Hong Kong’s Nickel Resources 12% bondholders pass resolution; other two series’ meetings inquorate

By Wendy Van Sickle

Columbus, Ohio, June 22 – Nickel Resources International Holdings Co. Ltd. received holder consents to amend one series of notes but did not obtain amendments it sought from holders of two other series after meetings called for those bonds were inquorate, according to a company notice.

The company had asked holders to approve a debt restructuring proposal and to waive any event of default or potential event of default, as previously reported.

During a series of meetings convened in Hong Kong on June 21, holders of the company’s 12% secured senior bonds due 2018 approved the proposal with 14,270 votes, representing 91.24% of the HK$390.99 million of outstanding bonds, in its favor.

Meetings for holders of the company’s HK$87.85 million of outstanding 8% secured convertible bonds due 2018 and its HK$28.4 million principal amount of 10% bonds due 2015 were inquorate. The meeting for the 8% convertibles was adjourned to July 6, and the meeting for the 10% bonds was dissolved.

To establish a quorum, at least two people representing at least 66% of the outstanding bonds had to be represented. In order to pass, the measure required at least three-quarters of the votes cast.

The tabulation agent is Deutsche Bank AG, Hong Kong Branch (hk.csg@list.db.com). The registrar is Deutsche Bank Luxembourg SA (fax: +352 473 136). The paying agent and transfer agent is Deutsche Bank AG, Hong Kong Branch (+852 2203 8888 or fax +852 2203 7320).

Nickel is an integrated mineral resources, nickel and steel supplier based in Hong Kong. The company was formerly known as China Nickel Resources Holdings Co. Ltd.

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