PPC Zeus DAC Issues Notice of Breach Regarding Financial Statement Delays

PPC Zeus Designated Activity Company announced a breach concerning the late delivery of their financial statements for 2021 and 2022. The delay pertains to the €325,020,000 fixed rate asset-backed notes due in 2028. This notice, required by both EU and UK market abuse regulations, highlights non-compliance with agreed timelines set forth in their financial governance frameworks.

The company identified the non-fulfillment of a conditional waiver regarding the financial information breach previously agreed upon in July 2023. The detailed deadlines for delivering the audited financial statements were not met, which were specifically due by the end of December 2023. However, PPC Zeus has communicated its expectation to complete the audits by 31 July 2024. They attributed the delay to logistical reasons, not underpinning financial issues, and are seeking to obtain a waiver for this breach.