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Sunac China informs creditors of possible special dividend
By Wendy Van Sickle
Columbus, Ohio, Sept. 5 – Sunac China Holdings Ltd. issued a supplementary explanatory statement dated Sept. 4 to inform scheme creditors of the possible declaration and payment of a special dividend in the amount of not more than HK$0.235 per share by its Sunac Services Holdings Ltd. subsidiary, according to a notice.
The application of relevant special dividends received by the company will be subject to provisions of the restructuring support agreement.
There have been no changes to the scheme meeting or record time.
As previously reported, on July 26, the High Court of Hong Kong directed a meeting be held at 11 p.m. ET on Sept. 17 for scheme creditors to consider an arrangement.
The meeting will be held at Sidley Austin’s Hong Kong offices.
Scheme creditors will also be able to attend the meeting by video conference using conferencing details and passcode that can be obtained on request from the information agent for creditors who are not affected by the sanctions or GLAS Trustees Ltd. in the case of blocked scheme creditors.
In order to attend the meeting and vote, an account holder letter or lender proxy form must be completed and submitted to the information agent via the AHL portal at https://portal.morrowsodali.com/sunacAHL no later than 11 a.m. ET on Sept. 12. Blocked creditors must refer to the explanatory statement which sets out the arrangements for their participation.
Morrow Sodali Ltd. (+44 20 4513 6933; +852 2319 4130, sunac@investor.morrowsodali.com) and GLAS Trustees Ltd. (+44 20 3597 2940, dcm@glas.agency) are the information agents.
The scheme website is https://projects.morrowsodali.com/Sunac.
A hearing to sanction the scheme will be held at 9:30 p.m. ET on Oct. 4.
Sunac is a Tianjin, China-based residential and commercial property developer.
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