Dubai property fund Emirates REIT bond proposal yet to win a majority, says opposing group | Property – Gulf News
Dubai: So, who won?
The operator of Emirates REIT says it has a sizeable number of bondholders siding with its proposal to extend the maturity period of its $400 million Sukuk from 2017.On Thursday, Equitativa, the fund manager, said 75 per cent of those who cast early votes on the proposal sided with the move.
But the ‘Ad Hoc Group’ – comprising bondholders who opposed the maturity period extension – dispute this contention. “The existing Ad-Hoc Group represents over 30 per cent of large Sukuk holders and clearly represents the majority who are against the transaction and consider that the deal should be enhanced,” it said in a statement.
On Equitativa’s contention, the Group said: “The company announced that 60 per cent of the certificate-holders cast their vote before the early document review fee deadline, with 75 per cent of those votes in favour of the consent solicitation.
“The conclusion is that the majority of Certificate-holders representing 55 per cent remain opposed or have not voted, demonstrating the overwhelming concerns that certificate-holders have with the proposal presented. With that backdrop, the early vote results appear far from encouraging and validate the Ad-Hoc Group’s view that the majority of the certificate-holders remain unsupportive of the proposal as of the early participation deadline.”
Equitative had set May 26 evening as the deadline for the early submissions. June 7 is the final date.
What bondholders want
The Ad Hoc Group investors vehemently oppose the new Sukuk certificate plans. In the statement issued Thursday, they call for...
* Transparency on (i) the operational, financial and liquidity position of the company; (ii) All ongoing breaches to transaction documents; (iii) ongoing litigation; (iv) regulatory investigations; and (v) related party transactions.
* Cessation of cash leakages via excessive management fees, operating costs and capex.
* Rectification of legacy governance issues at the company.
* Adequate downside protection for the certificate-holders, particularly in respect to security.
* Adequate economics for the material risks that the certificate-holders bear.
Friday, 28 May 2021
NMC's administrators set for new round of hearings in dispute with #Dubai Islamic Bank | The National
NMC's administrators set for new round of hearings in dispute with Dubai Islamic Bank | The National
Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Healthcare, secured a stay late on Thursday evening against an earlier ruling where its bid to reclaim power over securities held by Dubai Islamic Bank failed.
Administrators had brought a claim through the Abu Dhabi Global Market Courts, where NMC Healthcare and its 35 associated companies were placed into administration last year.
However, Dubai Islamic Bank, which declared an exposure of $425 million to NMC Health at the time of its collapse, successfully challenged the court's jurisdiction on Monday.
Administrators then secured a ruling on Thursday allowing them time to amend the claims it will pursue against DIB.
"We look forward to the further hearing on this matter, due to take place at the end of June", a statement on NMC Health's investor relations page said on Thursday.
NMC Health, which was listed on the London Stock Exchange, was placed into administration in April last year after an independent investigation uncovered more than $4.4bn of previously-undeclared debt at the company. Its UAE arm, NMC Healthcare, was placed into administration in the ADGM Courts in September after a number of claims were filed against it in UAE courts.
Alvarez & Marsal sought power over securities held by DIB relating to insurance payments pledged as collateral against loans. However, DIB's lawyers had successfully challenged the ADGM's jurisdiction to hear the case.
"The judgement is positive and has substantially accepted DIB's submission that ADGM Court had no jurisdiction to entertain" the administrator's claim over its security interests, DIB said in a statement to the Dubai Financial Market on Thursday.
The lender said it "would be premature to comment further" as legal proceedings were continuing in the ADGM Court, and in the onshore Dubai and Sharjah courts.
Alvarez & Marsal said the ADGM Courts judgement handed down on Monday had "made clear that the joint administrators can proceed with their ADGM claim against DIB in relation to issues concerning their remuneration and expenses, and also proceed against the insurers" with a claim.
Administrators are continuing to drum up creditor support for a lender-led restructuring of NMC Health, which would see about $4bn worth of its debts being wiped out.
They are also continuing to pursue legal action against the company's former auditors and its directors with a view to recovering some of the missing money.
Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Healthcare, secured a stay late on Thursday evening against an earlier ruling where its bid to reclaim power over securities held by Dubai Islamic Bank failed.
Administrators had brought a claim through the Abu Dhabi Global Market Courts, where NMC Healthcare and its 35 associated companies were placed into administration last year.
However, Dubai Islamic Bank, which declared an exposure of $425 million to NMC Health at the time of its collapse, successfully challenged the court's jurisdiction on Monday.
Administrators then secured a ruling on Thursday allowing them time to amend the claims it will pursue against DIB.
"We look forward to the further hearing on this matter, due to take place at the end of June", a statement on NMC Health's investor relations page said on Thursday.
NMC Health, which was listed on the London Stock Exchange, was placed into administration in April last year after an independent investigation uncovered more than $4.4bn of previously-undeclared debt at the company. Its UAE arm, NMC Healthcare, was placed into administration in the ADGM Courts in September after a number of claims were filed against it in UAE courts.
Alvarez & Marsal sought power over securities held by DIB relating to insurance payments pledged as collateral against loans. However, DIB's lawyers had successfully challenged the ADGM's jurisdiction to hear the case.
"The judgement is positive and has substantially accepted DIB's submission that ADGM Court had no jurisdiction to entertain" the administrator's claim over its security interests, DIB said in a statement to the Dubai Financial Market on Thursday.
The lender said it "would be premature to comment further" as legal proceedings were continuing in the ADGM Court, and in the onshore Dubai and Sharjah courts.
Alvarez & Marsal said the ADGM Courts judgement handed down on Monday had "made clear that the joint administrators can proceed with their ADGM claim against DIB in relation to issues concerning their remuneration and expenses, and also proceed against the insurers" with a claim.
Administrators are continuing to drum up creditor support for a lender-led restructuring of NMC Health, which would see about $4bn worth of its debts being wiped out.
They are also continuing to pursue legal action against the company's former auditors and its directors with a view to recovering some of the missing money.
Oil prices steady as Iran concerns offset demand outlook | Reuters
Oil prices steady as Iran concerns offset demand outlook | Reuters
Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 a barrel.
“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.
Brent and WTI are both on track to post weekly gains of 4% and 5%, respectively
Analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.
Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 a barrel.
“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.
Brent and WTI are both on track to post weekly gains of 4% and 5%, respectively
Analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.
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