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FESCO Announces the Results of the General Meeting of Holders of the Bonds Series BO-02

29 June 2016

Following the results of the general meeting of holders of the FESCO PLC (the “Company”) bonds, series BO-02 (the “Bonds”), which took place on 27 June 2016, the holders of the Bonds who jointly hold 59.2% of the total debt outstanding under the Bonds have supported the proposal of the Company to waive their right to require early redemption of the Bonds until 28 November 2016 (the “Waiver”). The amount of the affirmative votes received is not sufficient to approve the Waiver. Anyway, the Company is grateful to those who demonstrated constructive position.

Regarding the result of the vote, the Company currently has to defer the payment of 20% of the nominal value of the Bonds with the purpose to continue the dialogue with the holders. The decision is driven by the need to maintain sufficient liquidity at the current situation and takes into account the interest of all stakeholders of the Company and its subsidiaries. The Company is guided by the disclosure and transparency principals and will continue to inform its bondholders about any further actions.

The Company notes that as previously announced it has fulfilled its obligations to pay the coupon due on the Bonds.
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