11th Feb 2008 14:38
Standard Chartered PLC11 February 2008 Standard Chartered PLC - Whistlejacket Capital Limited 11 February 2008 Further to the announcement on 31 January 2008 relating to Whistlejacket CapitalLimited ("Whistlejacket"), a structured investment vehicle, Standard Charterednotes that Whistlejacket has today advised that it has breached its capital noteNet Asset Value ("NAV") trigger of 50 per cent as a result of a recent fall inthe market value of its assets. The breach of the NAV trigger is an enforcementevent, which requires the security trustee, BNY Corporate Trustee ServicesLimited, to appoint a receiver to manage Whistlejacket. Standard Chartered Bankis the investment manager and sponsor of Whistlejacket. The proposal announced by Standard Chartered on 31 January 2008 to provideliquidity was subject to certain preconditions, one of which was thatenforcement proceedings had not commenced. That proposal has now lapsed as aresult of the enforcement event. Standard Chartered will discuss with thereceiver, once appointed, alternative arrangements to provide liquidity. Neitherthe enforcement event itself, nor any such future arrangements, if executed,would be expected to have a material impact on Standard Chartered's 2008earnings or capital resources. Richard Meddings, Group Finance Director, commented, "We continue to haveconfidence in the quality of Whistlejacket's assets. We remain willing to havediscussions with the receiver, once appointed, and hope to find a viablesolution to ensure flexibility for Whistlejacket." For further details please contact: Standard Chartered Stephen Atkinson, Head of Investor RelationsTel: +44 (0) 20 7280 [email protected] Tim Baxter, Head of External CommunicationsTel: +44 (0) 20 7457 [email protected] Note to Editors: Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered PLC, listed on both the London Stock Exchange and the HongKong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by marketcapitalisation. The London-headquartered group has operated for over 150 yearsin some of the world's most dynamic markets, leading the way in Asia, Africa andthe Middle East. Its income and the number of employees have more than doubledover the last five years primarily as a result of organic growth andsupplemented by acquisitions. Standard Chartered aspires to be the best international bank in its markets bybeing the right partner for its stakeholders and leading by example. The groupnow employs over 70,000 people, representing some 100 nationalities, in morethan 1,400 branches located in over 50 countries. The bank generates more than90 per cent of its profits from Asia, Africa and the Middle East, with balancedincome derived from both Wholesale and Consumer Banking. The group is committed to building a sustainable business over the long term andis trusted worldwide for upholding high standards of corporate governance,social responsibility, environmental protection and employee diversity. For moreinformation, please visit: www.standardchartered.com -------------------------------------------------------------------------------- This announcement includes forward-looking statements. Such forward-lookingstatements involve known and unknown risks and uncertainties which could causethe actual results or performance of Standard Chartered PLC to be materiallydifferent from future results or performance expressed or implied by suchforward-looking statements. These forward-looking statements speak only as atthe date of this announcement. Standard Chartered PLC expressly disclaims anyobligation or undertaking to disseminate any updates or revisions to anyforward-looking statements contained herein to reflect any change in StandardChartered PLC's expectations with regard thereto or any change in events,conditions or circumstances on which any such statement is based. -- ENDS -- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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