PHFLPrivate Housing Finance Law
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PHFL Article 5 contains a limitation on redevelopment company debt that does not permit equity take out financing.
It is an owner of and provides management services to PHFL, which owns and leases 231 properties in the United Kingdom and Jersey, and Idun Health Care Ltd.
PHFL and Worldwide have received indications of interest for the purchase of all of the ordinary shares and warrants and/or assets of PHFL which, if consummated, would result in proceeds sufficient to repay all outstanding indebtedness of PHFL, including all indebtedness owed to the Company, as well as provide a return to all PHFL shareholders.
As previously announced, Worldwide, with the assistance of its financial advisor, UBS Warburg LLC, is exploring transactions to maximize the value of its various equity and debt investments as well as its investment advisory and management services arrangements, including those related to PHFL.
Worldwide has requisitioned the directors of PHFL to call an
the current board of directors of PHFL replace the current
December 1, 2001 by PHFL and PHFL is also taking enforcement
companies were tenants of PHFL, and together operated 42 of
Completion of the transaction will be subject to a definitive agreement between the parties, receipt of appropriate corporate approvals and fairness opinions, approval of Worldwide and PHFL shareholders, the arrangement of new or extended financing for the expansion of the UK financing business and other customary conditions with respect to a transaction of this kind.
Edward Gottesman, chairman of PHFL and chairman of PHFL's largest share-holder (after Worldwide), is quoted: "Today PHFL is the second largest specialized healthcare finance source in the United Kingdom.
For the three fiscal quarters ending May 31, 2001, the reported earnings of PHFL included in the Company's US GAAP financial statements and 10Q were $4,858,000.
It is an owner of and provides management services to PHFL and Idun Health Care Ltd, the operator of 119 nursing homes in England, Scotland and Northern Ireland.