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Should there be insufficient funds out of the net proceeds of sale to discharge all charges registered against the property then it will pass free of those charges.
If, immediately following the Final Subscription Date, there remain Subscription Rights which have not been exercised, the Company shall, within seven days following the Final Subscription Date, appoint a trustee who, provided that in its opinion the net proceeds of sale after deduction of all costs and expenses incurred by the trustee will exceed the costs of subscription, shall within the period of 14 days following such Final Subscription Date exercise the Subscription Rights which shall not have been exercised on the terms on which the same could have been exercised on the Final Subscription Date and sell in the market the Ordinary Shares acquired on such subscription.
The deal involved NEPB saying it would buy the property for 70% of its value, pay off any outstanding mortgages, and pay back a proportion of the net proceeds of sale.
The Company intends to use net proceeds of sales under the program for general corporate purposes, including supporting the capital of the Company's banking subsidiary, West Coast Bank.
The Hartford intends to use net proceeds of sales under the program for general corporate purposes, including the possible repurchase of outstanding debt.
If contracts are exchanged, the lender will withdraw proceedings as they will be satisfied there is a legally-binding obligation on the buyer to complete and they, in turn, will be entitled to the net proceeds of sale in the usual way.
In accordance with the Articles of Association, the Company has appointed a trustee who, provided that in their opinion the net proceeds of sale (after deduction of all costs and expenses incurred) will exceed the costs of subscription, shall exercise all the subscription rights which have not been exercised and sell in the market the ordinary shares for the benefit of the holders thereof.
5m share of net proceeds of sale, whereas SIP was offering an annual payment of "pounds 4m for racing charitable ends", leaving SIP's contribution pounds 29.