Bondholder hits out at Next
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A BONDHOLDER in Next, the fashion chain, has complained that he missed the chance to cash in his bonds because the company failed to notify him of the redemption date, writes Clare Dobie.
The company recently announced that it had redeemed all but pounds 1.9m of an original pounds 100m rights issue made in 1987. Anyone who missed the 14 October window will have to wait until 2003.
The bonds would have been convertible into shares had Next's share price been higher. But bondholders also had the right to require the company to redeem the bonds on 14 October 1992 at 133 per cent of the issue price.
The company said it had been advised that it was unable to remind some bondholders and not others of the impending redemption date because this would have been to treat them differently.
Some of the bonds are bearer documents - which means the company does not know who owns them - so it was unable to remind any of the holders about the redemption date.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments