The boards of directors of certain companies in the McLaren Group have decided to streamline their businesses into a new corporate structure which is in the best interests of the subsidiary companies and the Company.
As such, the following corporate simplification steps have now been completed:
(1) the shares in McLaren Racing Limited (MRL) and McLaren Applied Technologies Limited (MAT) have been transferred from McLaren Technology Group Limited (MTGL) to McLaren Holdings Limited;
(2) the shares in McLaren Marketing Limited (MML) have been transferred from MTGL to MRL;
(3) the assets of MML and Team McLaren Limited (TML) have been transferred to MRL. MML and TML no longer have any obligations under the super senior facility agreement or the indenture and in due course TML will be dissolved and MML will remain as a dormant company until such time it is dissolved; and
(4) MTGL name has changed to McLaren Services Limited.