Business
Acquisition
Acquisition.
About this update from Panther Metals Plc
[{"type":"text","content":"\n RNS Number : 0970R Asian Plantations Limited 16 August 2010 \n \n\n \n16 August 2010\n \n \nAsian Plantations Limited\n(\"APL\" or the \"Company\")\nSubscription, \nProposed acquisition of Fortune Plantations\n and \nHolding in Company \n \n \nSubscription\n \nAsian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, is pleased to announce that the Company has entered into subscription agreements with a number of institutional investors for a total of 3,868,083 new ordinary shares of no par value (\"Ordinary Shares\") of the Company (the \"Subscription Shares\") at a subscription price of 110 pence per share (the \"Subscription\"). The Subscription will raise £4.25 million (circa. US$6.6 million), gross of expenses. The Subscription price represents a 46.7 per cent. premium to the Company's placing price of 75 pence per share at admission to trading on AIM on 30 November 2009.\n \nThe Company intends to use the proceeds from the Subscription to complete the conditional acquisition of Fortune Plantation Sdn. Bhd (\"Fortune\"), which is described in detail below, and for general working capital purposes.\n \nThe Subscription Shares will rank pari passu with all existing Ordinary Shares, and application will be made for the Subscription Shares to be admitted to trading on AIM (\"Admission\"). Admission is expected to take place on 19 August 2010, following which the enlarged issued share capital of the Company will total 33,444,752 Ordinary Shares. The Company does not hold any shares in treasury.\n \nProposed acquisition of Fortune Plantation\n \nThe Company is pleased to further announce that it has entered into a conditional agreement to acquire the entire issued share capital of Fortune (the \"Proposed Acquisition\"), which owns a partly developed palm oil plantation totalling approximately 5,000 hectares in Sarawak, Malaysia (the \"Fortune Estate\"). \n \nThe total consideration for the Proposed Acquisition, which is subject to a number of conditions, is RM38.7 million (circa. US$12.2 million) and is payable in two tranches. The initial non-refundable tranche of RM3.9 million (circa. US$1.2 million) is payable immediately and a further tranche of RM34.8 million (ci...