THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC
LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION WILL
BE CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
31 October 2024
Aseana Properties
Limited
(the
"Company" or "Aseana")
Appointment
of financial adviser, potential fundraise and loan
repayment demands
Appointment of a financial adviser
The Company announces the
appointment of Allenby
Capital Limited as financial adviser to
the Company with immediate effect.
Potential fundraise
In light of the financial
challenges facing the Company, including the receipt
of a demand letter dated 21 October 2024 on the payment of
the medium term note (the "MTN"), details of
which were announced on 22 October 2024,
the board of the Company (the "Board") is
considering an equity fundraising to provide
the necessary capital for the Company to repay part
of its subsidiaries' borrowings and provide the
Company with additional working capital.
At this time, the Board is intending
to structure the fundraising by way of a pre-emptive
offer to shareholders, so as to allow the
Company's existing shareholders the opportunity to
participate in the fundraise. Based on the
Company's capital requirements, the Board expects such a
pre-emptive fundraising to be structured as an open offer to
shareholders on the basis of 1 new share for
every 1 existing ordinary share held at an issue
price close to
the Company's current mid-market share
price. Any such fundraising would require, inter alia, approval by shareholders
of the Company and the production of a prospectus which would
need to be approved by the Financial Conduct Authority.
In the meantime, the Board is
engaged in discussions for some interim refinancing of the
defaulted loans to forestall proceedings that may be taken by
existing lenders pending completion of the above equity
fundraising.
There can be no certainty on
the timing or terms of any fundraising, nor can there
be any certainty that a fundraising will
be successfully concluded. In the absence of availability
of any alternative funding solutions, the Board considers
that it is highly likely that the Company would be required to
appoint an administrator in order to protect the
interests of its creditors.
Receipt of loan repayment demands
The Company also announces that it
has received demands for the repayment of certain loans made by a
former director and other parties connected to the Company.
As all the current directors have recently joined the Board and
were not involved in the arranging or approving of these loans the
Board has appointed an external lawyer to review the terms of the
loans and associated decisions from a governance and compliance
standpoint so that these are addressed comprehensively,
transparently, and, in particular, for compliance with Jersey
company law, the UK Listing Rules and other regulatory
requirements.
The Company will make
further announcements, including details of any fundraising, as and
when appropriate.
Enquiries:
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Aseana Properties Limited
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Thong Kok Cheong
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kcthong@aseanaplc.com
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Allenby Capital Limited (Financial Adviser)
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+44 (0) 20 3328 5656
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Nick Naylor/Nick Athanas
(Corporate Finance)
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