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6 Jun 2012 11:00
Purchase and sale of 7.5 per cent dollar notes 2012/2014 ("dollar notes")
Correction of typographical error re price of notes to be resold: the notes will be sold at $99.70 (not $97.70)
R.E.A. Holdings plc ("REA") announces that it has exercised its rights pursuant to a supplemental rights agreement dated 23 January 2006 and made between Morris Edward Zukerman, Morris Edward Zukerman in his capacity as sole trustee of the Zukerman Family Trust (together the "Zukerman family holders") and REA to require the Zukerman family holders to sell to REA Services Limited ("REAS"), a wholly owned subsidiary of REA, $9 million nominal of dollar notes held by the Zukerman family holders (being all of the dollar notes held by those holders) at a price of $100 plus accrued interest per $100 nominal of dollar notes.
Concurrently, REAS has agreed to resell to institutional investors the $9 million nominal of dollar notes to be acquired from the Zukerman family holders, together with a further $1 million nominal of dollar notes currently held by REAS, in both cases at a price of $99.70 plus accrued interest per $100 nominal of notes.
Completion of the purchase of the notes from the Zukerman family holders is scheduled to take place on 2 July 2012 and of the resale of these notes and of the additional $1 million nominal of dollar notes already held shortly thereafter.
The above transactions will release the REA group from certain restrictive covenants contained in the above mentioned supplemental rights agreement which might under some circumstances have limited the group's flexibility in relation to the planned future listing in Jakarta of an Indonesian sub-holding company of the group's plantation operations.
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