Wasps Finance Plc
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WASPS FINANCE PLC Up to £35,000,000 6.50 per cent. Secured Bonds due 2022 AN INVESTMENT IN THE BONDS INVOLVES CERTAIN RISKS. YOU SHOULD HAVE REGARD TO THE FACTORS DESCRIBED IN SECTION 2 (RISK FACTORS) OF THIS PROSPECTUS. YOU SHOULD ALSO READ CAREFULLY SECTION 11 (IMPORTANT LEGAL INFORMATION) Lead Manager Investec PROSPECTUS DATED 24 APRIL 2015 This Prospectus contains important information IMPORTANT NOTICES about the Issuer, the Guarantors, the Bonds, the Security and details of how to apply for the About this document Bonds. This Prospectus also describes certain This document (the “Prospectus”) has been risks relevant to the Issuer and the Guarantors prepared in accordance with the Prospectus and also risks relating to an investment in the Rules of the United Kingdom Financial Bonds generally. You should read and Conduct Authority (the “FCA”) and relates to understand fully the contents of this Prospectus the offer by Wasps Finance plc (the “Issuer”) before making any investment decisions of its sterling denominated 6.50 per cent. relating to the Bonds. secured bonds due 2022 (the “Bonds”) at a price of 100 per cent. of their nominal amount. Responsibility for the information contained in this Prospectus The Issuer’s payment obligations under the The Issuer and each Guarantor accepts Bonds will be guaranteed (together, the responsibility for the information contained in “Guarantee”) by each of Wasps Holdings this Prospectus. To the best of the knowledge of Limited (“Wasps Holdings”) and Arena the Issuer and the Guarantors (each having Coventry Limited (“ACL” and, together with taken all reasonable care to ensure that such is Wasps Holdings, the “Guarantors”). The the case) the information contained in this Bonds will be secured over the Ricoh Arena Prospectus is in accordance with the facts and (the “Arena”) in Coventry and other assets does not omit anything likely to affect the described in this Prospectus (together, the import of such information. “Security”). Where information has been sourced from a The Bonds are freely transferable debt third party, this information has been accurately instruments and are due to be issued by the reproduced and as far as each of the Issuer and Issuer on 13 May 2015. The nominal amount of the Guarantors is aware and is able to ascertain each Bond (being the amount which is used to from information published by that third party, calculate payments made on each Bond) is no facts have been omitted which would render £100; however, the minimum subscription the reproduced information inaccurate or amount per investor is £2,000 of the Bonds in misleading. The source of third party the initial distribution. The maximum aggregate information is identified where used. nominal amount of the Bonds to be issued will be £35,000,000 (i.e. 350,000 Bonds of £100 Use of defined terms in this Prospectus nominal amount each). The aggregate nominal Certain terms or phrases in this Prospectus are amount of the Bonds to be issued will be defined in “Double Quotation” marks and specified in the Sizing Announcement subsequent references to that term are published by the Issuer via the Regulatory designated with Initial Capital Letters. News Service of the London Stock Exchange plc (“RNS”) on or around 6 May 2015. In this Prospectus, references to the “Issuer” are to Wasps Finance plc, which is the issuer of The Bonds have not been and will not be the Bonds. References to the “Guarantors” are registered under the United States Securities to each of Wasps Holdings and ACL. All Act of 1933 and the Bonds are subject to references to the “Group” are to Wasps United States tax law requirements. Subject to Holdings and its consolidated subsidiaries certain exceptions, the Bonds may not be taken as a whole. See Section 6 (Description of offered, sold or delivered within the United the Issuer) and Section 7 (Description of the States. Group) for further details. ii The Bonds are not protected by the or other professional adviser before making any Financial Services Compensation Scheme investment decisions. Unlike a bank deposit, the Bonds are not protected by the Financial Services Compensation Scheme (the “FSCS”). As a result, neither the FSCS nor anyone else will pay compensation to you upon the failure of the Issuer, the Guarantors or the Group as a whole. Therefore (unlike in the case of a bank deposit), if the Issuer or the Guarantors were to become insolvent or go out of business, the Bondholders could lose all or part of their investment in the Bonds and no governmental body would be required to compensate them for such loss. How to apply Applications to purchase Bonds cannot be made directly to the Issuer or to either Guarantor. Bonds will be issued to you in accordance with the