Business
Settlement completion
Settlement completion.
About this update from R.e.a. Holdings Plc
[{"type":"text","content":"\n R.E.A.Hldgs PLC\n21 February 2006\n\n\nR.E.A. Holdings plc ('REA')\n\nCompletion of litigation settlement\n\n\nREA announces that the agreement (the 'settlement agreement') made on 23 January\n2006 (and announced on 24 January 2006) between REA and certain of its\nsubsidiaries and directors of the one part (the 'REA parties') and Mr M E\nZukerman and connected parties of the other part (the 'Zukerman parties') has\nbeen completed.\n\nAt completion, a total of $6 million was paid in cash by REA's subsidiary, PT\nREA Kaltim Plantations ('REA Kaltim'), to certain of the Zukerman parties as\nadditional interest on former loans to REA Kaltim from certain of the Zukerman\nparties and in settlement of various claims by one of the Zukerman parties\nagainst REA Kaltim for fees in respect of past services and financial support.\nAt the same time, REA acquired all of the issued shares hitherto owned by the\nZukerman parties in REA's subsidiary, Makassar Investments Limited, for a\nconsideration comprising the issue of $19 million nominal of 7.5 per cent dollar\nnotes 2012/14 of REA ('new dollar notes').\n\nThe completion of the settlement agreement has resulted in the release of all\nactual and potential claims relating to Makassar and REA Kaltim between the\nZukerman parties and the REA parties. The action commenced in New York in\nNovember 2001 by certain of the Zukerman parties against certain of the REA\nparties is being discontinued with each side bearing its own costs.\n\nThe completion of the settlement agreement has also resulted in the agreement\nannounced on 14 February 2006 for the issue by REA of 1,372,000 ordinary shares\nof 25p each ('new ordinary shares') for cash at a price of 260p per share\npursuant to a placing becoming unconditional save as respects admission of the\nnew ordinary shares to the Official List of the Financial Services Authority and\nto trading on the London Stock Exchange's market for listed securities.\n\nIt is expected that admission of the new dollar notes and new ordinary shares\nreferred to above will become effective and that dealings in such new dollar\nnotes and new ordinary shares will commence on 22 February 2005.\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]