Proposed Early Redemption of Bonds
(Thomson Reuters ONE) -
Artumas Group Inc. ("Artumas") will propose to the Bondholders an early
redemption of 100% of the bonds in Artumas' 15.00 per cent Senior Secured
Convertible Bond Issue 2009/2010 (the "Bonds"). The proposal has been discussed
with the bondholders representing more than two-thirds of the nominal value of
the Bonds.
To reflect the terms of the put option in the Bonds and in lieu of future
interest payment, the Bondholders will be offered 135.5% of the par value of the
Bonds (amounting to USD 1.355 per Bond) plus accrued interest. It is proposed
that settlement shall occur on 17 March 2010.
Partial repayment of the Bond Redemption Amount will be made from the USD 2.4
million long term loan recently secured by Artumas' Tanzanian Gas Subsidiary.
These funds are currently held in a trust account with Artumas' Canadian legal
counsel, Gowlings Lafleur Henderson LLP. The balance will be transferred from
the Trust Account established as security for repayment of the Bonds.
Artumas will shortly send out the summons for a Bondholders' Meeting to approve
the early redemption.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1389208]
Press Release 2010 02 26: http://hugin.info/136496/R/1389208/347400.pdf
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Datum: 26.02.2010 - 09:19 Uhr
Sprache: Deutsch
News-ID 1010703
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"Proposed Early Redemption of Bonds
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