Emirates REIT Results for Sukuk holders on the Consent Solicitation Process

14

“Close to 60% of the Sukuk holders cast their vote before the early document review fee deadline with more than 75% of those votes in favour of the consent solicitation presented by the Company.

The Consent Solicitation Memorandum (CSM) is a voluntarily proposed transaction that is designed to provide Sukuk holders the opportunity to exchange an unsecured Sukuk for a new secured Sukuk on a dollar-for-dollar basis. All available security has been provided to Sukuk holders as part of this exchange except for security that has already been provided to other secured lenders or security which the company was not able to obtain necessary leaseholder consent. 

The company has proposed to maintain the existing profit rate for the new secured sukuk. The company believes that the enhanced security will lead to the Sukuk trading on more favourable terms. Since the launch of the CSM, the Sukuk has traded up c. 11% to 69 pts (as of 27 May 2021) vs 62 pts (as of 17 May 2021).  We are pleased to see the CSM proposal has been a catalyst for the improved trading price for the benefit of our Sukuk holders.

The consent solicitation remains open until 11am BST on 7 June. Consenting Sukuk holders will benefit from a 50bps consent fee if their confirmation of the deal is received by the deadline.

We thank the Sukuk holders for their support for the transaction.”