Tuesday, October 19, 2010

International Investment Group - Update from Delegate on IIG Funding Sukuk (Hint: No Good News)


Deutsche Bank as the Delegate on the above transaction issued an announcement on Nasdaq Dubai advising that:
  1. IIG had advised that it was awaiting ministerial approval of its new board so that they could vote to release the KPMG study to certificateholders who had signed a confidentiality agreement.
  2. The Paying Agent advised it had not received the funds for the 12 October payment.
  3. Certificateholders reminder of Dissolution Events and that they need to vote to accelerate.
  4. That IIG has not honored the claim served under the Purchase Undertaking.
  5. That the Delegate is not obliged to take actions unless indemnified to its satisfaction.  Apparently, it has not been.

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