Uniq - Solution for Pension Scheme

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Slaughter and May advised Uniq plc ("Uniq"), the chilled convenience food group, on a solution with the trustee of the Uniq Pension Scheme ("Trustee") for the £436 million legacy pension deficit.

On 09 February 2011 Uniq announced that a restructuring by means of a deficit for equity swap had been cleared by the Pensions Regulator and would, subject to approval from shareholders and the sanction of the court, be implemented. The restructuring involves an effective transfer of 90.2% of the equity of the company to a new vehicle ("Newco") via a scheme of arrangement in exchange for Newco assuming the Pension Scheme deficit and the Pension Scheme giving up its claim on Uniq. The assumption of the deficit by Newco and release of Uniq will be effected by means of a regulated apportionment arrangement. Uniq has also agreed to make a contribution of £14 million (after certain expenses) to the Pension Scheme.

Pensions: Sandeep Maudgil (partner), Eleanor Hart (associate); Financing: George Seligman (partner), David Brighton (associate), Frances Churchard (associate); Corporate: Martin Whelton (partner), Jennifer Cho (associate), Holly Sage (associate); Tax: Tony Beare (partner), Gareth Miles (partner), Owen Williams (associate)