Asset Sale Announcement
March 24 2010 - 4:00AM
UK Regulatory
TIDMAMZ
RNS Number : 0834J
AMZ Holdings plc
24 March 2010
24th March 2010
AMZ Holdings plc ("AMZ" or the "Company")
Asset Sale Announcement
Further to prior announcements on its default status, the Company announces that
it has been unable to renegotiate revised repayment terms with the Martin Currie
Taiwan Opportunities Fund and, as such, the Company is unable to cure its
default with respect to its 12.9% Convertible Secured Loan Stock 2011 ("Loan
Stock"). The Company also announces that it has been unable to raise sufficient
capital to enable it to meet its redemption obligations in respect of its Loan
Stock and to raise sufficient working capital to continue operations.
As a result the Company and the Loan Stock receiver appointed by the Loan Stock
trustee have instructed CB Richard Ellis (Taipei Branch) to initiate a
solicitation for bids process which is expected to result in a sale of all or
substantially all of the Company's assets, or the capital stock in one of its
wholly-owned direct or indirect subsidiary entities controlling the Company's
property holdings on Penghu. Bids are expected to be due on 23 April 2010.
The Company will continue to seek new sources of funding, which will allow the
Company to suspend this process, meet its obligations and continue to operate.
Interested parties in either the bidding or funding process may contact the Loan
Stock receiver direct for further details at paul@shimminwilson.com
Further announcements will be made as and when appropriate.
- Ends -
+--------------------------+--------------+--------------------+
| Jonathon Brill/Caroline | Financial PR | Tel: +44(0) 207 |
| Stewart, | | 831 3113 |
| Financial Dynamics | | |
| | | |
+--------------------------+--------------+--------------------+
| Stuart Andrews/Chris | Nominated | Tel: +44(0) 20 |
| Clarke | Adviser | 7071 4300 |
| Evolution Securities | | |
| Limited | | |
+--------------------------+--------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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