Company sells 2.5% four-year bonds, funds to be used for acquisitions
By Devika Patel
Knoxville, Tenn., Aug. 17 - Asian Plantations Ltd. said it sold $2.1 million of 2.5% four-year convertible unsecured bonds. Investors included Asian Agri Capital Ltd., Tee Teh Family Office and El Oro Ltd.
The bond is convertible into 434,700 ordinary shares at 294p per share, a 17.6% premium to the Aug. 16 closing share price of 250p.
The company also said it is in advanced discussions concerning a number of acquisition opportunities, consistent with its strategy to secure a land resource of Malaysian agricultural land of over 20,000 hectares by the end of 2011. Proceeds from the placement will be added to cash reserves set aside for these acquisitions.
The palm oil plantation company is based in Singapore.
| Issuer: | Asian Plantations Ltd.
|
| Issue: | Convertible unsecured bond
|
| Amount: | $2.1 million
|
| Maturity: | Four years
|
| Coupon: | 2.5%
|
| Conversion price: | 294p
|
| Conversion ratio: | Into 434,700 shares
|
| Conversion premium: | 17.6%
|
| Warrants: | No
|
| Investors: | Asian Agri Capital Ltd., Tee Teh Family Office and El Oro Ltd.
|
| Settlement date: | Aug. 17
|
| Stock symbol: | London: PALM
|
| Stock price: | 251p at close Aug. 17
|
| Market capitalization: | £101.79 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
