Lock-Up Agreement Accessions and Fee Deadline Extension
Steinhausen, 16. September 2020, Further to the announcement of Selecta Group B.V. dated 8 September 2020, the Company is pleased to announce that more than 78% of Selecta’s Noteholders have now undertaken to support the recapitalisation transaction (the “Transaction”) by agreeing to enter into the lock-up agreement with the Company – this support continues to grow.
As a result, Selecta has quickly exceeded the requisite consent in order to make the necessary amendments to the terms of the Notes to proceed with the scheme of arrangement (the “Scheme”) to implement the Transaction.
This has enabled Selecta to issue a practice statement letter (the “PSL”) on 15 September 2020, notifying Noteholders of the convening hearing in respect of the Scheme scheduled to occur on 2 October 2020. The PSL is also available to Noteholders on the Scheme Website at http://www.lucid-is.com/selecta.
The Company’s other major finance providers, the lenders of its existing revolving credit facility, have already provided unanimous consent to amendments required to facilitate the Transaction.
In order to allow additional Noteholders who have not yet completed the formalities necessary to accede to the lock-up agreement, dated 8 September 2020 (the “Lock-Up Agreement”), to continue to benefit from the 25bps lock-up fee, the deadline to accede to the Lock-Up Agreement and receive the fee has been extended until 4:00 p.m. (London time) on 21 September 2020. Any accessions to the Lock-Up Agreement received until 4:00 p.m. (London time) on 21 September 2020 (including those received after 4:00 p.m. (London time) on 15 September 2020) will be eligible for the 25bps lock-up fee.
Noteholders that are yet to sign the Lock-Up Agreement and wish to support the Transaction and receive the lock-up fee will need to complete and execute a consenting creditor accession letter to the Lock-Up Agreement in their capacity as a Noteholder and provide evidence of their beneficial holdings to Lucid Issuer Services Limited (acting as Calculation 2 Agent under the Lock-Up Agreement) no later than 4:00 p.m. (London time) on 21 September 2020:
Lucid Issuer Services Limited
12Argyle Walk London WC1H 8HA
Telephone: +44 20 7704 0880
Attention: Thomas Choquet
Selecta would like to thank the Noteholders for their support in respect of the Transaction to date, which management believes will enable the Company to drive further value for the benefit of all stakeholders.