FOR IMMEDIATE RELEASE
Eros Media World PLC: Reinstatement in Suspended Status of 9.00% Bonds Due 2026 (ISIN: XS1112834608)
Douglas, Isle of Man
Eros Media World PLC (the "Company") today announces an update regarding its £50,000,000 9.00% Bonds Due 2026 (ISIN: XS1112834608) (the "Bonds"). The Financial Conduct Authority (FCA) removed the reference to the Bonds from the Official List on 17th April 2026 following the passing of their stated maturity date, in line with standard procedure, having notified the Company a month in advance. The Company acknowledges its error in that it regrettably did not respond to this notification at the time to request a deferral of the removal, whilst it was engaged in active discussions with required parties for the purpose of progressing the restructuring through a further consent solicitation process. The Company subsequently contacted the FCA to request the reinstatement of the reference to the Bonds on the Official List. The FCA has now agreed to the reinstatement of the reference to the Bonds in a suspended status on the Official List.
The Company confirms that the FCA has granted a suspension of the listing of the Bonds at the issuer's request. The suspension will take effect at 07:00 a.m. on Monday 18th May 2026. This suspension is necessary given that the stated maturity date of the Bonds has passed with the Company having transferred the required shares but being unable to give effect to the revised payment of upfront cash consideration agreed in the earlier consent solicitation. The Company is currently in the process of giving effect to that earlier consent solicitation by requesting a further modification to reduce the amount of cash to be paid and increase the number of shares to be transferred. This could result in potential ongoing uncertainty as to the final make up of cash payments and transferred shares and the Company's ability to repay the Bonds.
Under the terms of the earlier consent solicitation and the passing of the extraordinary resolution, the terms and conditions of the Bonds were modified by the extraordinary resolution. This included the introduction of a new Condition 5(g) for redemption, whereby the full waiver, release, and discharge of all claims and rights against the Company were explicitly made conditional upon the payment of the upfront cash consideration amount.
As the upfront cash consideration amount was not paid on the mandatory redemption date, this condition for the full discharge of claims has not been met. Consequently, the original claims and the underlying debt obligation represented by the Bonds are not fully extinguished, and the Bonds, as legal securities representing an outstanding debt, remain in existence. Bondholders' are entitled to the outstanding upfront cash consideration under the modified terms of the Bonds which remain in existence.
The Company confirms the Bonds have retained their status as listed securities on the Official List and that bondholders may continue to hold the Bonds within Self-Invested Personal Pensions (SIPPs), subject to the specific terms and conditions of their SIPP providers.
Regarding the restructuring proposal, the Company reconfirms that the proposal for a revised upfront cash payment and transfer of additional shares, as outlined in the most recent RNS announcement on 06th March 2026, is progressing. The Company's intention is for both the cash payment and the transfer of additional shares to be executed as soon as possible following the conclusion of the further consent solicitation. The Company therefore aims for these payments and transfers to be concluded, and the Bonds to be formally redeemed, in the third quarter of this year.
Eros Media World PLC remains committed to its bondholders and will continue to provide updates on the restructuring process and any other material developments via a Regulatory Information Service (RIS/ RNS) announcement.
Forward-Looking Statements: This announcement contains certain forward-looking statements that are subject to risks and uncertainties. These statements are based on the Company's current expectations and projections about future events and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements.
For further information, please contact:
Eros Media World PLC
Investor Relations Email: [email protected]