Asian Plantations Limited Operational & Financing Update (1535V)
January 09 2013 - 3:30AM
UK Regulatory
TIDMPALM
RNS Number : 1535V
Asian Plantations Limited
09 January 2013
9 January 2013
Asian Plantations Ltd
("Asian Plantations" or the "Company")
Operational & Financing Update
The board of directors of Asian Plantations (the "Board") is
pleased to provide the following update regarding its operations
and financing:
Operational Update
The Company's 60 tonne per hour Fresh Fruit Bunch ("FFB")
crushing mill has been completed and the boilers will be fired
during the week of 14 January 2013. The mill will be expanded, as
planned, to its full capacity of 120 tonnes per hour during the
course of 2014.
Financing Update
Issue of medium term notes
The Company intends to issue the second tranche of the medium
term notes ("MTN") by the end of March 2013. The first tranche of
RM 100.0m (approximately US$32.8m) was issued on 10 May 2012 (the
"First Tranche"). The second tranche will total RM 155.0m
(approximately US$50.9m) via an issuance of notes of five to nine
year maturities, on the same terms as those applicable to the First
Tranche, to the local Malaysian pension fund market (the "Second
Tranche"). Of the capital raised via the Second Tranche, it is
currently intended that RM 95.0m (approximately US$31.2m) will be
applied to the re-financing of existing debt facilities and the
remainder of RM 60.0m (approximately US$19.7m) is intended to be
used for plantation development and general working capital
requirements.
The MTN programme is fully guaranteed by Malayan Banking Berhad,
a leading Southeast Asian bank.
Issue of Convertible Bonds
Additionally, the Company has today entered into an agreement to
issue convertible unsecured bonds ("Convertible Bonds"), totalling
up to US$15.0m, via a Company sponsored placing, to OCBC Capital
Investment I Pte Ltd, a wholly owned subsidiary of OCBC Bank
("OCBC"). OCBC is one of the largest banks in Southeast Asia and
its securities are publicly traded on the Singapore Stock Exchange.
It has an equity market capitalisation in excess of US$25bn. OCBC
has been rated by Bloomberg Markets, in 2012, as the world's
strongest bank for a second consecutive year.
The Convertible Bonds bear a cash interest coupon of 3 month
Libor +2.00 per cent. per annum, which is payable quarterly in
arrears until the three year maturity is reached in 2016 (the
"Maturity Date").
The Convertible Bonds, if fully issued to US$15.0m, may be
converted at any time, in aggregate, into a maximum of 3,260,041
new ordinary shares of no par value in the Company (the "Ordinary
Shares"), representing approximately 7.01 per cent. of the
Company's currently issued share capital, until the Maturity Date
at the individual bondholder's election. This implies a conversion
price of 286 pence per Ordinary Share, based on the current
exchange rate (the "Conversion Price"). The Conversion Price
represents a 25 per cent. premium to the 20 day volume weighted
average price.
The Company expects to issue the first tranche of US$5.0m during
the course of the next ten business days. The remaining US$10.0m is
subject to certain conditions precedent including, inter alia,
completion of the proposed Grand Performance Sdn Bhd acquisition
previously announced on 28 September 2012. The Company expects to
issue the remaining tranches no later than 30 June 2013.
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 and issuance fees, an internal rate of return of 15
per cent.
Proceeds from the issuance of the Convertible Bonds will be
applied to the Company's general working capital requirements.
-ENDS-
For further information contact:
Asian Plantations Limited
Graeme Brown, Co-Founder & Joint Chief Tel: +65 6325 0970
Executive Officer
Dennis Melka, Co-Founder & Joint Chief
Executive Officer
Strand Hanson Limited
James Harris Tel: +44 (0) 20 7409
James Spinney 3494
Macquarie Capital (Europe) Limited
Steve Baldwin Tel: +44 (0) 203
Dan Iacopetti 037 2000
Panmure Gordon (UK) Limited
Tom Nicholson Tel: +65 6824 8204
Callum Stewart Tel: +44 (0) 20 7886
2500
Bankside Consultants
Simon Rothschild Tel: +44 (0) 20 7367
8871
This information is provided by RNS
The company news service from the London Stock Exchange
END
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