Those issuers, corporate services providers, collateral managers, servicers and special servicers that regularly submit debt announcements on the Irish Stock Exchange will know how straightforward and quick it is to submit.  For those that don’t, at present this process involves simply sending a copy of the notice or announcement to the email address announcements@ise.ie and the publication is free of charge if a Word version of the notice is sent. 
Continue Reading Irish Stock Exchange announcements – Its all change at the Exchange!

The effectiveness of the restructuring technique known as “exit consent” has been cast into doubt by the English High Court.  During a recent consent solicitation, Assenagon Asset Management SA, a noteholder with a €17m holding in Anglo-Irish Bank (now IBRC) refused to vote in favour of an exchange offer that would have emanated in their holding being replaced with paper that was an eye watering 20% discount of their bonds face value. Assenagon’s reward for protecting their position was a €170 payout for their entire holding (0.00001% of face value). Unsurprisingly, litigation ensued and Assenagon were successful in obtaining a declaration that the exchange resolution was not valid.

Assenagon challenged the validity of the resolution on three fronts, the first two arguments were based on the construction of the Trust Deed whereas the third argument is significant to the market due to its general application:
Continue Reading Exit consent solicitation – an abuse of power