Results of Tier1 Exchange Offer & Noteholders' Mtg


 

TIDMPRLG 
 
RNS Number : 1955G 
Pearl Group 
27 January 2010 
 

NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES 
OR TO ANY PERSON LOCATED IN THE REPUBLIC OF ITALY 
 
 
27th January 2010 
 
 
 
 
PEARL GROUP ANNOUNCES RESULTS OF TIER 1 EXCHANGE OFFER 
AND NOTEHOLDERS' MEETING 
 
 
 
 
On 5th January 2010, Pearl Group Holdings (No. 1) Limited (the "Company") made 
an invitation to holders of the outstanding GBP500,000,000 6.5864 per cent. 
Fixed/Floating Rate Perpetual Reset Capital Securities (the "Notes") to exchange 
their Notes (the "Exchange Offer") for zero coupon senior non-transferable 
registered notes due 17th December 2010 issued by Pearl Group (incorporated in 
the Cayman Islands with registered number 202172). 
 
 
Concurrently with the Exchange Offer, the Company solicited consents from 
Noteholders for the adoption of certain proposed amendments (the "Proposed 
Amendments") to the Notes. These consents included a reduction in the face value 
of the notes by 25% but offered the introduction of significant credit 
enhancements for Noteholders.  The Company convened a Meeting of Noteholders on 
27th January 2010, at which, inter alia, the Extraordinary Resolution to approve 
the Proposed Amendments and their implementation would be considered and, if 
thought fit, passed. 
 
 
At the meeting, the Extraordinary Resolution was not passed and the Proposed 
Amendments will therefore not be adopted.The Exchange Offer will not proceed. 
 
 
Pearl Group Chief Executive, Jonathan Moss, said: 
 
 
"This was a fair offer, which sought to give our Tier 1 Noteholders a reasonable 
alternative to their current position. It provided important enhancements and 
greatly improved the clarity of the conditions under which coupons on the Tier 1 
Notes would be paid or deferred in the future. 
 
 
In addition, our offer balanced the interests of all stakeholders 
including those who accepted significant writedowns to support the Pearl group 
of companies through a period of market dislocation. 
 
 
We remain willing to engage with Noteholders and to discuss any proposals they 
may have for the resolution of their issues that would be satisfactory to them 
and to the Company as well as being fair to all stakeholders." 
  Enquiries: 
 
 
Media: 
 
 
Andrew Grant, James Bradley, Mal Patel 
Tulchan Communications 
+ 44 (0) 20 7353 4200 
 
 
Daniel Godfrey 
Director of Corporate Communications, Pearl Group 
+ 44 (0) 20 7489 4517 
+ 44 (0) 7894 937 890 
 
 
Investors: 
 
 
Fiona Clutterbuck, Pearl Group 
+ 44 (0) 20 7489 4881 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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