TIDMSIHL
RNS Number : 0235U
Symphony International Holdings Ltd
24 July 2020
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
Symphony International Holdings Limited ("Symphony")
24 July 2020
Update on Minor International PCL
Symphony International Holdings Limited (LSE: SIHL) is pleased
to announce that Minor International Pcl ("MINT"), Symphony's
largest portfolio investment, successfully completed its rights
issue offering amidst a volatile business environment and was
oversubscribed by about 30%.
MINT's announcement is reproduced below.
MINOR INTERNATIONAL PCL
PRESS RELEASE - 24 July 2020 FOR IMMEDIATE RELEASE
MINT'S SUCCESSFUL RIGHTS OFFERING CULMINATES CAPITAL
STRENGTHENING PLAN
Minor International Public Company Limited ("MINT" or the
"Company") is pleased to announce today the successful completion
of its rights offering issuance in an amount of Baht 9,858 million.
The rights offering was designed, marketed and successfully
executed amidst the volatile business environment and capital
markets with the COVID-19 outbreak, and was over-subscribed by
about 30%. MINT received strong support from the full range of
existing shareholders, including domestic, regional and
international institutional investors, as well as retail investors.
The proceeds of the rights offering will be used for working
capital and to refinance existing debt obligations, as well as
acting as a cushion for any unexpected uncertainty amidst the
currently improving COVID-19 situation.
The transaction marks the culmination of the Company's
comprehensive funding strategy, as previously announced, to
strengthen its capital base and balance sheet, and to ensure its
ability to service its obligations. Earlier, MINT successfully
issued USD perpetual bonds in the amount of USD 300 million. The
Company also received overwhelming support and trust from its
creditors and bondholders by obtaining waiver of financial covenant
testing until fiscal year end of 2020. In addition, MINT targets to
raise additional equity of approximately Baht 5 billion from 3-year
warrants, which will be issued to all shareholders as at the
warrants' record date on 7 August 2020. Given the exercise price of
Baht 21.60 is merely 6% above the current market price and with
expected improvement in both business environment and the Company's
performance over the next couple years, the probability of warrant
conversion is considerable. Such comprehensive capital raising plan
resulted in a solid equity base for MINT, while the rights offering
and warrant issuance has been designed for the best interest of
existing shareholders, without any arbitrary dilution.
Gradual positive recovery across the Company's businesses has
been seen since mid-May when operations started to resume and
business trends continue to improve month-on-month. As of now, 72%
of total hotel portfolio are operational while 95% of total
restaurant portfolio are operational. The Company's drastic
cost-cutting initiatives have also reduced break-even point and
accelerated break-even timeline.
Mr. William E. Heinecke, MINT's Founder and Chairman of the
Board stated "The overwhelming success of the rights offering
illustrates our shareholders' strong confidence in the Company's
future. Additionally, both the rights issuance and warrants are
rewards for our shareholders as the true value of the Company
should strengthen when the global pandemic subsides."
Mr. Dillip Rajakarier, Group CEO of Minor International added
"The transaction exhibits our commitment to enhance the quality of
our balance sheet and liquidity. Apart from preserving cash flow
and implementing further cost saving measures, we start to put
strong emphasis on ramping up of our top line as we begin to resume
operations of our hotel, restaurant and lifestyle businesses. On
behalf of MINT's management, I would like to thank all our
shareholders for their unwavering support on the rights offering.
We are committed to build sustainable growth for the Company, which
will in turn benefit all our stakeholders going forward."
About Minor International : Minor International (MINT) is a
global company focused on three core businesses: hospitality,
restaurants and lifestyle brands distribution. MINT is a hotel
owner, operator and investor with a portfolio of 530 hotels under
the Anantara, Avani, Oaks, Tivoli, NH Collection, NH Hotels, nhow,
Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor
International brands in 55 countries across Asia Pacific, the
Middle East, Africa, the Indian Ocean, Europe, South and North
America. MINT is also one of Asia's largest restaurant companies
with over 2,200 outlets system-wide in 26 countries under The Pizza
Company, The Coffee Club, Riverside, Benihana, Thai Express,
Bonchon, Swensen's, Sizzler, Dairy Queen and Burger King. MINT is
one of Thailand's largest distributors of lifestyle brands and
contract manufacturers. Its brands include Anello, Bodum, Bossini,
Brooks Brothers, Charles & Keith, Esprit, Etam, Joseph Joseph,
OVS, Radley, Scomadi, Zwilling J.A. Henckels and Minor Smart Kids.
For more information, please visit www.minor.com.
For further information:
Chaiyapat Paitoon / Jutatip Adulbhan +662 365 7500
Minor International Pcl
Symphony Asia Holdings Pte. Ltd. +65 6536 6177
Anil Thadani
Rajgopal Rajkumar
Dealing codes
The ISIN number of the Ordinary Shares is VGG548121059, the
SEDOL code is B231M63 and the TIDM is SIHL.
The LEI number of the Company is 254900MQE84GV5DS6F03.
About Symphony
Symphony International Holdings Limited (LSE:SIHL) is a London
listed strategic investment company that invests in consumer
related businesses, primarily in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics
and education sectors predominantly in Asia. It offers a way for
investors to gain exposure to rising disposable incomes and wealth
in fast growing economies. Symphony's objective is to provide
superior capital growth by investing in high quality companies and
form long-term business partnerships with talented entrepreneurs
and management teams. Symphony's investment team has a broad range
of expertise - many of its professionals have been working in Asia
for more than 35 years. For more information please visit our
website at www.symphonyasia.com.
No representation or warranty is made by the Company as to the
accuracy or completeness of the information contained in this
announcement and no liability will be accepted for any loss arising
from its use.
This announcement is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Company in
any jurisdiction. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This announcement is not an offer of securities for sale into
the United States. The Company's securities have not been, and will
not be, registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent
registration or an exemption from registration. There will be no
public
offer of securities in the United States.
The Company and the Investment Manager are not associated or
affiliated with any other fund managers whose names include
"Symphony", including, without limitation, Symphony Financial
Partners Co., Ltd.
End of Announcement
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END
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