LCP Proudreed PLC - Irish Stock Exchange

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4.0 VALUATION ASSUMPTIONS 4.1 SOURCES OF INFORMATION 4.1.1 Third parties have provided us with such information as details of tenure, use, town planning consents and the like. Where appropriate, <strong>LCP</strong> has confirmed that our assumptions are correct so far as they are aware. 4.1.2 We have relied upon the tenancy details provided to us by <strong>LCP</strong> Real Estate as at 15 June 2005. We have been provided by The Simkins Partnership and Lawrence Graham with certificates of title (including sample lease reports) in respect of each of the Properties, and we confirm we have taken these into account in our valuations. We have assumed that all occupational leases have been drawn on a full repairing and insuring basis unless advised to the contrary. 4.1.3 We have not effected official searches and for the purposes of the valuations we have assumed that, unless advised to the contrary, full planning consent exists for the existing use of the Properties, or established use rights are available for the existing buildings and present uses and the Properties are not adversely affected by town planning or road proposals. 4.1.4 We have not inspected the title deeds or other legal documents pertaining to the Properties and our valuations are based upon the assumption that, save as disclosed in the certificates of title dated 16 September 2005, there are no unusually onerous restrictions or obligations attaching to the Properties and that they enjoy good and marketable title. 4.2 STRUCTURAL SURVEYS AND DELETERIOUS MATERIALS 4.2.1 We have not carried out structural surveys nor have we inspected those parts of the Properties which are covered, unexposed or inaccessible and such parts have been assumed to be in good repair and condition. We cannot express an opinion about, or advise upon the condition of uninspected parts and this certificate should not be taken as making any implied representation or statement about such parts. We have had regard to the general condition of the Properties as observed in the course of our inspection for valuation purposes. 4.2.2 We have not arranged for any investigation to be carried out to determine whether or not high alumina cement, calcium chloride additive or any other potentially deleterious material has been used in the construction of the Properties and we are therefore unable to report that the Properties are free from risk in this respect. For the purpose of this valuation we have assumed that such investigations would not disclose the presence of any such material in any adverse condition. 4.2.3 No specialist tests have been carried out on any of the services systems and for the purposes of this valuation we have assumed that all are in reasonable working order and in compliance with any relevant statutory or Bye-Law regulations. 4.2.4 No allowance has been made in our valuation in respect of rights, obligations or liabilities arising under the Defective Premises Act 1972. 4.2.5 Assuming an ongoing programme of maintenance on the unlet buildings and a rigorous enforcement of the repairing liabilities on the let units we consider that the vast majority of the buildings could have a useful economic life of at least 20 years. 4.2.6 You have also asked for our opinion of the reinstatement value of the Properties. In the case, particularly, of the retail properties we will not have any information as to the gross areas and the figures noted should be treated with extreme caution. 4.3 SITE CONDITIONS AND CONTAMINATION 4.3.1 No load bearing tests have been carried out by us and we cannot offer any opinion either as to the suitability of the sites for existing or proposed developments nor the condition of or potential liability for any embankment and river, wharf or retaining wall. 4.3.2 We are aware of the content of certain environmental audits, which have been carried out previously on the Properties and we can confirm we have taken these into account in our valuations. We have set out at Appendix 3 a schedule of those Properties where we have previously seen environmental reports. However, we are not aware of any subsequent contamination which may have taken place at any of the sites and therefore have not reflected this in our figures. For the purposes of this valuation we have assumed that there are no such issues of contamination associated with any of the sites. 97
5.0 CONFIDENTIALITY 5.1 This Valuation Certificate is provided for the use only of the party to whom it is addressed and no responsibility is accepted to any third party for the whole or any part of its content. 5.2 Neither the whole nor any part of this Valuation Certificate nor any reference thereto may be included in any published document, circular or statement, nor published in any way without our written approval of the form and context in which it may appear, save that we agree to this Report being included in the Offering Circular. Yours faithfully J P ASQUITH BSc FRICS KING STURGE 98
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LCP Proudreed PLC incorporated with
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The Issuer accepts responsibility f
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CONTENTS SECTION PAGE PRINCIPAL CHA
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PRINCIPAL CHARACTERISTICS OF THE CO
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Security: Insurance: Valuation: 70
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TRANSACTION OVERVIEW The informatio
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TRANSACTION PARTIES The Issuer LCP
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SPV Management Limited’s appointm
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Statistical Analysis Unless stated
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Property Name Property Address Type
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Property Number 2 Property Name Arc
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Property Number 6 Property Name Adw
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Property Number 10 Property Name Sh
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7. Property Size The figures cited
