ZOL.L Regulatory News (ZOL)

21 Mar 2006 13:25

Crosby Capital Partners Inc21 March 2006 21 March 2006 CROSBY CAPITAL PARTNERS INC. ("Crosby" or the "Company") Techpacific Capital Limited ('Techpacific') US$75 million Convertible Bond On 7 March 2006 the Company announced that its 81.24% shareholder Techpacifichad sold a US75 million zero coupon 5 year Convertible Bond (the'Bond') toGoldman Sachs International. The Bond is convertible into either new Techpacific shares or existing Crosbyshares held by Techpacific. The price at which the Bond is exchangeable intoCrosby shares was set at a price of 99.75 pence per share but the terms of theBond would have allowed the exchange price to be reset, if after theannouncement of its preliminary results for the year ended 31 December 2006,Crosby's share price was lower than 95 pence and: (i) Crosby's total consolidated revenue was less than US$120,000,000; or(ii) Crosby's consolidated profit before taxation was less than US$95,321,000; or(iii) Crosby's consolidated basic earnings per share were less than US$0.385. Crosby announced its preliminary results on 16 March 2006 and the Companycomfortably exceeded the above thresholds, as a result the exchange price of99.75p will not be reset. Techpacific has announced that on 17 March 2006 it received notice of conversionof US$5 million of the Bond into 50,606,001 new Techpacific shares to be issuedbefore 22 March 2006. For further information please contact Simon Fry Tel: +44 207 590 2800 orKara Kiewel Tel: +44 207 590 2808 This information is provided by RNS The company news service from the London Stock Exchange