Last checked at 3 Jun 2014 07:00
3 June 2014
GREEN DRAGON GAS LTD
("Green Dragon Gas" or the "Company")
Full Convertible Bond conversion by GIC Private Limited
Green Dragon Gas Ltd. (AIM: GDG), one of the largest independent companies involved in the production and sale of CBM gas in China, is pleased to announce that it has received notice from GIC Private Limited, a sovereign wealth fund established by the Government of Singapore, of the conversion into ordinary shares of the entire US$35 million convertible bond issued by the Company in December 2013. The bonds carried a 7% interest rate and were due in December 2015, this is an early conversion.
The Company has issued 5,775,578 new ordinary shares to GIC Private Limited as a result of this conversion.
Application has been made for the 5,775,578 new ordinary shares to be admitted to trading on AIM and it is expected that dealings will commence on 6 June 2014. Following the admission to trading on AIM of the new ordinary shares on 6 June 2014, the Company's issued share capital will consist of 142,316,289 ordinary shares.
Jason Triplitt, Head of European Equities, GIC Asset Management, stated:
"We are supportive of the continued progression by Green Dragon and participating further as a constructive shareholder adding value in the development of the company in the near future."
Randeep S. Grewal, Founder and Chairman of Green Dragon Gas, commented:
"The proceeds from the subscription to the bonds issued in December were to fund the initial drilling program for 2014 whilst awaiting the determination of cash flows owed to the Company associated with third party drilling activities on our acreage. I wish to thank GIC Private Limited for their faith in the Company and in the eventual positive outcomes of those negotiations and warmly welcome our first sovereign wealth fund to the shareholder register. The early conversion by GIC is well received by the Company."
For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:
Stephen Hill, VP Corporate Finance Green Dragon Gas
| +852 3710 0108 |
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Dr Azhic Basirov / David Jones / Ben Jeynes Smith & Williamson - Nominated Adviser & Broker
| +44 20 7131 4000 | ||
Steve Baldwin / Nicholas Harland Macquarie Capital (Europe) Limited - Broker
| +44 20 3037 2000 |
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Richard Crichton / Andy Crossley Peel Hunt - Broker
| +44 20 7418 8900 |
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James Henderson / Philip Dennis Pelham Bell Pottinger - Investor Relations
| +44 20 7861 3232 |
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