Subscription (9177P)
October 11 2011 - 1:00AM
UK Regulatory
TIDMPALM
RNS Number : 9177P
Asian Plantations Limited
11 October 2011
11 October 2011
Asian Plantations Limited
("APL" or the "Company")
Subscription
Asian Plantations Limited (LSE: PALM), a palm oil plantation
company with operations in Malaysia, is pleased to announce that
the Company has entered into share subscription agreements with a
number of institutional and other investors for a total of
5,457,271 new ordinary shares of no par value ("Ordinary Shares")
in the Company (the "Subscription Shares") at a subscription price
of US$3.75 (the "Subscription Price"), approximately 241 pence per
share at current exchange rates (the "Subscription"). This Company
sponsored Subscription will raise US$20.5 million (approximately
GBP13.2 million), before expenses.
The Subscription Price represents a 221 per cent. premium to the
placing price at the time of the initial listing on AIM on 30
November 2009, a 119 per cent. premium to the placing price on 16
August 2010 and a 10 per cent. premium to the placing price on 28
February 2011. The Subscription increases the total cash equity
invested, including convertible bond issuance, in the Company by
approximately 40 per cent. from US$50.9 million to US$71.4
million.
The Company intends to use the proceeds from the Subscription to
close on the proposed acquisition, announced by the Company on 29
September 2011 (the "Proposed Acquisition") and for general working
capital purposes. The Company is pleased to announce that it is
fully funded for the development of its existing 20,645 ha of land
resource and, should the board of APL choose to proceed with it,
the Proposed Acquisition.
The Subscription Shares will be credited as fully paid and rank
pari passu in all respects with all existing Ordinary Shares,
including the right to receive all dividends and other
distributions declared, made or paid on the Ordinary Shares. The
Subscription Shares represent approximately 13.4 per cent. of the
existing Ordinary Shares. The Company has undertaken to the
purchasers of the Subscription Shares that for a period of 18
months (the "Moratorium Period"), the Company will not issue new
Ordinary Shares below the Subscription Price (excluding Ordinary
Shares available for conversion under the Company's existing
convertible bonds and the Company's share option scheme). In the
improbable event that the Company did issue new Ordinary Shares
below the Subscription Price within the Moratorium Period, the
original purchasers of the Subscription Shares would be entitled to
a price adjustment on any Subscription Shares they still hold,
equivalent to the difference between the Subscription Price and the
theoretical discounted future issuance price, payable in Ordinary
Shares. For the avoidance of doubt, the Company has no present
intention nor does it anticipate the requirement to issue shares
during the Moratorium Period at a price lower than the Subscription
Price.
Application will be made by Strand Hanson Limited to the London
Stock Exchange plc for the Subscription Shares to be admitted to
trading on AIM ("Admission") and it is expected that dealings in
the Subscription Shares will commence on 14 October 2011, following
which the enlarged issued share capital of the Company will total
46,174,751 Ordinary Shares (the "Enlarged Share Capital"). The
Company does not hold any shares in treasury.
Director's dealing
Keresa Plantations Sdn Bhd, a company controlled by the
Company's Chairman, Tan Sri Datuk Linggi, is participating in the
Subscription through the purchase of 266,208 Subscription Shares
for a gross consideration of US$1,000,000. Following Admission,
Keresa Plantations Sdn Bhd will hold 13,649,208 Ordinary Shares,
representing 29.56 per cent. of the Enlarged Share Capital.
Holdings in Company
Zesiger Capital Group LLC, as investment advisor, is
participating in the Subscription by subscribing for 3,993,125
Subscription Shares on behalf of a number of pension funds and
institutional investors. Following Admission, Zesiger Capital Group
LLC will hold 3,993,125 Ordinary Shares, representing 8.65 per
cent. of the Enlarged Share Capital.
Asian Agri Capital's investment funds are participating in the
Subscription by subscribing for 173,035 Subscription Shares.
Following Admission, Asian Agri Capital, collectively through its
investment funds, will hold 1,615,705 Ordinary Shares, representing
3.50 per cent. of the Enlarged Share Capital.
Dennis Melka, APL's Joint Chief Executive Officer, added:
"We are delighted to have received such strong demand from new
and existing shareholders for the Company-sponsored placing,
particularly given the current period of extreme market volatility
and the significant declines in market indexes. The shareholder
register has been further enhanced and the Company is now funded to
almost double its existing land resource through the Proposed
Acquisition. The new funds raised further strengthen the Company's
position as a premier, rapidly growing Malaysian palm oil operator.
We look forward to updating shareholders on further corporate
developments in the months ahead as we significantly increase the
rate of plantings during the next year and prepare for the opening
of our milling complex in the 4(th) quarter of 2012."
For further information contact:
Asian Plantations Limited Tel: +65 6325 0970
Graeme Brown, Joint Chief Executive
Officer
Dennis Melka, Joint Chief Executive
Officer
Strand Hanson Limited Tel: +44 (0) 20 7409 3494
James Harris
Paul Cocker
Liam Buswell
Panmure Gordon (UK) Limited Tel: +65 6824 8204
Tom Nicholson Tel: +44 (0) 20 7459 3600
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
IOEGGGAPUUPGGQU
Panther Metals (LSE:PALM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Panther Metals (LSE:PALM)
Historical Stock Chart
From Jul 2023 to Jul 2024