Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support
Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support
DJ Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support
DJ莫里森养老金计划受托人警告称，在没有支持的情况下，赞助商契约薄弱
By Ian Walker
伊恩·沃克(Ian Walker)著
The Wm. Morrison Supermarkets PLC pension scheme trustees said Tuesday that an offer for the U.K. grocer would materially weaken the existing sponsor covenant supporting the pension schemes unless extra support is provided.
《女装日报》。莫里森超市(Morrison Supermarket PLC)养老金计划受托人周二表示，除非提供额外支持，否则对这家英国杂货商的收购要约将严重削弱支持养老金计划的现有赞助商契约。
The trustees said that the Morrison's Retirement Saver Plan and the Safeway Pension Scheme are both in surplus and benefit from freehold properties held within a funding partnership structure, but don't have enough resources to secure or 'buy out' scheme benefits with an insurance company.
受托人说，莫里森的退休储蓄计划和西夫韦养老金计划都有盈余，并受益于在融资合伙结构中持有的永久保有物业，但没有足够的资源从保险公司获得或“买断”计划福利。
The schemes are therefore currently dependent upon the Morrison group companies contributing into the schemes to support member benefits, known as the sponsor covenant.
因此，这些计划目前依赖莫里森集团公司向计划供款，以支持成员福利，即保荐人契约。
"Should those companies become insolvent the schemes would have unsecured creditor claims against those companies," the trustees said.
受托人表示：“如果这些公司资不抵债，这些计划将拥有针对这些公司的无担保债权人债权。”
The trustees said they are therefore focused on agreeing on extra security to provide covenant support for the schemes and have been in talks with the Fortress consortium since early July. However, the trustees said they haven't progressed talks with Clayton, Dubilier & Rice, LLP although have had an introductory meeting with them.
受托人表示，因此，他们专注于就额外的安全措施达成一致，为这些计划提供契约支持，并自7月初以来一直在与堡垒财团进行谈判。然而，受托人表示，他们与Clayton，Dubilier&Rice，LLP的谈判没有取得进展，尽管已经与他们进行了介绍性会议。
"We hope agreement can be reached as soon as possible on an additional security package that provides protection for members' benefits," said Steve Southern, Chair of Trustees for the Morrison's Retirement Saver Plan and the Safeway Pension Scheme.
莫里森退休储蓄计划和Safeway养老金计划受托人主席史蒂夫·南方(Steve Southern)表示：“我们希望能尽快就额外的保障方案达成协议，为会员的福利提供保障。”
On Friday, Morrisons agreed to a takeover from Clayton Dubilier & Rice LLC that values it at seven billion pounds ($9.6 billion) and withdrew its recommendation of a previous bid from a consortium led by SoftBank Group Corp.'s Fortress Investment Group LLC.
上周五，莫里森同意了对Clayton Dubilier&Rice LLC的收购，对该公司的估值为70亿英镑(合96亿美元)，并撤回了由软银集团(SoftBank Group Corp.)旗下堡垒投资集团(Forresse Investment Group LLC)牵头的财团之前提出的报价建议。
The U.K. grocer and U.S. private-equity firm CD&R said late Thursday that they reached an agreement on the terms of a cash offer for 285 pence a share. This compares with the latest offer from the Fortress-led consortium of 272 pence a share, and also represents a 2.1% premium to Morrisons's Thursday closing price of 279.20 pence.
这家英国杂货商和美国私募股权公司CD&R周四晚些时候说，他们就每股285便士的现金收购要约条款达成了协议。相比之下，以堡垒为首的财团最新出价为每股272便士，较莫里森周四279.20便士的收盘价溢价2.1%。
In response, Fortress said it was considering its options in respect of its own offer. A further announcement will be made in due course, Fortress added.
作为回应，堡垒表示，它正在考虑自己的报价选择。堡垒补充说，将在适当的时候发布进一步的公告。
Shares at 1339 GMT were down 0.90 pence, or 0.3%, at 291.20 pence.
格林威治时间1339时，该公司股价下跌0.9便士，至291.20便士，跌幅0.3%。
Write to Ian Walker at ian.walker@wsj.com
写信给Ian Walker：ian.walker@wsj.com
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August 24, 2021 09:59 ET (13:59 GMT)
2021年8月24日东部时间09：59(格林尼治标准时间13：59)
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