General Announcement::Corporatisation Exercise - Notice of Resignation and Substitution

Issuer & Securities

Issuer/ Manager
NTUC INCOME INSURANCE CO-OPERATIVE LIMITED
Securities
NTUC INCOME S$800M3.1%N500720 - SGXF78097098 - TQBB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
28-Jul-2022 15:42:44
Status
New
Announcement Sub Title
Corporatisation Exercise - Notice of Resignation and Substitution
Announcement Reference
SG220728OTHRXSAA
Submitted By (Co./ Ind. Name)
B Lakshmi
Designation
Secretary
Description (Please provide a detailed description of the event in the box below)

On 6 January 2022, NTUC Income Insurance Co-Operative Limited ( NTUC Income ) announced a proposed corporatisation exercise to convert its legal form from a co-operative society governed by the Co-operatives Societies Act 1979 to a public company limited by shares governed by the Companies Act 1967 (the Corporatisation ). As part of the Corporatisation, NTUC Income will transfer its existing insurance business and assets to a new company, Income Insurance Limited ( Income Insurance ) (the Substitution ).
In connection with the Corporatisation and the Substitution, NTUC Income and Income Insurance have entered into a deed of resignation and substitution on 28 July 2022 ( Deed of Resignation and Substitution ) in respect of the Transaction Documents (as defined in the Deed of Resignation and Substitution), which include the S$2,000,000,000 Euro Medium Term Note Programme (the Programme ) and the S$800,000,000 3.10 per cent. Subordinated Notes due 2050 First Callable in 2040 (ISIN Code: SGXF78097098) issued on 20 July 2020 under the Programme. Under the Deed of Resignation and Substitution, with effect from the Effective Date (as defined in the Deed of Resignation and Substitution), Income Insurance shall assume and take over NTUC Income s rights, obligations and liabilities in respect of the Transaction Documents. The provisions of the Transaction Documents shall, save as amended by the Deed of Resignation and Substitution, continue in full force and effect.

Please refer to the attachment for further details.

Attachments

20220728 Notice to Noteholders DORS.pdf
Total size =122K