Issue of Debt (4698W)
November 19 2010 - 2:00AM
UK Regulatory
TIDMPALM
RNS Number : 4698W
Asian Plantations Limited
19 November 2010
19 November 2010
Asian Plantations Limited
("APL" or the "Company")
US$1,000,000 Convertible Bond
Asian Plantations Limited (LSE: PALM), a palm oil plantation
company with operations in Malaysia, is pleased to announce that
Asian Agri Capital ("AAC"), an existing shareholder in the Company,
has today agreed to purchase, via Asian Agriculture Fund III, a
US$1,000,000 convertible unsecured bond (the "Convertible
Bond").
The Company intends to use the net proceeds from the Convertible
Bond for general working capital purposes, augmenting the Company's
existing working capital position.
The Convertible Bond bears a cash interest coupon of 1.75 per
cent. per annum, which is payable semi-annually until 18 November
2014 (the "Maturity Date").
The Convertible Bond may be converted, in whole only, into
313,383 new ordinary shares of no par value in the Company. This
represents a conversion price of 201 pence per share, at any time
until the Maturity Date at the bondholder's election. This
conversion price represents a 21.8 per cent. premium to the closing
price on 18 November 2010, being the last business day prior to
this announcement.
In the event of non-conversion, the Company shall redeem the
Convertible Bond, in whole, on the Maturity Date, such that the
amount paid by the Company on redemption results in the bondholder
having achieved, in respect of the Convertible Bond, including
coupon payments, an internal rate of return of 10 per cent.
Dennis Melka, APL's Joint Chief Executive Officer, commenting on
the issue of the Convertible Bond, said:
"We are delighted with the additional investment made by AAC and
look forward to them remaining a long term shareholder of the
Company."
For further information contact:
Asian Plantations Limited Tel: +65 9878 4171
Dennis Melka, Joint Chief Executive Tel: +60 19 856 0221
Officer
Graeme Brown, Joint Chief Executive
Officer
Strand Hanson Limited Tel: +44 (0)20 7409 3494
James Harris
Paul Cocker
Liam Buswell
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7459 3600
Tom Nicholson
Edward Farmer
Bankside Consultants Tel: +44 (0)20 7367 8871
Simon Rothschild Tel: +44 (0)20 7367 8872
Louise Mason
This information is provided by RNS
The company news service from the London Stock Exchange
END
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