AMZ Amz Holdings

 

TIDMAMZ 
 
RNS Number : 9262X 
AMZ Holdings plc 
25 August 2009 
 

25th August 2009 
 
 
AMZ Holdings plc ("AMZ" or the "Company") 
 Convertible Loan Stock Partial Redemption 
Update on Land Valuation 
AMZ Holdings plc announces that, pursuant to the terms of its GBP5.0 million 
Convertible Loan Stock issued on 25th April 2008 and due 2011 (the "Loan 
Stock"), it has received notice from two holders seeking partial redemption of 
the outstanding Loan Stock on 24th October 2009 of an amount totalling 
GBP1.6 million. This is in line with the principal terms of the Loan Stock, 
where holders were able to elect for repayment of the Loan Stock after 18 months 
from the date of issue. 
 
 
The Company is actively engaged in raising capital and is confident that it will 
meet both its redemption obligations and raise sufficient working capital to 
fund the Company's ongoing activities.   A further announcement related to this 
will be made when appropriate. 
 
 The Company also announces that it has commissioned CB Richard Ellis (Hong 
Kong) ("CBRE") to value the Company's real estate property assets in Taiwan. The 
Company has received notice from CBRE that the current value of the Company's 
real estate property assets is USD $46.2 million. This is higher than the 
preliminary June 2008 REPro/Cushman & Wakefield valuation of USD $44.9 million 
undertaken to evaluate the Company's strategy to improve the landholding 
entitlements in preparation for the potential gaming enablement of Penghu.  The 
REPro/Cushman & Wakefield valuation report and the current report from CBRE do 
not take into consideration the prospective increase in land values relating to 
the legislation which should enable the construction of integrated casino/report 
properties on the island of Penghu, Taiwan. 
 
 
The Company is the largest private landholder on Penghu, and the Company has 
completed a multi-year process of receiving entitlements to construct a 
five-star resort. 
 
 
The Taiwanese legislature passed legislation earlier this year legalizing gaming 
for the offshore islands subject to a local referendum which will take place on 
26th September 2009. The Company anticipates that the referendum will be 
favourable, and that Penghu will be, thereafter, designated as the location 
where gaming resorts are to be established. 
 
 
- Ends - 
 
 
 
 
For further information please contact: 
 
 
+--------------------------------+------------------+-------------------------+ 
| Jonathon Brill/Caroline        | Financial PR     | Tel: +44(0) 207 831     | 
| Stewart,                       |                  | 3113                    | 
| Financial Dynamics             |                  |                         | 
|                                |                  |                         | 
+--------------------------------+------------------+-------------------------+ 
| Stuart Andrews/                | Nominated        | Tel: +44(0) 20 7071     | 
| Chris Clarke                   | Adviser          | 4300                    | 
| Evolution Securities Limited   |                  |                         | 
+--------------------------------+------------------+-------------------------+ 
 
 
Website: www.amzholdings.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCMGGZRVDRGLZM 
 

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