EGM and Revised Convertible Loan Stock terms
01 Setembro 2009 - 3:01AM
UK Regulatory
TIDMAMZ
RNS Number : 2702Y
AMZ Holdings plc
01 September 2009
1st September 2009
AMZ Holdings plc ("AMZ" or the "Company")
Extraordinary General Meeting
Revised Convertible Loan Stock terms
AMZ Holdings plc announces that an Extraordinary General Meeting of shareholders
is to be held on 25th September 2009 to propose a resolution to waive the rights
of pre-emption which would normally be applicable under Article 7.3.1 of the
Company's Articles of Association.
The Company is currently engaged in raising capital and is confident that it
will meet both its redemption obligations as previously announced, and raise
sufficient working capital to fund the Company's ongoing activities. It is
currently envisaged that the funds will be raised through the issue of further
convertible loan stock and that the terms of the existing Convertible Loan Stock
2011 will be amended to reflect the terms of the new convertible loan stock to
be issued. The key changes to the existing Convertible Loan Stock will be:
1. An increase in the interest rate to 15 per cent.
2. A reduction in the conversion price to the lesser of
* GBP130 nominal value of stock for every 100 ordinary shares of GBP1 each
("Ordinary Shares") or
* the 30 day closing price average immediately preceding 31 October 2009, and
every annual anniversary thereafter (or if such date is not a business day, the
business day immediately following such day), subject to a minimal floor rate
per 100 ordinary shares of GBP67.00.
The issuance of the new loan stock requires the Board to have the authority to
issue Ordinary Shares up to the amount that could be issued on conversion of the
existing Convertible Loan Stock and the proposed new convertible loan stock.
This exceeds the Board's current authority and shareholders are therefore being
asked to waive their rights of pre-emption otherwise applicable under Article
7.3.1 of the Company's Articles of Association up to the amount required to meet
full conversion under the existing Convertible Loan Stock's proposed new terms
and the proposed new convertible loan stock. The Directors envisage that the
maximum amount of convertible loan stock in issue under the new terms will be
GBP10.0 million, which will include those existing Loan Stock 2011 holders who
have not called for redemption and some of whom, it is anticipated, will
increase their participation.
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.
The company believes that its resort approved landholding and the positive local
developments will place it in an ideal strategic position to take advantage of
the final government regulatory stipulations and subsequent interest in Penghu
as the designated gaming location for Taiwan.
The Directors continue discussions with potential investors and are confident of
closing the current fundraising shortly after the local referendum in Penghu.
Further details will be released thereafter.
- 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
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