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Property Number 2 Property Name Alp
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3. Tenant Concentration (Top 10 Ten
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8. Sectoral Weightings: (Industrial
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Interest Payment Date falling in Fe
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RISK FACTORS The following is a sum
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available to be applied by the Issu
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maturity of the Notes, enforcement
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emoval, rebuilding, reinstating and
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assurance that a Borrower will exer
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which is intended to ensure that th
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egulations will not occur in the fu
Page 52 and 53: landlord to forfeit the Headlease i
Page 54 and 55: 3. Legal and regulatory considerati
Page 56 and 57: A company is eligible for a morator
Page 58 and 59: displayed and (c) applicable provis
Page 60 and 61: Withholding tax in respect of the C
Page 62 and 63: SUMMARY OF PRINCIPAL DOCUMENTS Belo
Page 64 and 65: on the two Loan Calculation Dates i
Page 66 and 67: substantially as it has been conduc
Page 68 and 69: A breach of a Financial Covenant ma
Page 70 and 71: • not to carry out and/or agree t
Page 72 and 73: (f) (g) (h) (i) (j) (k) (l) (m) (n)
Page 74 and 75: (vi) in the case of Same-Day Substi
Page 76 and 77: of the Approved Valuer) structural
Page 78 and 79: (a) a certificate is provided by th
Page 80 and 81: Floating charges held by the Borrow
Page 82 and 83: Each Accountholder will pay to each
Page 84 and 85: (D) details of any steps being take
Page 86 and 87: (iii) to provide collateral to secu
Page 88 and 89: in the prepayment of the Commercial
Page 90 and 91: a view to achieving a reasonable re
Page 92 and 93: Where amounts are to be provided fo
Page 94 and 95: (a) first, in or towards satisfacti
Page 96 and 97: (d) fourth, in or towards satisfact
Page 98 and 99: 5. The Hedging Agreements For a fur
Page 100 and 101: VALUATION REPORTS London & Cambridg
Page 104 and 105: APPENDIX 1 Ref No Property Descript
Page 106 and 107: Ref No Property Description & Tenur
Page 114 and 115: APPENDIX 2 Properties Requiring Mea
Page 116 and 117: 295 SWINTON, Swinton Hall Industria
Page 118 and 119: issued by the Royal Institution of
Page 120 and 121: previously seen environmental repor
Page 122 and 123: APPENDIX 2 Properties Requiring Mea
Page 124 and 125: Directors and Secretary The directo
Page 126 and 127: Accountants Report to the Members o
Page 128 and 129: THE BORROWERS L.C.P. Real Estate Li
Page 130 and 131: Name Business Address Other Princip
Page 132 and 133: The accompanying notes are an integ
Page 134 and 135: Proudreed Real Estate Limited Intro
Page 136 and 137: Independent Auditors’ Report to t
Page 138 and 139: 5. Reconciliation of Shareholders
Page 140 and 141: THE HEDGING PROVIDERS AND THE LIQUI
Page 142 and 143: 1. DEFINITIONS AND PRINCIPLES OF CO
Page 144 and 145: ‘‘Definitive Note’’ means i
Page 146 and 147: (ii) the making of an administratio
Page 148 and 149: the Issuer Account Bank and Cash Ma
Page 150 and 151: (ii) in relation to any Definitive
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‘‘Principal Paying Agent’’
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General Interpretation (b) In these
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Form of Definitive Notes (f) Defini
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Default), the Cash Manager shall on
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(ii) (iii) (iv) (v) that such amoun
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Separateness (k) permit or consent
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(i) determine the Rate of Interest
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(iii) (iv) Agreement or such other
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insufficient after payment of all o
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Change in Currency (k) (i) If at an
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11. ENFORCEMENT (a) (b) At any time
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Separate meetings of different Clas
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Removal and Replacement of Note Tru
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Although a Meeting of Noteholders c
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FORM OF THE NOTES General The Notes
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purposes as realising profits, gain
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In addition, until 40 days after th
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(b) the Valuation Reports; (c) the
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(c) in the case of shares, such for
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Class A Notes means the Original Cl
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Environment means all or any of the
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Further Class C Notes has the meani
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(ii) any fees and expenses payable
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Investor Presentation Materials mea
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to prime banks in the London inter-
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provided that, in determining wheth
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Obligor Transaction Documents means
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provided that for each of the follo
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Preliminary Offering Circular means
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Period, the Reference Amount will b
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Tax Deeds of Covenant means the two
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Capital Printing Systems (UK) Limit
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LCP Proudreed PLC - Irish Stock Exchange

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