BQAD.L Regulatory News (BQAD)

7 Jun 2007 09:50

Bank Audi SAL- Audi Saradar Group07 June 2007 Notice of Redemption of the U.S. $60,000,000 Series A Preferred Shares of Bank Audi sal- Audi Saradar Group June 7, 2007 To: The Holders of the U.S. $60,000,000 Series A Preferred Shares of Bank Audi sal- Audi Saradar Group; ISIN LB0000104010 (the "Series A Preferred Shares") NOTICE IS HEREBY GIVEN that, on June 18, 2007, pursuant to the terms of theSeries A Preferred Shares, Bank Audi sal - Audi Saradar Group (the "Bank") willredeem all of its Series A Preferred Shares at U.S. $25.00 per Series APreferred Share. Capitalized terms used but not defined herein shall have themeanings assigned to such terms in the Offering Circular dated May 8, 2002relating to the issue, offer and sale of the Series A Preferred Shares. The redemption of the Series A Preferred Shares was approved by the Board ofDirectors of the Bank pursuant to its resolution, Ref: F2-07-27, dated March 29,2007. The Bank confirms that all conditions precedent to the redemption of theSeries A Preferred Shares have been fulfilled, including that the Bank is incompliance with all applicable ratios and regulations of the Central Bank ofLebanon, including the availability of sufficient free reserves for the purposeof the redemption of the Series A Preferred Shares, and that the Banking ControlCommission has verified such compliance. Payment of the redemption price in respect of the Series A Preferred Shares willbe made by transfer to the respective accounts of the holders of Series APreferred Shares as shown in the records of MIDCLEAR S.A.L. and the relatedcustody records maintained by the Bank. As provided in the terms of the SeriesA Preferred Shares, following the redemption of the Series A Preferred Shares,no Series A Distributions will be payable in respect of fiscal year 2007. Upon redemption, the Series A Preferred Shares will be cancelled. Yours truly Bank Audi S.A.L. - Audi Saradar Group Raymond W. AudiChairman and General Manager This information is provided by RNS The company news service from the London Stock Exchange