Absence of Quorum Disrupts Annington Funding PLC's Noteholder Meetings for 2029 and 2034 Notes

A significant development emerged on 15 July 2025, as Annington Funding PLC announced disappointing results from its note holder meetings related to their outstanding £600,000,000 3.184 per cent notes due by 2029 and £625,000,000 3.685 per cent notes due by 2034. Despite the critical nature of these meetings, where decisions on extraordinary resolutions regarding the notes were expected to be made, the required quorum was not achieved. As a result, the meetings were dissolved, leaving the fate of these resolutions up in the air.

The proposed extraordinary resolution was conditional on a written resolution being validly passed, a condition which, according to the issuer’s conclusion, has not been satisfied. The issuer asserts that the written resolution is invalid and void, and that any attempt to remove the Trustee based on the questionable validity of the written resolution is ineffectual.