For immediate release
To: Irish Stock Exchange
Date: 9 May 2012
Cornerstone Titan 2006-1 p.l.c. (the "Issuer")
Class A Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262023459
ISIN (Rule 144A Notes) XS0262026718
Class X Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262023707
ISIN (Rule 144A Notes) XS0262027013
Class B Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262023962
ISIN (Rule 144A Notes) XS0262027286
Class C Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262024184
ISIN (Rule 144A Notes) XS0262027526
Class D Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262024424
ISIN (Rule 144A Notes) XS0262027955
Class E Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262025157
ISIN (Rule 144A Notes) XS0262028177
Class F Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262025405
ISIN (Rule 144A Notes) XS0262028334
Class G Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262025744
ISIN (Rule 144A Notes) XS0262028680
Class H Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262026551
ISIN (Rule 144A Notes) XS0262029068
Class J Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262027104
ISIN (Rule 144A Notes) XS0262029498
Class VA Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262027799
ISIN (Rule 144A Notes) XS0262029811
Class VB Secured Floating Rate Notes due 2015
ISIN (Regulation S Notes) XS0262028508
ISIN (Rule 144A Notes) XS0262029902
being together, the "Notes"
The Notes are admitted to trading on the regulated market of the Irish Stock Exchange
Limited.
Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on
insider dealing and market manipulation together with Implementing Directive 2003/12/EC
as implemented by the relevant member states requires disclosure of inside information
relating to the Issuer.
Capitalised terms used but not defined in this notice shall have the meaning given to them in the servicing agreement dated 31 July 2006 between, among others, (1) the Issuer, (2) Capita Asset Services (Ireland (Xetra: A0Q8L3 - news) ) Limited (formerly known as Capmark Services Ireland Limited) and (3) Capita Asset Services (UK) Limited (formerly known as Capmark Services UK Limited) (the "Servicing Agreement").
We refer to the RIS notification published on the website of the Irish Stock Exchange on 3 April 2012.
By way of further update, we hereby notify you that the Special Servicer has informed the issuer of the following:
1 For the purpose of calculating the Valuation Reduction Amount under the Servicing Agreement on 23 October 2011, the Woolgate Exchange Subordinate Lender instructed the Special Servicer to obtain an updated valuation of the property securing the Woolgate Exchange Loan (the "Property").
2 The Special Servicer obtained an updated valuation of the Property with a valuation date of 2 September 2011 (the "September 2011 Valuation"). The September 2011 Valuation placed a market value of £277,000,000 on the Property.
3 The publication of the September 2011 Valuation would have coincided with (i) discussions between the Woolgate Exchange Borrower and the Special Servicer in relation to a consensual sale of the Property (the "Proposed Sale") and (ii) consultations between the Special Servicer and the Controlling Party in respect of proposals for the Special Servicer to take significant action in connection with the Proposed Sale.
4 Accordingly, based on advice received, the public disclosure of the September 2011 Valuation was delayed as an immediate disclosure would have likely prejudiced (i) the ability of the marketing agents (the "Marketing Agents") appointed to offer the Property for sale at a higher marketing price than provided for by the September 2011 Valuation and (ii) impending negotiations or discussions between the Special Servicer or the Marketing Agents and prospective purchasers of the Property.
5 To assist the joint receivers appointed over the Property in determining whether the offer received from a respective purchaser was the best price reasonably obtainable at that time, the Special Servicer obtained a further updated valuation of the Property with a valuation date of 21 March 2012 (the "March 2012 Valuation"). Based on the March 2012 Valuation the Property has a market value of £265,000,000.
6.
Since the March 2012 Valuation material information has been published about imminent proposals to restructure the tenant occupying the Property, which the Special Servicer considers could have an impact on such valuation.
7.
Accordingly, in order to assist the Receivers and the Special Servicer with evaluating all options available to them, the Special Servicer is considering requesting a further updated valuation of the Property.
Please address any queries in relation to this notice to:
Jim Simpson, Capita Asset Services (UK) Limited
Tel: +44 (0)207 204 7974 or Email: Jim.simpson@capitaassetservices.co.uk
Name and signature of agent of the Issuer responsible for making notification:
____________________
Alan Geraghty
9th May 2012
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
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