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Intu Properties Make Applications For Appointment Of Administrators, Share Suspension

Intu Properties Plc (INTU.L) said Friday that it has made an application for James Robert Tucker, Michael Robert Pink and David John Pike of KPMG LLP to be appointed as joint administrators to intu as well as several other key central entities in the intu Group. The company expects the appointment to become effective shortly.

Intu said that following its applications, the Financial Conduct Authority has suspended the listing of the company's ordinary shares on the premium segment of the Official List.

The London Stock Exchange has suspended the trading of intu shares on the main market for listed securities maintained by the London Stock Exchange. In addition, the Main Board of the Johannesburg Stock Exchange has suspended the listing and trading of intu's ordinary shares on the Main Board of the Johannesburg Stock Exchange. Both the trading suspensions are with immediate effect.

However, intu noted that the suspension of its ordinary shares from listing and trading does not affect the listing and trading of the intu Group's listed debt securities and the company has not made any application for the suspension of listing or trading of such securities.

Underlying group operating companies remain unaffected and all shopping centres are continuing to trade, intu added.

Earlier, intu said that talks with its creditors on the terms of standstill-based agreements failed to agree on the terms, ahead of the revolving credit facility covenant waiver expiry at midnight on 26 June 2020. In order to protect the interests of its stakeholders, the company's Board is therefore considering the appointment of administrators.

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