DGAP-News: Resparcs Funding Limited Partnership I: Participation in losses and non-payment of coupons for HSH Nordbank's hybrid capital

(firmenpresse) - DGAP-News: Resparcs Funding Limited Partnership I / Key word(s):
Dividend/Final Results
Resparcs Funding Limited Partnership I: Participation in losses and
non-payment of coupons for HSH Nordbank's hybrid capital

07.03.2011 / 17:27

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March 07, 2011

RESPARCS Funding Limited Partnership I (the company) announces the
following:

The Company was informed by HSH Nordbank AG, Hamburg and Kiel ('the Bank'),
that the financial statements for the business year 2010 of the Bank
according to HGB ('Handelsgesetzbuch' / German GAAP) will report a balance
sheet loss/net loss for 2010. Therefore, no coupon payments for the fiscal
year 2010 will be made by the Bank on silent participations and profit
participation capital. Moreover, these hybrid instruments will participate
in the Bank's balance sheet loss/net loss.

For the instruments of RESPARCS Funding Limited Partnership I with ISIN
XS0159207850 listed on the Luxembourg Stock Exchange which are based on a
silent participation, this means that no coupon payment will be made for
the profit period 2010 and that these instruments will participate in a
balance sheet loss for the fiscal year 2010 via the silent participation.
The book value of the silent participation was reduced by approx. 4 percent
to approx. 79 percent. The exact amount of loss participation will be
finally announced following the adoption of the Bank's financial statements
by the Supervisory Board of the Bank on 31 March, 2011.

The following instrument of RESPARCS Funding Limited Partnership I is
affected:

ISIN XS0159207850 listed on the Luxembourg Stock Exchange; coupon payment
dates: 30 September 2011/ 30 December 2011/ 30 March 2012/ 30 June 2012

Issuer:
The Company, RESPARCS Funding Limited Partnership I, a limited partnership


established under the laws of Hong Kong on 26 November 2002, has acquired
with the proceeds of the Re-Engineered Silent Participation Assimilated
Regulatory Capital (RESPARC) Securities, a silent participation in the
commercial enterprise (Handelsgewerbe) of HSH Nordbank (formerly Landesbank
Schleswig-Holstein Girozentrale) in the form of a Stille Gesellschaft under
German law. The Issuer expects to fund interest payments on the RESPARC
Securities with distributions received under the Participation Agreement
and funds received from the Bank's Luxembourg branch under a loan
agreement. Interest payments are contingent on the Issuer's receipt of
Silent Participation Payments from the Bank under the Participation
Agreement.

Hong Kong, March 07, 2011

Company: RESPARCS Funding Limited Partnership I
8/F, Gloucester Tower,
The Landmark, 11 Pedder Street,
Central, Hong Kong


End of Corporate News

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07.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Media archive at www.dgap-medientreff.de and www.dgap.de

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114678 07.03.2011Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
Datum: 07.03.2011 - 17:27 Uhr
Sprache: Deutsch
News-ID 362112
Anzahl Zeichen: 3705

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