R.e.a.hldgs. Regulatory News (RE.)

12 Sep 2005 14:57

R.E.A.Hldgs PLC12 September 2005 R.E.A. Holdings plc ("REA") announces that the meetings of REA warrant holdersand holders of the 4% convertible loan stock 2012 of REA ("convertible loanstock"), the class meeting of holders of ordinary shares of 25p each in thecapital of REA ("REA ordinary shares") and the extraordinary general meeting ofREA that were convened for 12 September 2005 for the purposes of consideringresolutions necessary to implement the proposed conversion of the convertibleloan stock into new REA ordinary shares and the creation of the new 7.5 per centdollar notes 2012/14 of REA ("dollar notes") as detailed in the REA circulardated 17 August 2005 were duly held. All of the resolutions set out in thenotices of such meetings were passed. The proposed conversion and attendant capitalisation issue of further new REAordinary shares (the "proposals") remain conditional only upon admission of: i) up to 610,099 new REA ordinary shares; and ii) up to 4,392,715 further new REA ordinary shares of 25p and $4,972,310nominal of dollar notes to be issued pursuant to the proposals being admitted to the Official List andto trading on the London Stock Exchange's market for listed securities. It is expected that admission of the new REA ordinary shares referred to at i)above will become effective and that dealings in such new REA ordinary shareswill commence on 13 September 2005 and that admission of the new REA ordinaryshares and dollar notes referred to at ii) above will become effective and thatdealings in such securities will commence on 14 September 2005. Pursuant to the proposals $30,000,000 nominal of dollar notes will be created ofwhich only $4,972,310 will be issued pursuant to the conversion referred toabove. The directors propose to seek to issue the balance of the dollar notes byway of multiple placings, principally with substantial investors, over a periodof up to four years so as to maintain an appropriate level of group indebtednessand to match (in so far as is reasonably practicable) and meet the maturingobligations and other funding requirements of the group. Canaccord Capital (Europe) Limited acted as Sponsor and Broker in relation tothe proposals. This information is provided by RNS The company news service from the London Stock Exchange