Millshaw Sams No.1 Ld Notice to Noteholders (2539S)

TIDMBK75

RNS Number : 2539S

Millshaw Sams No.1 Ld

15 March 2021

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.

If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser and such other professional advice from your own professional advisors as you deem necessary.

This Notice is addressed only to holders of the Notes (as defined below) and persons to whom it may otherwise be lawful to distribute it ("relevant persons"). It is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Notice relates is available only to relevant persons and will be engaged in only with relevant persons.

If you have recently sold or otherwise transferred your entire holding(s) of Notes referred to below, you should immediately forward this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION OF, OR A SOLICITATION OF ANY OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR, ANY SECURITIES OF THE ISSUER OR ANY OTHER ENTITY IN ANY JURISDICTION.

MILLSHAW SAMS NO.1 LIMITED

26 New Street

St. Helier

Jersey JE2 3RA

(the "Issuer")

NOTICE

to holders of the following notes of the Issuer

presently outstanding

GBP97,840,000 SAM Notes

(the "Noteholders" and the "Notes", respectively)

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to them in the offering circular relating to the Notes dated 17 March 1999.

The Issuer wishes to update Noteholders with regard to its notice to Noteholders dated 17 April 2020, concerning matters relating to a small group of Borrowers who had threatened litigation and a potential settlement of such claims with such Borrowers.

The Administrator has advised the Issuer that such settlement is prudent and in the best interests of the Noteholders.

While it is not certain as to the timing of the settlement (and such settlement remains subject to agreements being finalised), the Administrator has advised the Issuer that it is also prudent, and is in accordance with the terms of the Transaction Documents, to start to provision certain amounts in order to ensure it has sufficient funds to meet such settlement payments as and when they arise. As a result, whilst the required Principal Payment will be made to Noteholders on the forthcoming Participation Payment Date, a significantly reduced Participation Payment will be distributed to Noteholders on such date. Further information as to the ultimate cashflows to Noteholders will be made available to Noteholders in the next investor report in the normal manner.

Apex Corporate Trustees (UK) Limited, as Trustee for the Noteholders (the "Trustee"), has been informed of the proposed settlement. However, the Trustee has not been asked to consent to (and, therefore, has not consented to) the proposed settlement.

Contact Details:

26 New Street

St. Helier

Jersey JE2 3RA

Facsimile: 01534 814815

Attention: Millshaw Sams No.1 Limited - the Company Secretary

This Notice is given by

MILLSHAW SAMS NO.1 LIMITED

as Issuer Dated 15 March 2021

MAR - Inside Information

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

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March 15, 2021 06:00 ET (10:00 GMT)

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