Early repayment of the £500,000 4% unsecured bearer bonds 2012-2016 issued by the Trust during 2004
The A1 Steam Locomotive Trust, the registered charity behind steam locomotive 60163 Tornado, is shortly to advise bond holders via 'Steam Railway' and 'Heritage Railway' magazines of its decision to repay the nominal value of all bonds on 31st December 2013. This will be done in accordance with the terms of the Prospectus issued in 2004 to help fund Tornado's completion, especially the boiler purchase.
Those persons who, as far as the Trust is aware, are the bond holders have been written to at their last known address informing them of the decision.
Although the Trust has until 31st December 2016 to redeem the bonds, the Trust has accumulated sufficient funds to redeem all bonds on 31st December 2013.
Mark Allatt, Chairman, The A1 Steam Locomotive Trust, commented:
"The Trustees have adopted a policy in recent years of ring fencing funds to provide for the repayment of the bonds but the recent receipt of a substantial legacy has enabled the repayment to be brought forward. On behalf of everyone involved with Tornado I would like to thank all of the bond holders for their support over the years and bringing Tornado onto the main line. We are proud in what we have all achieved together and are really pleased that so much enjoyment has been brought to so many supporters and friends."