Update regarding application to Court for directions in respect of future distributions - 12 August 2020

Further to the earlier announcements dated 13 July 2020 and 17 June 2020 concerning the above, the Joint Administrators are pleased to confirm that the Right Honourable Sir Geoffrey Vos, the Chancellor of the High Court, granted the relief sought at the remote hearing held on 15 July 2020.  A copy of the Order made can be found here.

Accordingly, the Joint Administrators having consented to the LBIE directors’ request for permission to do so, on 11 August 2020, the LBIE directors made a distribution by way of dividend to LB Holdings Intermediate 2 Limited, as sole holder of LBIE’s preferred equity, in the amount of £29m.

If any interested party requires more information, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.