Kefren Properties IX AB
Kefren Properties IX AB, 556691-4031 (”Company”) – Further information to notification of Bondholders’ meeting
Kefren Properties IX AB 15.11.2010 09:02 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- As stated in notice no. 76 published 8th November 2010 a Bondholders' meeting for the owners of bonds issued by the Company is to be held on Wednesday 17th November 2010. Below is the Company's addendum to the published agenda. Definitions (translated from Danish) used in the Prospectus dated the 27th October 2006 concerning bonds issued by the Company are also used in the following. The Bondholders' meeting was called with the following agenda: 1. Election of Chairman 2. Reason for the Bondholders' meeting Non-payment of timely bond interest 3. Statement from the Issuer 4. Decision regarding termination of the bonds, if possible, unless termination has already been given 5. Information about the property values according to valuation 6. Decision about a possible sale of the property portfolio 7. Decision about a possible enforcement of the mortgages 8. Decision about the payment of costs in excess of the balance on the proceeds account 9. Decision about a possible request from the Issuer to change the bond terms 10. Any other business The Company has the following addendum to the agenda: Re. 2 - 3: The Company will at the meeting make a presentation which will be published on the OMX Nordic exchange Copenhagen prior to the meeting. Re. 4: According to the Prospectus p. 23 under 'Bond Terms, Breach/realisation' the Bonds shall not be terminated for redemption without the consent of the lenders secured by the Senior Priorities. It should be noted that Barclays have announced that they will not give consent for the Bondholders to terminate the Bonds. Re. 5: At the meeting the Special Servicer will go through the most recent valuation undertaken at the request of the Senior Lenders. The Senior Lenders have informed that the valuation is preliminary and minor changes can be made. Since the breach of the senior loan requirement, regarding the size of the senior loan relative to the market value of the portfolio (loan-to-value) is significant, minor changes to the valuation will not have any impact on whether the Company fulfils the senior loan requirement. The Company has pledged DKK 500,000 for the benefit of the Bondholders for the costs of organising Bondholders' Meetings and commissioning valuations. The Special Servicer has indicated that they will not be requesting a new valuation, primarily because it will not change the Senior Lender's view on the breach of the loan-to-value condition. Re. 6-8: The Bonds cannot be terminated, cf. item 4, why it is not relevant to take any decision about sale of the Properties, forced enforcement of mortgages or the payment of costs in excess of the balance on the Proceeds Account. Re. 9: The Company will not, at this meeting, propose making changes to the Bond Terms. The Board of Directors Please address questions relating to this Notice to Chairman Ole Vagner on telephone +45 40254113 or via e-mail ole@vagner.dk. Further information about Kefren Properties IX AB is available on the Company's website, www.kefren.se. News Source: NASDAQ OMX 15.11.2010 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Kefren Properties IX AB Denmark Phone: Fax: E-mail: Internet: ISIN: DK0030039300 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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