ERO1 bonds

[gnawsome]

"... it has now made payment of the full amount of the outstanding coupon to Elavon Financial Services DAC, UK Branch (as Principal Paying Agent in respect of the Bon
RNS
When do we see the money?

[passerby]

it should not take long.
besides this, the real battle will happen on redemption in April. There is an action group and we are trying to get 20% of all bondholders to force the trustee to take action. We are close but not there yet. There is a discord group and an institutional investor coordinating the action. Contact me for further details.

[passerby]

For anyone who wants to join the action group, we have an active discord group where we coordinate action. let me know if you want to join.

we also need more people to reach 20% of bondholders. Contact Alex from 365im (Alex.Dunkley@365im.co.uk) as he is spread heading the effort on this. He works for a regulated firm

[goonerbob49]

Eros Media World PLC Launch of Repurchase and Consent Solicitation

Details of the Consent Solicitation

The Company has today invited holders of the Bonds:

(a) to offer for repurchase on 15 April 2023 up to £25,000,000 in aggregate nominal amount of the Bonds for cash (the "Repurchase") at the Purchase Price specified below; and

The Company proposes to repurchase in cash up to £25,000,000 in aggregate nominal amount of Bonds offered for repurchase in the Repurchase. As at the date of this announcement, the Company expects to repurchase not less than £15,000,000 in aggregate nominal amount of the Bonds, but the Company reserves the right to determine, in its sole discretion, the aggregate nominal of Bonds to be repurchased depending on (among other things) the aggregate nominal amount of the Bonds that are offered for repurchase. The Company shall give notice of the aggregate nominal amount of the Bonds to be repurchased (the " Repurchase Total ") as soon as practicable after the Final Deadline. If the aggregate nominal amount of Bonds offered for repurchase is greater than the Repurchase Total, the Company shall scale back all acceptances received on a pro rata basis.

In summary, repurchase 50% of outstanding amount £50m, i.e £25 million at 60% for £15m. Also to pay a consent solitication fee of £0.50 per £100 nominal for validly accepted bonds.

Sorry cannot paste link to RNS, as not allowed.

[Laughton]

https://www.londonstockexchange.com/new ... n/15867339

[Mrbond]

Got a message today from my holding with AJ Bell with option to tender and consent.

[gnawsome]

Eros Media World PLC Launch of Repurchase and Consent Solicitation

Details of the Consent Solicitation

The Company has today invited holders of the Bonds:

(a) to offer for repurchase on 15 April 2023 up to £25,000,000 in aggregate nominal amount of the Bonds for cash (the "Repurchase") at the Purchase Price specified below; and

The Company proposes to repurchase in cash up to £25,000,000 in aggregate nominal amount of Bonds offered for repurchase in the Repurchase. As at the date of this announcement, the Company expects to repurchase not less than £15,000,000 in aggregate nominal amount of the Bonds, but the Company reserves the right to determine, in its sole discretion, the aggregate nominal of Bonds to be repurchased depending on (among other things) the aggregate nominal amount of the Bonds that are offered for repurchase. The Company shall give notice of the aggregate nominal amount of the Bonds to be repurchased (the " Repurchase Total ") as soon as practicable after the Final Deadline. If the aggregate nominal amount of Bonds offered for repurchase is greater than the Repurchase Total, the Company shall scale back all acceptances received on a pro rata basis.

In summary, repurchase 50% of outstanding amount £50m, i.e £25 million at 60% for £15m. Also to pay a consent solitication fee of £0.50 per £100 nominal for validly accepted bonds.

Sorry cannot paste link to RNS, as not allowed.

Hi and thanks for putting that up. The question for me is - what to do -

The cash returned would need to be used somewhere and that somewhere would have to be a bit iffy to offer the equivalent rate of interest. So perhaps just leave it alone and perhaps be 'the nuisance rump' until a better offer comes along. If the offer had been to clean it out of my pot I would be more interested but to just have a smaller parcel won't make it smell less.
Anyone else for holding on...

[purpleshaman]

Eros are now officially in default for their October coupon payment, although they have just announced that they are "working to remit the funds internationally to satisfy the payments" in almost identical wording to their April RNS. (The April announced eventually turned out to be true at least)

Meanwhile they continue to sell assets, with the concern that this amounts to asset stripping.

If any bondholders have not joined the action group, as detailed on the discord chat group linked below, I would urge you to do so. In order to instruct the bond's trustees to act in bondholders best interests, representation from 20% of the issued bonds is needed. Over 20% had been identified, but only 16% have so far completed the necessary statement to allow the group, led by 365 Investment Management, to act on their behalf.

Note that allowing 365 to act on your behalf does not change ownership or ability to sell the bonds.

hxxps://discord.com/channels/1057145395 ... 6373229590
(Change hxxps to https)