Uniq Pension Scheme Discussions Continuing
UK convenience food group Uniq is continuing its detailed discussions with the Pension Regulator, the Pension Protection Fund and the Trustee of the main Uniq Pensions Scheme on the proposed deficit for equity swap. Whilst the discussions have yet to be concluded, the current proposal involves a restructuring in which the Trustee will release the Uniq Group from its obligations under the Pension Scheme in exchange for a 90% shareholding in Uniq plc and a cash contribution to the Pension Scheme of £15m (for payment into the scheme after settlement of all cessation and related expenses). This replaces the previously proposed share buy-back option.
Discussions are also proceeding well with Lloyds Banking Group for the provision of a £25m facility to Uniq, subject to the successful completion of the deficit for equity swap.
