Green Dragon Gas Ltd GIC Convertible Bond Update (1116J)
June 26 2017 - 1:00AM
UK Regulatory
TIDMGDG
RNS Number : 1116J
Green Dragon Gas Ltd
26 June 2017
26 June 2017
GREEN DRAGON GAS LTD.
("Green Dragon Gas" or the "Company")
GIC US$50 million Convertible Bond Update
Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent
companies involved in the production and sale of Coal Bed Methane
(CBM) gas in China, is pleased to announce that it has reached
agreement with GIC Private Limited ("GIC") to extend the exercise
date of the put option attached to the US$50 million convertible
bond (the "Bond") due on 31 December 2020 from 26 June 2017 to 27
October 2017.
The Bond is partially convertible into ordinary shares at a
one-time redemption option exercisable by GIC at a conversion price
of US$2.83 per share. GIC currently owns 5,775,578 shares or 3.7%
of the Company and is restricted to a maximum of 10,775,578 or
6.69% following such conversion.
At final maturity of the Bond, GIC has the right to require the
Company to purchase its conversion shares at a price based on the
90 day VWAP calculated as of 31 December 2020 and to be settled
prior to 30 April 2021.
Randeep S. Grewal, Chairman and Founder of Green Dragon Gas,
commented: "We are very pleased with the continued support from
GIC. The extension of the put option exercise date allows the
Company to focus our efforts on executing our strategic objectives,
outlined in our annual report, which is to monetise the Company's
substantial unrecognised value for our stakeholders. We are
confident in achieving these objectives."
- Ends -
For further information on the Company and its activities,
please refer to the website at www.greendragongas.com or
contact:
FTI Consulting
Edward Westropp / Kim Camilleri / Elizabeth Burnham / Ntobeko
Chidavaenzi
Tel: +44 20 3727 1000
Peel Hunt
Richard Crichton / Ross Allister
Tel: +44 20 7418 8900
About Green Dragon Gas Ltd
Green Dragon Gas is a leading independent gas producer with
operations in China and is listed on the main market of the London
Stock Exchange (LSE: GDG). The Company has 559 Bcf of 2P reserves
and 2,386 Bcf of 3P reserves across eight production blocks
covering over 7,566 km(2) of license area in the Shanxi, Jiangxi,
Anhui and Guizhou provinces. It holds six Production Sharing
Agreements with strong, highly capitalised Chinese partners
including CUCBM (CNOOC), CNPC and PetroChina, and has
infrastructure in place to support multiple routes to monetise gas
production.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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