AVON FINANCE NO.3 PLC

• ⚠

  Material uncertainty over going concern

  However, the directors believe there to be a material uncertainty over the going concern of the Company due to the call option that is available for the option holders to exercise in the interest payment date falling in August 2026 (Optional Redemption Date). The call option is in the form of a Portfolio Purchase Option which requires the Company to sell and transfer to the Portfolio Option Holder (or its nominee) as defined in the transaction documents, either the beneficial title or the right to legal title to all of the Loans. This sale or transfer would be completed at the Portfolio Purchase Option Purchase Price, being an amount sufficient to enable the Company to settle its liabilities. If the call option is exercised, the Notes will be paid off using the proceeds of the sale and transfer of the Loans, and the Company will cease trading. However, if the call option is not exercised, the directors have no intention to cease trading and there is a reasonable expectation that the Company has adequate resources to continue in operational existence under the current operating structure for at least twelve months from the date of approval of the financial statements. The directors are therefore of the opinion that a material uncertainty exists which may cast significant doubt over the Company's ability to continue as a going concern.

1. AVON FINANCE NO.3 PLC 2023-07-19 → present
2. STRATFORD FINANCE NO.3 PLC 2023-06-06 → 2023-07-19

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, the directors believe there to be a material uncertainty over the going concern of the Company due to the call option that is available for the option holders to exercise in the interest payment date falling in August 2026 (Optional Redemption Date). The call option is in the form of a Portfolio Purchase Option which requires the Company to sell and transfer to the Portfolio Option Holder (or its nominee) as defined in the transaction documents, either the beneficial title or the right to legal title to all of the Loans. This sale or transfer would be completed at the Portfolio Purchase Option Purchase Price, being an amount sufficient to enable the Company to settle its liabilities. If the call option is exercised, the Notes will be paid off using the proceeds of the sale and transfer of the Loans, and the Company will cease trading. However, if the call option is not exercised, the directors have no intention to cease trading and there is a reasonable expectation that the Company has adequate resources to continue in operational existence under the current operating structure for at least twelve months from the date of approval of the financial statements. The directors are therefore of the opinion that a material uncertainty exists which may cast significant doubt over the Company's ability to continue as a going concern.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.