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18 Dec 2008 09:48
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18Β DecemberΒ 2008
GREEN DRAGON GAS LTD.
("Green Dragon" or the "Company")
ConvertibleΒ bond
Green Dragon Gas Ltd (AIM:Β GDG), the vertically integratedΒ ChineseΒ gas business, announcesΒ thatΒ it has agreed an extended put option date with the holder of a US$13 million convertible bond in the Company. In May 2007 the Company issued a US$50 millionΒ zero couponΒ convertible bondΒ (the "Convertible Bond") with a maturity date of 31 May 2009 (at a redemption price of 118% of principal) and a right to put the bond to the Company after eighteen months (at a redemption price of 113.5% of principal);Β US$37 millionΒ of theΒ ConvertibleΒ Bond wasΒ converted into ordinary shares in the Company in July 2008.Β Β The Company has agreed with the holder of the balance of theΒ ConvertibleΒ Bond that:Β US$0.7 million of the principal be repaidΒ immediatelyΒ with a 13.5% premium together with a fee; and that the balance of theΒ ConvertibleΒ Bond with a 13.5% premium (amounting to US$14.0 million)Β be repaidΒ on 1 March 2009.
For further informationΒ on the Company and its activities, pleaseΒ refer to the website atΒ www.greendragongas.comΒ orΒ contact:
|
Randeep S. Grewal / Betty Cheung Green Dragon Gas Β |
+852 3710 0168 |
|
Dr Azhic Basirov /Β David Jones Nomad & Broker, Smith & Williamson Β |
+44 20 7131 4000 |
|
Tim Redfern Broker, Evolution Securities Β |
+44 20 7071 4300 |
|
Tim Thompson / Christian Goodbody Investor Relations, Buchanan Β |
+44 20 7466 5000 |
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