Last checked at 18 Dec 2008 09:48
18 December 2008
GREEN DRAGON GAS LTD.
("Green Dragon" or the "Company")
Convertible bond
Green Dragon Gas Ltd (AIM: GDG), the vertically integrated Chinese gas business, announces that 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 million zero coupon convertible bond (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); US$37 million of the Convertible Bond was converted into ordinary shares in the Company in July 2008. The Company has agreed with the holder of the balance of the Convertible Bond that: US$0.7 million of the principal be repaid immediately with a 13.5% premium together with a fee; and that the balance of the Convertible Bond with a 13.5% premium (amounting to US$14.0 million) be repaid on 1 March 2009.
For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:
| Randeep S. Grewal / Betty Cheung Green Dragon Gas
| +852 3710 0168 |
| Dr Azhic Basirov / David Jones Nomad & Broker, Smith & Williamson
| +44 20 7131 4000 |
| Tim Redfern Broker, Evolution Securities
| +44 20 7071 4300 |
| Tim Thompson / Christian Goodbody Investor Relations, Buchanan
| +44 20 7466 5000 |