THIS NOTICE IS IMPORTANT AND REQUIRES THE ATTENTION OF THE REGISTERED AND BENEFICIAL OWNERS OF THE SECURITIES (AS DEFINED BELOW). ALL INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO THE BENEFICIAL OWNERS IN A TIMELY MANNER. THE NOTICE WAS INITIALLY MADE AVAILABLE TO SECURITIES HOLDERS VIA THE CLEARING SYSTEMS ON OR AROUND 9 SEPTEMBER 2019. THE ISSUER IS HEREBY CIRCULATING THIS NOTICE MORE WIDELY IN ORDER TO SEEK TO ENSURE THAT ALL SECURITIES HOLDERS RECEIVE THIS NOTICE.
ANNOUNCEMENT / NOTICE TO SECURITIES HOLDERS (the "Notice")
ProPart Funding Limited Partnership (the "Issuer")
ISIN DE000A0GF758 (the "Securities")
€ 150,000,000 Dated Upper Tier 2 Securities
with the payment of coupons and principal conditional upon receipt of profit distributions and repayment from cumulative profit participation securities (Kumulative Genussscheine) issued by
IKB Deutsche Industriebank AG ("IKB AG")
The Issuer hereby notifies pursuant to the terms and conditions of the Securities (the "Terms and Conditions") that IKB AG has given notice to it of a net loss (Jahresfehlbetrag) for the fiscal year ended 31 March 2019 (the "Fiscal Year 2018/2019"). In addition, the Issuer did not receive any Advances from the Loan Agreement. In accordance with § 7(2) of the Terms and Conditions, no corresponding payments under the Securities scheduled for 5 August 2019 were made.
Since the Redemption Payment payable on the Repayment Date (3 August 2015) was less than the aggregate nominal amount of the Securities, the Issuer should have used any Additional Repayment Amounts and Advances effectively received from the IKB AG for the repayment of the Securities to the Securityholders, if and to the extent that the Issuer was entitled to Additional Repayment Amounts in accordance with the terms and conditions of the Cumulative Profit Participation Securities and any amounts from corresponding Advances under the Loan Agreement.
IKB AG has informed the Issuer that, on 13 June 2019, the supervisory board (Aufsichtsrat) of IKB AG approved (festgestellt) the audited unconsolidated financial statements of IKB AG for the Fiscal Year 2018/2019 (the "Financial Statements 2018/2019") and that the Financial Statements 2018/2019 show a net loss (Jahresfehlbetrag) of € 44.5 million. IKB AG has also informed the Issuer that, as a result of such a net loss, no Additional Repayment Amounts regarding the Cumulative Profit Participation Securities for the fiscal year ended 31 March 2019 (the "Fiscal Year 2018/2019") scheduled for 5 August 2019 were paid. Furthermore, IKB AG has informed the Issuer that, as a result of the net losses and respectively missing net profits shown in IKB AG's audited unconsolidated financial statements during the four fiscal years of IKB AG following the end of the term of the Cumulative Profit Participation Securities (the "Recovery Period"), no Additional Repayment Amounts were paid. The Recovery Period ended with the end of the Fiscal Year 2018/2019.
The Issuer did not receive any Additional Amounts and Advances from 3 August 2015 up to the date of this notice.
Thus, the Issuer did not make any payments according to § 7(2) of the Terms and Conditions and the final Repayment Amount under the Securities is € nil. Consequently, the Securities terminated at € nil with effect from 5 August 2019.
Jersey, 14 October 2019
ProPart Funding Limited Partnership
Acting through its general partner ProPart Funding 2005-1 Limited
Attachment
- 2019.10.14-Notice _DE000A0GF758 (ID 579428) (ID 579889) (https://ml-eu.globenewswire.com/Resource/Download/588098c7-8795-4668-a7ec-13f35f4dc276)
