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Bondholders Approve Jelmoli Proposal |
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17.01.09 02:26 |
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Bondholders Approve Jelmoli Proposal
Holders of the two outstanding bonds issued by Jelmoli Holding AG ("Jelmoli"), with the principal amounts of CHF 175 million and CHF 200 million, approved proposals whereby, if shareholders vote for the distribution of a special dividend as a key element of the proposed Strategic Plan for the Company, no request would be made by bondholders for repayment of the two bonds ahead of schedule. In exchange, Jelmoli agreed to adjust the coupon on each bond and will pay interest of 4.25 % p.a. (for the 4 % bond maturing July 5, 2011) and 4.625 % p.a. (for the 3 1/8 % bond maturing July 11, 2013) under the condition and starting with the distribution of the special dividend.
Bondholders approved the proposals put to them at today's meetings by significant majorities. Shareholders will vote on the Strategic Plan at an Extraordinary General Meeting on January 23rd, 2009.
At today's bondholders' meeting for the CHF 175'000'000 4 % bonds issued by Jelmoli and maturing on July 5, 2001, bondholders were representing CHF 66'465'000 or 37.98 % of the capital. 99 % of the represented capital approved the proposal. At the bondholders' meeting for the CHF 200'000'000 3 1/8 % bonds issued by Jelmoli and maturing July 11, 2013, bondholders were representing CHF 48'325'000 or 24.16 % of the capital. In this vote, 81.61 % of the represented capital approved the proposal.
Christopher Chambers, Chairman of Jelmoli's Board of Directors, welcomed the bondholders' decision, following the successful negotiations for the refinancing of the US Private Placement before Christmas. "We now look forward to the Extraordinary General Meeting on January 23rd, 2009, at which the Strategic Plan will be presented to shareholders for final approval."
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