Issue of Convertible Bonds (5269M)
August 17 2011 - 5:14AM
UK Regulatory
TIDMPALM
RNS Number : 5269M
Asian Plantations Limited
17 August 2011
17 August 2011
Asian Plantations Limited
("APL" or the "Company")
Issue of Convertible Bonds
Asian Plantations Limited (LSE: PALM), a palm oil plantation
company with operations in Malaysia, is pleased to announce that
the Company has issued convertible unsecured bonds ("Convertible
Bonds"), totalling US$2.1 million, via a Company sponsored placing,
to investors including Asian Agri Capital Limited, an existing
shareholder in the Company, the Tee Teh Family Office, a Southeast
Asian investor with extensive property and palm oil interests in
the region, and El Oro Limited, a collective investment
vehicle.
The Convertible Bonds bear a cash interest coupon of 2.50 per
cent. per annum, which is payable semi-annually until the four year
maturity in 2015 (the "Maturity Date").
The Convertible Bonds may be converted, in aggregate, into
434,700 new ordinary shares of no par value in the Company. This
represents a conversion price of 294 pence per share, based on the
current exchange rate, at any time until the Maturity Date at the
individual bondholder's election. This conversion price represents
a 17 per cent. premium to the closing price on 16 August 2011,
being the last business day prior to this announcement.
The Company shall redeem all outstanding, non-converted
Convertible Bonds, in whole, on the Maturity Date, such that the
amounts paid by the Company on redemption result in the bondholders
having achieved, in respect of the Convertible Bonds, including
coupon payments, an internal rate of return of 10 per cent.
The Company is currently in advanced discussions in relation to
a number of acquisition opportunities, consistent with the
Company's previously stated strategy to achieve a land resource of
titled, Malaysian agricultural land in excess of 20,000 hectares by
the end of 2011, and intends to add the net proceeds from the
Convertible Bonds to cash reserves set aside for any such
acquisitions.
For further information contact:
Asian Plantations Limited Tel: +65 6325 0970
Dennis Melka, Joint Chief Executive
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
Callum Stewart
Bankside Consultants Tel: +44 (0)20 7367 8871
Simon Rothschild
This information is provided by RNS
The company news service from the London Stock Exchange
END
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