EFW 21 and EFW 21 Ireland
Scheme Investors, Brokers and Trustees Schemes Take Effect
Summary
In my report of 14 November 2023 I confirmed that the High Court had sanctioned the Schemes of
Arrangement. I also confirmed that the Scheme Companies had commenced the process of completing the necessary
legal steps to put in place the new legal relationships between the various companies within the Solar 21
group and the arrangements between the Scheme Companies and the Scheme Investors in accordance
with the terms of the sanctioned Schemes of Arrangement.
That work has now been concluded and as required by the provisions of the Companies Act; each
Scheme Company has formally completed the last step in the scheme process by delivering a copy of
the respective High Court scheme order to the Companies Registration Office (“CRO”).
I am, therefore, happy to confirm that the Schemes took effect from the date of delivery of the orders
- 27 November 2023. The Scheme Companies’ files at the CRO, today, reflect the lodging of the orders.
To be clear that means that the previous arrangements between the Scheme Companies and the
Scheme Investors have been replaced by the new Court approved arrangements.
Next Steps
Looking to the future, the Scheme Companies will implement the commercial aspects of the
restructuring working within the new governance structure.
Alvarez & Marsal, as Restructuring Supervisor, have confirmed to me that, in compliance with the terms
of the schemes, they anticipate providing the first update to Scheme Investors, Brokers and Trustees in
late January 2024. (but don't hold your breath! - Marsupial)
Sign Off
This is the last update from me. Again, and finally, thanks to all who communicated with me during this
process and I look forward to a successful outcome for all.
John McStay
30 November 2023