Bond Conversion & Acquisition Update

RNS Number : 6422E

Asian Plantations Limited

01 June 2012

 



1 June 2012

Asian Plantations Limited

("APL" or the "Company")

Bond Conversion &

Acquisition Update

Asian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, announces that the holder of its 1.75 per cent. US$1,000,000 convertible unsecured bond due 2014 (the "Convertible Bond") has notified the Company of its conversion, in accordance with the terms previously announced on 19 November 2010. The Convertible Bond has been converted into 313,383 new ordinary shares ("New Shares") of no par value in the Company.

Application has been made to the London Stock Exchange plc for the New Shares to be admitted to trading on AIM ("Admission") and it is expected that dealings in the New Shares will commence on 7 June 2012, following which the enlarged issued share capital of the Company will total 46,511,134 Ordinary Shares. The Company does not hold any shares in treasury.

Acquisition update

Further to the announcement of 28 February 2012, the Company announces that it is no longer proposing to pursue the acquisition of a 60% stake in a Malaysian company with 9,000 titled hectares and 8,000 leased hectares.  The Company continues to assess several potential opportunities, with the intention of acquiring further wholly-owned parcels of land, and further announcements will be made in due course.

For further information contact:

Asian Plantations Limited Graeme Brown, Joint Chief Executive Officer Dennis Melka, Joint Chief Executive Officer	Tel:  [phone]
Strand Hanson Limited James Harris Paul Cocker Liam Buswell	Tel: [phone]
Panmure Gordon (UK) Limited Tom Nicholson Callum Stewart	Tel:   [phone] Tel: [phone]
Macquarie Capital (Europe) Limited Steve Baldwin Dan Iacopetti	Tel: [phone]
Bankside Consultants Simon Rothschild	Tel: [phone]

 

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