Iceland - comment

As flagged during the release of their Q3 results, Iceland announced a consent solicitation for both of their bonds in relation to the requirement to file audited accounts within 120 days of year-end (March 2023). Iceland are transitioning from FRS 102 to IFRS accounting and anticipate there may be a delay in the filing of accounts. They expect full audited statuary accounts, under IFRS, will be released in September 2023 (c.180 days). It should be noted that the Company will release Q4 numbers in July in line with previous years, Statutory accounts under FRS 102 (unaudited) will be presented and a management presentation is scheduled for Wednesday 5th July. In addition, there are one-to-one bondholder sessions on the 5th and 6th of July.

As expected, there is no consent fee for this waiver.