Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support -- Update
Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support -- Update
DJ Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support -- Update
DJ莫里森養老金計劃受託人警告稱，在沒有支持的情況下，贊助商契約薄弱-更新
By Ian Walker and Anthony O. Goriainoff
作者：伊恩·沃克(Ian Walker)和安東尼·O·戈裏安諾夫
Trustees of the Wm. Morrison Supermarkets PLC pension scheme said Tuesday that an offer for the U.K. grocer would materially weaken the program's existing sponsor covenant unless extra support is provided.
WM的受託人。莫里森超市公司(Morrison Supermarket PLC)的養老金計劃週二表示，除非提供額外的支持，否則對這家英國雜貨商的收購要約將大大削弱該計劃現有的贊助商契約。
The trustees said 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.
受託人表示，莫里森的退休儲蓄計劃和Safeway養老金計劃都有盈餘，並受益於在融資合夥結構中持有的永久保有物業，但沒有足夠的資源從保險公司獲得或“買斷”計劃福利。
The schemes are therefore currently dependent on Morrison group companies contributing into the programs to support member benefits, known as the sponsor covenant.
因此，這些計劃目前依賴於莫里森集團公司向計劃捐款，以支持成員福利，即所謂的贊助商契約。
"Should those companies become insolvent the schemes would have unsecured creditor claims against those companies," the trustees said.
受託人表示：“如果這些公司資不抵債，這些計劃將擁有針對這些公司的無擔保債權人債權。”
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 they have had an introductory meeting with them.
受託人表示，因此，他們專注於就額外的安全措施達成一致，為這些計劃提供契約支持，並自7月初以來一直在與堡壘財團進行談判。然而，受託人表示，他們與Clayton，Dubilier&Rice，LLP的談判沒有取得進展，儘管他們已經與他們進行了介紹性會議。
"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.
莫里森退休儲蓄計劃和Safeway養老金計劃受託人主席史蒂夫·南方(Steve Southern)表示：“我們希望能儘快就額外的保障方案達成協議，為會員的福利提供保障。”
Clayton, Dubilier & Rice said late Tuesday that they have set out a number of intentions as part of the offer in relation to pension rights, the schemes' future funding arrangements, and their desire to "engage in a constructive and timely dialogue with the trustees."
Clayton，Dubilier&Rice週二晚些時候表示，他們已經提出了一些意向，作為要約的一部分，涉及養老金權利、這些計劃未來的資金安排，以及他們希望“與受託人進行建設性和及時的對話”。
It added that it met with the trustees on Aug. 17 to explain their proposal and strategic vision for the business and intentions for stakeholders, noting that it had a positive discussion with them, and that the dialogue is now progressing.
該公司補充説，它在8月17日與受託人會面，解釋了他們對業務的提議和戰略願景，以及利益相關者的意圖，並指出與他們進行了積極的討論，對話目前正在取得進展。
"CD&R intends to continue this dialogue to ensure that the trustees understand and support the sponsor covenant following the completion of the CD&R Offer. CD&R understands and accepts that the trustees consider this dialogue is likely to extend to considering arrangements which provide additional security to the schemes through an appropriate mitigation package," it said.
“CD&R打算繼續這一對話，以確保受託人在CD&R要約完成後理解並支持保薦人契約。CD&R理解並接受受託人認為這種對話可能會擴大到考慮通過適當的緩解方案為計劃提供額外保障的安排，”CD&R表示。
On Friday, Morrisons agreed to a takeover from Clayton Dubilier & Rice LLC that values it at 7 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.
上週五，莫里森同意了對Clayton Dubilier&Rice LLC的收購，對該公司的估值為70億英鎊(合96億美元)，並撤回了軟銀集團(SoftBank Group Corp.)旗下堡壘投資集團(Forresse Investment Group LLC)牽頭的財團之前提出的報價建議。
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.
這家英國雜貨商和美國私募股權公司CD&R週四晚些時候説，他們就每股285便士的現金收購要約條款達成了協議。相比之下，以堡壘為首的財團最新出價為每股272便士，較莫里森週四279.20便士的收盤價溢價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.
作為迴應，堡壘表示，它正在考慮自己的報價選擇。堡壘補充説，將在適當的時候發佈進一步的公告。
Write to Ian Walker at ian.walker@wsj.com and Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
寫信給Ian Walker(ian.walker@wsj.com)和Anthony O.Goriainoff(anthony.orunagoriainoff@dowjones.com)
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August 24, 2021 13:04 ET (17:04 GMT)
2021年8月24日美國東部時間13：04(格林尼治標準時間17：04)
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