TCS: Bondholder Claims Process | KPMG | UK

Tesco Compensation Scheme: Bondholder Claims Process

TCS: Bondholder Claims Process

Important information on how we are implementing the claims process for Tesco bondholders.

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Current Position:

Beneficial owners of relevant Tesco bonds purchased between 29 August 2014 and 19 September 2014 (the “Relevant Period”) may be entitled to compensation under the Tesco Scheme.

Bonds held via Euroclear and Clearstream

DF King Limited, in their capacity as Information Agent for Tesco, initiated a disclosure process on 17 July 2017 whereby beneficial owners of relevant Tesco bonds held via an account with Euroclear or Clearstream on 2 September 2014 and 24 September 2014 (such dates being the start and the end of the Relevant Period plus the usual three day settlement cycle) will have received two separate notifications. 

If a beneficial owner considers itself to have been a net purchaser of relevant bonds during the Relevant Period and wishes to make a claim in the Scheme then they should submit, via their usual intermediary, electronic instructions to Euroclear or Clearstream at both dates confirming their holdings of relevant bonds and providing additional information as requested in the notification. A unique instruction code will be generated by Euroclear or Clearstream and provided to the beneficial owner for each valid instruction submitted. The bondholder disclosure process will continue until the claims filing deadline on 22 February 2018.

On commencement of the Scheme on 23 August 2017 an additional notification was sent to beneficial owners of relevant Tesco bonds held via an account with Euroclear or Clearstream on 2 September 2014 and 24 September 2014 informing them that the Scheme has commenced and requesting that, if they wish to make a claim, they log on to KPMG’s online claims portal and submit their claim (using their unique instruction codes and providing additional supporting information as required).

Bonds held via Depository Trust Company ('DTC')

Beneficial owners of relevant Tesco bonds held via the DTC clearing system are unable to participate in a same disclosure process as beneficial owners of relevant Tesco bonds held via an account with Euroclear or Clearstream. Therefore at the launch of the Scheme on 23 August 2017 DF King have contacted the registered holders of DTC held relevant Tesco bonds as at 3 September 2014 and 24 September 2014 (such dates being the start and the end of the Relevant Period plus the usual three day settlement cycle, inclusive of any US public holidays) requesting that they contact the ultimate beneficial owners of these bonds and provide them with details of the Scheme.

Beneficial owners of DTC held relevant Tesco bonds who consider themselves to be a net purchaser in the Relevant Period and wish to make a claim should log on to KPMG’s online claims portal and submit their claim together with any additional supporting information as required.

Bonds held via the CREST system

Beneficial owners of relevant Tesco bonds held via the CREST system are also unable to participate in the same disclosure process as beneficial owners of relevant Tesco bonds held via an account with Euroclear or Clearstream. Therefore, on 23 August 2017 DF King notified all current CREST participants of the launch of the Scheme via a CREST bulletin. In addition, an announcement was made to CREST participants who currently hold Tesco bonds.

Beneficial owners of relevant Tesco bonds held via CREST who consider themselves to be a net purchaser in the Relevant Period and wish to make a claim should log on to KPMG’s online claims portal and submit their claim together with any additional supporting information as required.

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