R.E.A.Hldgs PLC Further re 15% acquisition by DSN in REA Kaltim (8092Q)
December 02 2016 - 2:28AM
UK Regulatory
TIDMRE.
RNS Number : 8092Q
R.E.A.Hldgs PLC
02 December 2016
R.E.A. Holdings plc ("REA")
Further re completion of 15% acquisition by PT Dharma Satya
Nusantara Tbk in PT REA Kaltim Plantations
REA is pleased to announce that the agreements between the group
and PT Dharma Satya Nusantara Tbk ("DSN") have now received
regulatory approval and were completed on 2 December 2016. As a
result, subsidiaries of DSN have acquired, by a combination of
subscription for new shares and acquisition of existing shares, a
15 per cent equity interest in PT REA Kaltim Plantations (REA
Kaltim).
The overall consideration payable for the interest acquired
amounts to the equivalent of $15 million in cash, with up to a
further $850,000 payable depending upon the recovery by REA Kaltim
of certain overpaid tax amounts prior to 1 January 2018.
Concurrently with this acquisition, a subsidiary of DSN has also
provided dollar and sterling loans to REA Kaltim of, respectively,
$10 million and GBP3.9 million on terms mirroring the terms of
existing dollar and sterling loans from the company to REA Kaltim.
Discussions are continuing between the group and DSN regarding
further proposed loans by subsidiaries of DSN to subsidiaries of
REA Kaltim.
Temporary advances previously made by subsidiaries of DSN to REA
Kaltim pending completion of the agreements between DSN and the
group have been repaid with repayment effected by set off against
the amounts that became payable by subsidiaries of DSN to REA
Kaltim by way of subscription of shares and provision of loans
pursuant to such agreements.
Rothschild is acting as financial adviser to REA in connection
with DSN's investment in REA Kaltim.
Enquiries
REA: +44 (0)20 7436 7877
Camarco (PR): Jennifer Renwick + 44 (0)20 3757 4994
This information is provided by RNS
The company news service from the London Stock Exchange
END
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