Panther Metals Regulatory News (PALM)

11 October 2011

Asian Plantations Limited

("APL" or the "Company")

Subscription

Asian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, is pleased to announce that the Company has entered into share subscription agreements with a number of institutional and other investors for a total of 5,457,271 new ordinary shares of no par value ("Ordinary Shares") in the Company (the "Subscription Shares") at a subscription price of US$3.75 (the "Subscription Price"), approximately 241 pence per share at current exchange rates (the "Subscription"). This Company sponsored Subscription will raise US$20.5 million (approximately £13.2 million), before expenses.

The Subscription Price represents a 221 per cent. premium to the placing price at the time of the initial listing on AIM on 30 November 2009, a 119 per cent. premium to the placing price on 16 August 2010 and a 10 per cent. premium to the placing price on 28 February 2011. The Subscription increases the total cash equity invested, including convertible bond issuance, in the Company by approximately 40 per cent. from US$50.9 million to US$71.4 million.

The Company intends to use the proceeds from the Subscription to close on the proposed acquisition, announced by the Company on 29 September 2011 (the "Proposed Acquisition") and for general working capital purposes. The Company is pleased to announce that it is fully funded for the development of its existing 20,645 ha of land resource and, should the board of APL choose to proceed with it, the Proposed Acquisition.

The Subscription Shares will be credited as fully paid and rank pari passu in all respects with all existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on the Ordinary Shares. The Subscription Shares represent approximately 13.4 per cent. of the existing Ordinary Shares. The Company has undertaken to the purchasers of the Subscription Shares that for a period of 18 months (the "Moratorium Period"), the Company will not issue new Ordinary Shares below the Subscription Price (excluding Ordinary Shares available for conversion under the Company's existing convertible bonds and the Company's share option scheme). In the improbable event that the Company did issue new Ordinary Shares below the Subscription Price within the Moratorium Period, the original purchasers of the Subscription Shares would be entitled to a price adjustment on any Subscription Shares they still hold, equivalent to the difference between the Subscription Price and the theoretical discounted future issuance price, payable in Ordinary Shares. For the avoidance of doubt, the Company has no present intention nor does it anticipate the requirement to issue shares during the Moratorium Period at a price lower than the Subscription Price.

Application will be made by Strand Hanson Limited to the London Stock Exchange plc for the Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that dealings in the Subscription Shares will commence on 14 October 2011, following which the enlarged issued share capital of the Company will total 46,174,751 Ordinary Shares (the "Enlarged Share Capital"). The Company does not hold any shares in treasury.

Director's dealing

Keresa Plantations Sdn Bhd, a company controlled by the Company's Chairman, Tan Sri Datuk Linggi, is participating in the Subscription through the purchase of 266,208 Subscription Shares for a gross consideration of US$1,000,000. Following Admission, Keresa Plantations Sdn Bhd will hold 13,649,208 Ordinary Shares, representing 29.56 per cent. of the Enlarged Share Capital.

Holdings in Company

Zesiger Capital Group LLC, as investment advisor, is participating in the Subscription by subscribing for 3,993,125 Subscription Shares on behalf of a number of pension funds and institutional investors. Following Admission, Zesiger Capital Group LLC will hold 3,993,125 Ordinary Shares, representing 8.65 per cent. of the Enlarged Share Capital.

Asian Agri Capital's investment funds are participating in the Subscription by subscribing for 173,035 Subscription Shares. Following Admission, Asian Agri Capital, collectively through its investment funds, will hold 1,615,705 Ordinary Shares, representing 3.50 per cent. of the Enlarged Share Capital.

Dennis Melka, APL's Joint Chief Executive Officer, added:

 "We are delighted to have received such strong demand from new and existing shareholders for the Company-sponsored placing, particularly given the current period of extreme market volatility and the significant declines in market indexes. The shareholder register has been further enhanced and the Company is now funded to almost double its existing land resource through the Proposed Acquisition. The new funds raised further strengthen the Company's position as a premier, rapidly growing Malaysian palm oil operator. We look forward to updating shareholders on further corporate developments in the months ahead as we significantly increase the rate of plantings during the next year and prepare for the opening of our milling complex in the 4th quarter of 2012."

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