Delay to
publication of audited accounts
RNS Number: 7624Y
The Hospital Company (Dartford) Issuer
plc
1 August 2024
DISCLAIMER
Please note
that the information contained in this notice is addressed solely
to holders of the £152,525,000 3.003 per cent. Index Linked
Guaranteed Secured Bonds due 2031 (the Bonds) of The Hospital Company
(Dartford) Issuer plc (the Issuer) and persons who it may be
lawfully delivered in accordance with the laws of the jurisdiction
in which they are located and it is not intended for use by any
other persons. Prior to relying on the information contained
in this notice you must ascertain from whether or not you are part
of the intended addressees of the information contained
herein.
Your right to
access this service is conditional upon complying with the above
requirement.
This
information in this notice is not intended to be a complete and up
to date description of all of the activities and risks within the
Issuer or the Dartford Group (as defined below). Nothing in
this notice constitutes an offer to sell or the solicitation of an
offer to buy any Bonds or any other securities of the Issuer or any
other person.
The Hospital
Company (Dartford) Issuer plc:
£152,525,000
3.003 per cent. Index Linked Guaranteed Secured Bonds due
2031
Introduction
On 31 March 2003, The Hospital Company
(Dartford) Issuer plc (the Issuer) issued £152,525,000
3.003 per cent. Index Linked Guaranteed Secured Bonds due 2031
(the Bonds) and on-lent the
proceeds of the Bonds to The Hospital Company (Dartford) Limited
(ProjectCo) pursuant to an
on-loan agreement dated 31 March 2003 (as amended or supplemented
from time to time). In connection with the Bonds, the Issuer
and ProjectCo also entered into a collateral deed with, amongst
others, BNP Paribas Trust Corporation UK Limited (the Bond Trustee) (the Collateral Deed).
ProjectCo and the Issuer, together with
ProjectCo's immediate holding company The Hospital Company
(Dartford) Group Limited (the GroupCo), form the Hospital Company
(Dartford) group of companies (the Dartford Group).
Terms used but not otherwise defined in this
announcement have the meaning given to them in Bond Trust Deed
dated 31 March 2023 constituting the Bonds and/or the Collateral
Deed.
Delay to
publication of the Dartford Group's audited financial
statements
The Issuer announces that there will be a short
delay in publishing the Dartford Group's audited financial
statements for the financial year ended 31 March 2024 (the
2024 Financial Statements)
in accordance with the requirements of the FCA's Disclosure
Guidance and Transparency Rules sourcebook.
Despite the best efforts of all parties, the
Dartford Group requires further time for the auditor to complete
certain procedures relating to its audit of the 2024 Financial
Statements. These relate to an extended review of specific
accounting treatments used in the 2024 Financial
Statements.
The FCA has been made aware of the delay to the
publication of the 2024 Financial Statements and the listing of the
Bonds has been suspended until the 2024 Financial Statements have
been finalised and published in accordance with the FCA's
Disclosure Guidance and Transparency Rules sourcebook. Upon
publication of the 2024 Financial Statements, the Issuer intends to
promptly apply for the listing to be reinstated.
The Issuer is continuing to work with the
auditor to ensure that the audit of the 2024 Financial Statements
can be completed as soon as possible to enable the listing of the
Bonds to be reinstated promptly. The Issuer therefore remains
compliant with the terms of the Bonds and the Collateral Deed and
no Event of Default or Acceleration Event is outstanding
thereunder.
The Issuer has provided details to the Bond
Trustee and the Credit Provider as to the delay and will continue
to keep them appraised of any further developments.
Current
trading
ProjectCo presently holds operating cash of
£13,091,889 in addition to £18,853,701 of contractually reserved
funds.
For further information or to arrange a meeting
with The Hospital Company (Dartford) Issuer plc's management,
please contact:
Andrew Kershaw (Manager's
representative)
07889 810514