Source - RNS
RNS Number : 5756K
Intl Mining & Infrast Corp PLC
22 September 2016
 

STOCK EXCHANGE ANNOUNCEMENT

 

 

International Mining & Infrastructure Corporation plc (the "Issuer")

 

 

Up to £$40,000,000 8.75 per cent Bonds due 30 October 2021

(the "Bonds")

 

 

FOR IMMEDIATE RELEASE - 22 September 2016

 

 

RE: Consent Solicitation and Notice of Bondholder Meeting

 

 

The Issuer wishes to announce the launching of its Consent Solicitation process and notice of a bondholder meeting to take place at the offices of International Mining & Infrastructure Corporation plc, 40 New Bond Street, London W1S 2RX, United Kingdom at 10:00 a.m. (London time) on 5 October 2016 for the purpose of considering and, if thought fit, passing an extraordinary resolution to approve and assent to the following proposals:

 

(a)  To amend the interest rate to the original rate as per the original bond instrument whereby the actual Coupon payable on the Bonds will be paid at the rate of 8.75% on an annual basis with effect from 30 October 2014;

(b)  All accrued and unpaid interest up to 30 October 2015 amounting to $1,725,000 will be by the issue of additional Bonds making the revised amount of issued Bonds as at 30 October 2015 $31,725,000;

(c)  Interest due on 30 October 2016 in the sum of $2,775,938 will not be paid in cash but shall be settled by the issue of additional Bonds;

(d)  With effect from 30 October 2017 (the next annual interest payment date), at the option of the Issuer, interest will be paid in cash or in the form of the issue of additional Bonds or a combination of the two (partial cash interest payment and partial issue of additional Bonds);

(e)  Any interest that is settled by the issue of additional Bonds will mean that interest will be payable on those Bonds at the rate of 8.75% from the date interest was due;

(f)   On maturity the Bonds will be repayable at par. Accordingly, Clause 4.1 of the Instrument shall be amended by the replacement of "Subject to the provisions of Clauses 5 and 6, the Bonds shall be repayable at 132.059 per cent of par." by the words "Subject to the provisions of Clauses 5 and 6, the Bonds shall be repayable at par."

(g)  There will be no Accelerated Repayment in the event EJL Cooper is not a Non-Executive Chairman of IMIC. Accordingly, the provisions in Clause 5.1 of the Instrument shall be amended by the deletion of sub-Clause (j) "if EJL Cooper is removed as a Non-Executive Chairman of the Company."

 

Copies of the Consent Solicitation Memorandum and Notice of Meeting are to the time at which the Meeting is concluded from (i) on request from the Paying Agent, Deutsche Bank AG, Winchester House, 1 Great Winchester Street London EC2N 2DB, email: [email protected] and (ii) for collection or inspection during normal business hours at the office of International Mining & Infrastructure Corporation plc, 40 New Bond Street, London W1S 2RX, United Kingdom

 

 

 

 

J & E Davy

David Ryan

Listing Agent

+ 353 1 614 3353 

                     

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 

 

  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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