Post by djay on Nov 6, 2019 15:42:46 GMT
Name: PizzaExpress Financing 1 plc
Date: 6th November 2019
Re: Information Release
Please click on the following link to view the document:
www.rns-pdf.londonstockexchange.com/rns/4562S_1-2019-11-6.pdf
"Hiring of Advisors
en.wikipedia.org/wiki/Houlihan_Lokey
en.wikipedia.org/wiki/Kirkland_%26_Ellis
"Tender Offer
The Group further understands that (i) the Offer is a liability management transaction being proposed by the Offeror in light of Hony Capital’s existing investment in the group and (ii) following the closing of the tender offer, the Offeror may hold some or all of the tendered Senior Notes to maturity, contribute some or all of the tendered Senior Notes to the Group, and/or the Offeror or its affiliates may seek to engage in other refinancing or debt transactions with the Group or other parties.
There can be no assurances that the Offeror will purchase any Senior Notes, and the Offer may be amended at any time.
The Offer commenced on November 6, 2019.
The early tender deadline with respect to the Offer is 5.00pm on November 20, 2019 and the tender offer will expire at 5.00pm on December 5, 2019 unless amended or extended by the Offeror. The settlement date will be on or about December 12, 2019.
The Offer will be subject to various closing conditions, including the satisfaction of the conditions stated in the tender offer memorandum.
The board of directors of PizzaExpress Financing 1 plc (other than the directors who recused themselves from making a decision with respect to the Offer) has determined that it will express no opinion with respect to the Offer and holders of Senior Notes, after having considered all of the factors set forth in the tender offer memorandum with respect to the Offer, should make their own determination as to whether it is in their personal interest to tender all or a portion of their Senior Notes in the Offer and the price at which any Senior Notes should be tendered."
2 bits that caught my attention! My bolds.
Pre-emptive and proactive. They are clearly not going to sit back and let the situation be dictated by speculative bondholders.