arrangements in place between you and your stockbroker or other financial intermediary, including as to application process, allocations, payment and delivery arrangements. You should approach your stockbroker or other financial intermediary to discuss any application arrangements that may be available to you. After the closing time and date of the Offer Period, which is expected to be 5 p.m. (London time) on 6 May 2015 or such earlier time as may be communicated by the Issuer via RNS announcement, no Bonds will be offered for sale by or on behalf of the Issuer or by or on behalf of any of the authorised financial intermediaries described in this Prospectus. See Section 4 (Timetable of the Offer and Key Dates) and Section 5 (How to Apply for the Bonds) for more information. Questions relating to this Prospectus and the Bonds If you have any questions regarding the content of this Prospectus and/or the Bonds or the actions you should take, you should seek advice from your independent financial adviser iii HOW DO I USE THIS PROSPECTUS? You should read and understand fully the contents of this Prospectus before making any investment decisions relating to any Bonds. An overview of the various sections comprising this Prospectus is set out below: The “SUMMARY” section sets out in tabular format standard information which is arranged under standard headings and which the Issuer and Guarantors are required, for regulatory reasons, to include in a prospectus summary for a prospectus of this type. The “RISK FACTORS” section describes the principal risks and uncertainties that may affect the Issuer’s and Guarantors’ respective abilities to fulfil their obligations in relation to the Bonds. The “INFORMATION ABOUT THE BONDS” section provides an overview of certain key features of the Bonds in order to assist the reader. The “TIMETABLE OF THE OFFER AND KEY DATES” section illustrates the key dates relating to the offer for the Bonds, the issue of the Bonds and payments to be made under the Bonds. The “HOW TO APPLY FOR THE BONDS” section sets out important information relating to the application process for the Bonds. The “DESCRIPTION OF THE ISSUER” section describes the Issuer. The “DESCRIPTION OF THE GROUP” section describes the Group’s businesses and sectors in which they operate. The “SUBSCRIPTION AND SALE” section contains a description of the material provisions of the subscription agreement, which includes the selling restrictions applicable to the Bonds. The “TAXATION” section provides a brief outline of certain taxation matters that may be applicable in relation to the Bonds. The “ADDITIONAL INFORMATION” section sets out further information which the Issuer is required to include under applicable rules. The “IMPORTANT LEGAL INFORMATION” section contains some important legal information regarding the basis on which this Prospectus may be used for the purposes of making offers of the Bonds. The “TERMS AND CONDITIONS OF THE BONDS” section sets out the terms and conditions which apply to the Bonds, the Guarantee and the Security. The “SUMMARY OF PROVISIONS RELATING TO THE BONDS IN GLOBAL FORM” section is a summary of certain parts of those provisions which apply to the Bonds while they are held in global form by the clearing systems, some of which include minor and/or technical modifications to the terms and conditions of the Bonds as set out in the preceding section in this Prospectus. The “SUMMARY VALUATION REPORT” section sets out the independent valuation dated 23 April 2015, prepared by Strutt & Parker LLP, in relation to the Arena. The “FINANCIAL STATEMENTS” section sets out important historical financial information relating to the Group. A “TABLE OF CONTENTS” section, with corresponding page references, appears on the following page. iv TABLE OF CONTENTS Page SECTION 1 - SUMMARY .................................................................................................. 1 SECTION 2 - RISK FACTORS ........................................................................................ 16 SECTION 3 - INFORMATION ABOUT THE BONDS ................................................. 32 SECTION 4 – TIMETABLE OF THE OFFER AND KEY DATEs .............................. 42 SECTION 5 - HOW TO APPLY FOR THE BONDS ...................................................... 43 SECTION 6 - DESCRIPTION OF THE ISSUER ........................................................... 46 SECTION 7 - DESCRIPTION OF THE GROUP ........................................................... 48 SECTION 8 - SUBSCRIPTION AND SALE ................................................................... 81 SECTION 9 - TAXATION ................................................................................................. 84 SECTION 10 - ADDITIONAL INFORMATION ...........................................................