Millshaw Sams No.1 Ld Notice to Noteholders (0343A)

TIDMBK75

RNS Number : 0343A

Millshaw Sams No.1 Ld

27 May 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 notices to Noteholders dated 17 April 2020 and 15 March 2021, concerning matters relating to a small group of Borrowers who had threatened litigation, and the reaching of the settlement of such claims with such Borrowers.

The Issuer wishes to inform Noteholders that the Administrator on behalf of and as agent for the Issuer, has informed the Issuer that the terms of the recommended settlements proposed to Borrowers have been agreed and accepted by each such Borrower and therefore such settlements have been entered into.

Whilst the precise economic terms of the agreed settlements (which are individual to each relevant Borrower) are required to be kept confidential by the Issuer, the settlements mean: (a) certain Borrowers, whose mortgages have already been redeemed, have been repaid certain agreed amounts; and (b) for the relevant Borrowers who still have a mortgage outstanding, their existing repayment terms have been amended, which may result in a future reduction in the amount ultimately owed by such Borrowers. The settlement also sees the Issuer meeting certain of the agreed legal costs of such Borrowers.

As communicated to Noteholders, the Issuer previously made, in accordance with the terms of the Transaction Documents, provision of certain amounts in order to ensure it had sufficient funds to meet such settlement payments (which saw reduced payments being made to Noteholders in the previous Participation Payment Date). Further information as to 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 settlement. However, the Trustee has not been asked to consent to (and, therefore, has not consented to) the 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 27 May 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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END

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May 27, 2021 04:58 ET (08:58 GMT)

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