DECISIONS OF THE MEETING OF NOTEHOLDERS OF AS PRFOODS
By a company announcement published on 05.09.2022, AS PRFoods (registry code
11560713, registered address at Pärnu mnt 141, 11314 Tallinn, Estonia;
"PRFoods") convened a meeting (the "Meeting") of persons holding the notes (the
"Noteholders") of PRFoods, due on 22 January 2025 and bearing ISIN code
EE3300001577 (the "Notes"), issued under the Terms and Conditions of Secured
Note Issue of PRFoods dated 14 January 2020 (which have been amended on 25
February 2020 and 5 February 2022; the "Terms").
The Meeting took place on 20.09.2022 and altogether 8 Noteholders participated
in the Meeting, who hold in aggregate Notes with the Nominal Value of EUR
6,778,100 i.e. approximately 62% of the aggregate Nominal Value of all Notes
which carry voting rights. Therefore, the Meeting was competent to pass
resolutions.
At the Meeting, the Noteholders adopted a decision:
i. to waive the requirement for PRFoods to meet the financial covenants
provided in Section 5.2 of the Terms for PRFoods' 2021/2022 financial year
(i.e. the financial year 01.07.2021 - 30.06.2022) and decided that the
failure to meet the financial covenants provided in Section 5.2 of the
Terms in PRFoods' 2021/2022 financial year (i.e. the financial year
01.07.2021 - 30.06.2022) shall not constitute a breach of the Terms by
PRFdoos or the occurrence of an Extraordinary Early Redemption Event (as
defined in the Terms);
ii. to waive the security interest listed in item f) of Section 4.2.1 of the
Terms as security securing the Noteholders' claims arising from the Notes,
and consented that the release of the referred security shall not
constitute a breach of the Terms by the Issuer or any Collateral Provider
(as defined in the Terms), or the occurrence of an Extraordinary Early
Redemption Event (as defined in the Terms);
iii. to amend the Terms by way of omitting item f) of Section 4.2.1, amending
the definition of "Collateral Provider" included in Section 17.1.9 by way
of omitting reference to item f) of Section 4.2.1 from item a) of the
definition, and to approve the new version of the Terms reflecting the
respective amendments, as attached to this notice as Annex 1;
iv. to instruct PRF Collateral Agent OÜ to finally and irrevocably release the
security listed in item f) of Section 4.2.1 of the Terms and to execute
all transactions and acts necessary for such release, and to sign the
amended Terms referred to above.
Noteholders who hold in aggregate Notes with the Nominal Value of EUR 6,272,800
i.e. approximately 93% of the aggregate Nominal Value of all Notes held by
Noteholders present at the Meeting, voted in favour of the said decision.
In accordance with Clause 16.1.1 and 5.5 of the Terms, the decisions described
above are binding on all Noteholders.
ANNEXES
Annex 1 - Note Terms and Conditions (amended)
Additional information:
Indrek Kasela
AS PRFoods
Member of the management board
+372 452 1470
investor@prfoods.ee
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