Asian Bamboo AG / Key word(s): Miscellaneous
23.03.2014 15:59
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Asian Bamboo plans to reduce the plantation size
- In order to improve the financial situation ahead of entering the
property industry, Asian Bamboo decides to decrease the plantation size
- The FY 2013 annual results announcement and AGM will be delayed to 30
April and 20 June respectively
Hamburg, 23 March 2014 - Asian Bamboo AG ("Asian Bamboo", "the Company",
ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY"), a
leading integrated company in the bamboo industry, is pleased to announce
that it has reached a preliminary agreement to sell some of its plantations
and give up its rights to some others, which, once completed, will improve
the Company's financial situation ahead of entering the property industry.
The Company's Supervisory Board approved the move on 22 March and the
Management Board will now aim to complete the deals as soon as possible. In
detail the plan is to:
- Give up the rights to the following plantations in the Longyan area;
Buyun, Hongshan and Miaoqiao ("Longyan plantations"), in total around
62,600 mu (4,173 hectares)
- Sell the following plantations in Shaowu; Kangda, Sirong, Minxian,
Minda, Yinxin and Wufang (Shunchang) and Wucun (Sanming), Chongan
(Wuyishan) and Hongshan (Longyan) ("Shaowu plantations") in total
around 194,330 mu (12,955 ha) at market prices
Upon completion, based on the Management Board's estimates, the Company
will not have to pay the remaining lease fee of EUR 9.5 million on the
Longyan plantations, which was booked as an account payable at the end of
FY 2013 and more than EUR 10 million will be raised from selling the Shaowu
plantations.
The Shaowu plantations and the Longyan plantations have in total
accumulated significantly more profits than their total lease fees over the
lease period. Only plantations with a short remaining lease period and
plantations which currently generate a relatively low return are affected.
Therefore the Management Board believes that the future impact on the
Company's P&L once these transactions are completed will be much smaller
than the impact of the corresponding decrease in the plantation size. The
Company will continue self-managing the rest of the plantations, which
comprise those that generate a higher return, so it is likely that the
future revenue per ha will increase compared to 2013.
Due to the complicated methodology used to assess the value of the
plantations the Company needs to postpone the release of the FY 2013 annual
results to 30 April 2014. Due to the delay in the release of the annual
results, the Annual General Meeting ("AGM") will have to be postponed until
20 June 2014.
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer peter.sjovall@asian-bamboo.com
Anja Holst +49-(0)40 37644 798
Investor Relations Director anja.holst@asian-bamboo.com
About Asian Bamboo AG:
Asian Bamboo is a leading integrated company in the bamboo industry. The
Company currently owns long-term leasing rights for 43 bamboo plantations
with a total size of 54,511 hectares (ha). It is planning to diversify its
business into property development. As a National Key Flagship Enterprise,
Asian Bamboo is at the forefront of developing the agriculture industry in
China.
Asian Bamboo has obtained organic food accreditations in China, Japan,
Europe and the United States in addition to its HACCP and ISO9001
certifications. Its plantation management has received GLOBALGAP (Global
Good Agriculture Practices) certification by the Swiss-based company SGS.
Since 16 November 2007, Asian Bamboo has been listed on the Prime Standard
of the Frankfurt Stock Exchange under the ticker symbol "5AB". In addition,
the stock is traded as an ADR under the ticker symbol "ASIBY". The
Company's financial statements are audited by Deloitte and its registered
office is located in Hamburg, Germany.
For more information about Asian Bamboo, please visit the Asian Bamboo
website at
www.asian-bamboo.com or www.asian-bamboo.de
Disclaimer:
This release is for information only and does not constitute an offer to
sell, purchase, exchange or transfer any securities or a solicitation of
any such offer in the United States or any other jurisdiction. The
securities referred to herein have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the 'Securities Act')
and may not be offered or sold in the United States absent registration or
an exemption from registration under the Securities Act. Neither Asian
Bamboo AG ("Asian Bamboo") nor any other participant in the transactions
described herein intends to register any securities under the Securities
Act or with any securities regulatory authority of any state or other
jurisdiction in the United States in connection with the proposals
described in this announcement. The shares may not be offered to the public
in any jurisdiction in circumstances which would require the preparation or
registration of any prospectus or offering document relating to the shares
in such jurisdiction. No action has been taken by Asian Bamboo or any of
their affiliates that would permit an offering of the shares or possession
or distribution of this announcement or any other offering or publicity
material relating to such securities in any jurisdiction where action for
that purpose is required.
As far as this release contains forward-looking statements with respect to
the business, financial condition and results of operations of Asian
Bamboo, these statements are based on current expectations or beliefs of
Asian Bamboo's management. These forward-looking statements are subject to
a number of risks and uncertainties that could cause actual results or
performance of the Company to differ materially from those reflected in
such forward-looking statements. Apart from other factors not mentioned
here, differences could occur as a result of changes in the overall
economic situation and the competitive environment - especially in the core
business segments and markets of Asian Bamboo. Also, the development of the
financial markets and changes in national as well as international
provisions particularly in the field of tax legislation and financial
reporting standards could have an effect. Terrorist attacks and their
consequences could increase the likelihood and the extent of differences.
Asian Bamboo undertakes no obligation to publicly release any revisions or
updates to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
23.03.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Asian Bamboo AG
Stadthausbrücke 1-3
20355 Hamburg
Germany
Phone: +49 40 37644 798
Fax: +49 40 37644 500
E-mail: info@asian-bamboo.de
Internet: www.asian-bamboo.de
ISIN: DE000A0M6M79, DE000A0M6M79
WKN: A0M6M7, A0M6M7
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Asian Bamboo plans to reduce the plantation size
| Source: EQS Group AG