SECURED PROPERTY DEVELOPMENTS PLC - Statement re Swap Settlement offer received
08:20 29.05.14
PR Newswire
London, May 28
SECURED PROPERTY DEVELOPMENTS PLC
Unit 6 ,Orchard Mews ,42 Orchard Road
Highgate,London N6 5TR
Tel: 020 8446 6306 Fax: 020 8446 8975 28th May 2014
Announcement
The Company has received a letter from the Royal Bank of Scotland plc (RBS)
dated 15th May 2014 making a provisional determination of basic redress in
accordance with the Financial Conduct Authority (FCA) agreed review of major
banks' past sales of Interest Rate Hedging Products (IRHPs).
The Company is considering RBS' offer with the benefit of specialist legal
advice from it's legal representatives at LEXLAW Solicitors & Barristers and is
also preparing to issue the Directors report and financial statements for the
year ended 31st December 2013.
The information contained in the letter when made public is likely to have a
significant effect on the price of the Company's shares and the Company is
therefore publishing brief details of our advised understanding of the
provisional offer received to prevent a false market in the shares developing:
(1) The provisional basic redress determination offers a refund payment
including compensatory interest and refund of bank fees & charges which amounts
to £457,136.59.
(2) The existing vanilla swap contract will be cancelled at nil termination or
break cost to the Company and replaced with a more suitable and appropriate
derivative, namely a cap.
(3) The Company may have the opportunity to submit a further financial claim
for the recovery of compensation in respect of consequential losses and any
additional tax liabilities.
Once the Company has taken full legal advice, a further announcement will be
made in due course.
By Order of the Board
R.A.Shane
Director Company No. 2055395
Registered office: as above
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