitation Agent, the Tabulation Agent, the
Trustee, the Financial Guarantor or the Issuer takes any
responsibility for the contents of this announcement and none of
the Solicitation Agent, the Tabulation Agent, the Trustee, the
Financial Guarantor or the Issuer or any of their respective
directors, officers, employees or affiliates makes any
representation or recommendation whatsoever regarding the Consent
Solicitation, or expresses any opinion as to whether Noteholders
should participate in the Consent Solicitation or vote in favour of
or against the Extraordinary Resolution. This announcement must be
read in conjunction with the Consent Solicitation Memorandum. This
announcement and the Consent Solicitation Memorandum contain
important information which should be read carefully before any
decision is made with respect to the Consent Solicitation. If any
Noteholder is in any doubt as to the action it should take, it is
recommended to seek its own advice, including as to any tax
consequences, from its stockbroker, bank manager, solicitor,
accountant or other independent adviser.
Within the United Kingdom, this announcement is directed only at
persons having professional experience in matters relating to
investments who fall within the definition of "investment
professionals" in Article 19 (5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 ("relevant
persons"). The investment or investment activity to which this
announcement relates is only available to and will only be engaged
in with relevant persons and persons who receive this announcement
who are not relevant persons should not rely or act upon it.
This announcement is not a solicitation of consents with respect
to any Notes and does not constitute an invitation to participate
in the Consent Solicitation in or from any jurisdiction in or from
which, or to or from any person to or from whom, it is unlawful to
make such invitation under applicable securities laws. The Consent
Solicitation is being made solely pursuant to the Consent
Solicitation Memorandum, which sets forth a detailed statement of
the terms of the Consent Solicitation.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy securities, and there shall be no
sale of securities in any jurisdiction in which any offer,
solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any
such jurisdiction. This announcement is not an offer for sale of
any securities in the United States. Securities may not be offered
or sold in the United States absent registration or an exemption
from registration under the U.S. Securities Act of 1933, as
amended. The Issuer and the Financial Guarantor have not registered
and do not intend to register any portion of any offering of
securities in the United States nor to conduct a public offering of
any securities in the United States.
The distribution of this announcement in certain jurisdictions
may be restricted by law. Persons into whose possession this
announcement comes are required to inform themselves about, and to
observe, any such restrictions.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements set forth in this announcement contain
"forward-looking statements," that involve a number of risks and
uncertainties. Certain such forward-looking statements can be
identified by the use of forward-looking terminology such as
"believes", "expects", "may", "are expected to", "intends", "will",
"will continue", "should", "would be", "seeks", "approximately" or
"anticipates" or similar expressions or the negative or other
variations thereof or comparable terminology. These forward-looking
statements include all matters that are not historical facts.
Although forward-looking statements reflect the Financial
Guarantor's management's good faith beliefs, reliance should not be
placed on forward-looking statements because they involve known and
unknown risks, uncertainties and other factors, which may cause
actual outcomes to differ materially from anticipated future
outcomes expressed or implied by such forward-looking statements.
The Financial Guarantor does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPURUWUPGGAP
(END) Dow Jones Newswires
March 12, 2021 10:14 ET (15:14 GMT)
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