Business
Further re dollar notes
Further re dollar notes.
About this update from R.e.a. Holdings Plc
[{"type":"text","content":"\n R.E.A.Hldgs PLC\n14 August 2006\n\nR.E.A. Holdings plc ('REA')\n\nFurther issue of 7.5 per cent dollar notes 2012/14 ('dollar notes')\n\nREA announces that it has today concluded arrangements with Guy Butler Limited\nfor the placing of $1,927,719 nominal of dollar notes at an issue price of 92.5\nper cent of par, payable in full on subscription. The redemption yield at the\nissue price is 9.3 per cent.\n\nThe dollar notes now being issued (the 'final dollar notes') form the final\ntranche of an issue of $30,000,000 nominal of dollar notes which are constituted\npursuant to a trust deed dated 12 September 2005 and made between R.E.A.\nHoldings plc and The Law Debenture Trust Corporation plc. $28,072,281 nominal of\ndollar notes have been previously issued. Of these, $4,972,281 nominal were\nissued at par pursuant to a reorganisation of the company's former 4 per cent\nconvertible loan stock 2012 that became wholly unconditional on 12 September\n2005, $19,000,000 nominal were issued at par on 21 February 2006 as\nconsideration for the acquisition by the company of a minority interest in its\nsubsidiary, Makassar Investments Limited, and the balance of $4,100,000 nominal\nwas issued for cash on 3 July 2006 at a subscription price of 92.5 per cent of\npar.\n\nThe final dollar notes rank pari passu in all respects with the dollar notes\npreviously issued. As such, they are unsecured obligations of REA, will bear\ninterest at 7.5 per cent per annum payable half yearly on 30 June and 31\nDecember (but as respects interest payable on 31 December 2006 calculated as if\nit accrued from 1 July 2006) and will be redeemable by three equal annual\ninstalments commencing 31 December 2012 (subject to reduction where dollar notes\nhave been previously purchased by REA and cancelled in which event the amount of\ndollar notes that REA will be obliged to redeem on any given redemption date\nwill be reduced by the nominal amount of dollar notes purchased and cancelled\nprior to that redemption date save in so far as such notes were purchased and\ncancelled prior to a previous redemption date and taken into account in reducing\nthe note redemption requirement in relation to that previous redemption date).\n\nThe proceeds of issue of the final dollar notes are estimated to amount to $1.73\nmillion, net of estimated expenses (including a 2.5 per cen...