Financial crisis of the company; notification of a proposed restructuring in accordance with StaRUG to restructure EVAN Bond

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EVAN Group plc. / Keyword(s): Leap
EVAN Group plc: Corporate financial crisis; notification of a proposed restructuring in accordance with StaRUG to restructure EVAN Bond

06-Jul-2022 / 11:15 CET/CEST
Disclosure of privileged information according to. in Article 17 MAR of Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Privileged information within the meaning of art. 17 of Regulation (EU) No 596/2014

EVAN Group plc: Corporate financial crisis; notification of a proposed restructuring in accordance with StaRUG to restructure EVAN Bond

Valletta, 6 July 2022 – EVAN Group plc, Malta, as issuer of the 6.0% 2017/2022 bond (ISIN: DE000A19L426 / WKN: A19L42) (“EVAN link“), is going through a financial crisis and has decided to file today a notification of proposed restructuring in accordance with the German law on stabilization and restructuring of enterprises (Unternehmensstabilisierungs- und -restrukturierungs­gesetz- StaRUG“) at the High Court (Amtsgericht) from Dusseldorf (“Restructuring Court“). The possibility of restructuring created by the legislator within the framework of the StaRUG procedure serves the objective of restructuring the EVAN Bond.

EVAN Group plc intends to shape the claims of noteholders of the EVAN bond through a restructuring plan. To this end, the draft restructuring plan submitted with the notification to the Restructuring Court provides in particular for a reduction of the total nominal value of the outstanding EVAN Bond of 22,778,000.00 euros from 15,876,266.00 euros to 6,901 .734.00 euros, i.e. a reduction in the nominal value per note of the EVAN Bond from 1,000.00 euros to 303.00 euros. In addition, the interest claims of noteholders accumulated up to July 30, 2022 (inclusive) will only become due five months after the legal entry into force of the restructuring plan. The term of the EVAN Bond is to be extended until July 30, 2024. In addition, bondholders are to be granted a debtor warrant. This debit mandate must be served by future cash inflows; it is limited to a maximum amount of 697.00 euros per note of the EVAN Bond.

In addition and independently of this, it is expected that bondholders will be offered, subject to the legal validity of the restructuring plan, the acquisition of the bonds they hold within four months of the legal validity of the restructuring plan for a purchase price of 53% of the nominal value (corresponding to 530.00 euros per note).

The Restructuring Court is now expected to convene a meeting of bondholders in the near future for the purpose of appointing a common representative for all bondholders of the EVAN bond. This meeting is expected to take place at the end of July 2022. Thereafter, the Restructuring Court will announce a discussion and vote date on which the restructuring plan will be voted on.

Contact

EVAN Group plc

T: +49 (0) 69 94 41 80 55 // E: IR@evan-group.com

Press / Investor Relations

Andreas Framke
NewMark Finanzkommunikation GmbH
Walther-von-Cronberg-Platz 16
D-60594 Frankfurt am Main

Tel: +49 (0) 69 94 41 80 55 // Fax: +49 (0) 69 94 41 80 19
E: IR@evan-group.com

06-Jul-2022 CET/CEST DGAP distribution services include regulatory announcements, financial/corporate news and press releases.
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