Release Date:
March 27, 2026
Type of document:
Press Release
March 27, 2026
Press Release
The Court’s decision confirms EMIS’s legal position and effectively amounts to a complete victory for EMIS. The Court held that the Extraordinary Resolutions passed in July 2025 in respect of EMIS’s Series 26 and Series 31 Notes were not effective to remove the existing trustee, BNY Mellon Corporate Trustee Services Limited, nor to appoint GLAS Trustees Limited as a replacement trustee. The Court further reaffirmed that noteholders do not have the power to appoint a trustee by Extraordinary Resolution and that any attempted removal of a trustee by noteholders takes effect only upon the appointment of a new trustee by the issuer or the Court.
In addition, the Court ordered ICU Trading Ltd and the GLAS defendants to pay 90% of EMIS’s costs of the claim, including an interim payment of £500,000 on account of those costs, as well as a further £35,000 in respect of the costs of the post-trial hearing. The undertakings previously in place, as well as EMIS’s security and fortification obligations, were formally discharged.
EMIS welcomes the Court’s order, which brings clarity and certainty for noteholders, confirms the proper operation of the trust and agency structure, and removes any doubt arising from the defendants’ actions. EMIS will continue to act in the best interests of all noteholders and in accordance with its duties as issuer.