Resparcs Funding Limited Partnership I
RESPARCS Funding Limited Partnership I: Participation in losses and non-payment of coupons for HSH Nordbank’s hybrid capital
Resparcs Funding Limited Partnership I / Payout/Miscellaneous 15.04.2010 16:40 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- RESPARCS Funding Limited Partnership I: Participation in losses and non-payment of coupons for HSH Nordbank's hybrid capital April 15, 2010 RESPARCS Funding Limited Partnership I (the company) announces the following: The Company was informed by HSH Nordbank AG, Hamburg and Kiel (the bank), that the bank reported a balance sheet loss and a net loss for 2009 business year. This means that the bank will not make any coupon payments on hybrid instruments for the fiscal year 2009. Furthermore, such instruments will participate in the balance sheet loss or net loss for the fiscal year 2009. For the instruments of RESPARCS Funding Limited Partnership I with ISIN XS0159207850 listed on the Luxembourg Stock Exchange which are based on a silent participation. This means that no coupon payment will be made for the profit period 2009 and that these instruments will participate in a balance sheet loss for the fiscal year 2009 via the silent participation. The book value of the silent participation was reduced by 16.401 percent to 83.599 percent. The following instrument of RESPARCS Funding Limited Partnership I is affected: ISIN XS0159207850 listed on the Luxembourg Stock Exchange Issuer: The Company, RESPARCS Funding Limited Partnership I, a limited partnership established under the laws of Hong Kong on 26 November 2002, has acquired with the proceeds of the Re-Engineered Silent Participation Assimilated Regulatory Capital (RESPARC) Securities, a silent participation in the commercial enterprise (Handelsgewerbe) of HSH Nordbank (formerly Landesbank Schleswig-Holstein Girozentrale) in the form of a Stille Gesellschaft under German law. The Issuer expects to fund interest payments on the RESPARC Securities with distributions received under the Participation Agreement and funds received from the Bank's Luxembourg branch under a loan agreement. Interest payments are contingent on the Issuer's receipt of Silent Participation Payments from HSH Nordbank under the Participation Agreement. Hong Kong, April 15, 2010 Company: RESPARCS Funding Limited Partnership I 8/F, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong 15.04.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found