ricapitolando..
margin solvency event:
414 <100
464 <100
751 <150 evento accaduto nel 2009 (ma cedola pagata lo stesso)
attenzione a questo punto : nel 2009 non si e' verificato un Solvency event ma piu' semplicemente il margine era sotto il 150% che avrebbe fatto scattare il pagamento obbligatorio.(vedi piu' sotto)
Il Solvency event e' identico anche per la 751 (sotto il 100%)
Nella 414 il Solvency event fa scattare la sospensione obbligatoria della cedola
margine 2010 = 130
bisognerebbe verificare se le altre 2 condizioni che obbligano il pagamento sono vincolanti o solo nostre supposizioni, ossia 1-la distribuzione di dividendi 2-buyback soci
amorgos....... zorba..... venite tra di noi....
gli eventi che obbligano al pagamento sono tutti bypassabili da un eventuale solvency event , ho messo in grassetto i due eventi di cui hanno gia' discusso Zorba ed Amorgos.
Compulsory Interest Payment Date means each Interest Payment Date prior to which,
provided that (x)
no Solvency Event has occurred prior to such Interest Payment Date and would continue to do so assuming
that the interest due on such Interest Payment Date then outstanding (including any Arrears of Interest) is
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paid on such Interest Payment Date and (y) no Regulatory Intervention has occurred prior to such Interest
Payment Date, any of the following events has occurred (each, a Compulsory Interest Payment Event) at
any time during a period of one year prior to such Interest Payment Date:
(i)
the Issuer has declared or paid a dividend (whether in cash, shares or any other form), or more
generally made a payment of any nature, on any class of shares (including ordinary shares or
preference shares) or on any other equity securities; or
(ii) the Issuer has made a payment of any nature on or in respect of any other Senior Subordinated
Obligations or on any debt securities ranking junior to the Notes (the Junior Securities) unless
such payment was a compulsory interest payment under the terms of any such other Senior
Subordinated Obligations or Junior Securities issued by the Issuer; or
(iii)
the Issuer has redeemed, repurchased or otherwise acquired any class of its share capital (whether
such shares are represented by ordinary shares or preference shares) by any means; or
(iv) the Issuer has redeemed, repurchased or otherwise acquired any Senior Subordinated Obligations
or Junior Securities in accordance with their terms; or
(v) for so long as there are Applicable Regulations in force with respect to the Combined Regulatory
Group, any Relevant Affiliated Entity has made Equivalent Payments in an aggregate amount
exceeding the Reference Amount.
In definitiva (spero almeno ! ) la 751 ha una clausola aggiuntiva che potrebbe far scattare l'optional deferral.
La clausola e' diversa da quella che definisce il Solvency event (solvency margin sotto il 100%) , identico per le tre subordinate:
Compulsory Interest Payment Date means each
Interest Payment Date:
(a) in respect of which, for the Relevant Financial
Period immediately preceding such Interest Payment
Date, the Applicable Solvency Margin Level (as
reviewed by the auditors (commissaires aux comptes)
having audited the financial statements of the Combined
Regulatory Group and/or the Consolidated Group and
notified to the Agent Bank not later than 7 days prior to
such Interest Payment Date) is equal to or greater than
150% of the minimum Applicable Solvency Margin
Level required, and would continue to do so assuming
that the interest due on such Interest Payment Date then
outstanding (including any Arrears of Interest) is paid
on such Interest Payment Date, provided that if no such
notification has occurred by the seventh day prior to
such Interest Payment Date, the Applicable Solvency
Margin Level will be deemed to be equal to or greater
than 150% for that Interest Payment Date,
or
ma , per come leggo io il prospetto , siccome in fondo alla clausola sopra riportata c'e' un bellissimo
"or"
che , sempre in assenza di vero Solvecy Event , rimanda agli stessi eventi sopra citati , l'anno scorso a mio parere per la 751 il pagamento era obbligatorio a causa del dividendo azionario distribuito.
