Asian Bamboo AG / Key word(s): Miscellaneous
25.12.2014 18:29
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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PROPARCO demands immediate repayment of the PROPARCO-Loan; repayment claim
amounts to approx. EUR 14.0 million
Hamburg, 25 December 2014 - Asian Bamboo AG ("Asian Bamboo", " the
Company", ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol
"ASIBY") informs that it received a letter from PROPARCO, a subsidiary of
Agence Française de Développement ("PROPARCO"), pursuant to which PROPARCO
demands the repayment of the outstanding amounts under the PROPARCO-loan on
or before 30 December 2014. The early repayment demand is based on
non-compliance of several provisions of the loan agreement by the Company.
The amount claimed by PROPARCO amounts to EUR 13,951,043.33. As announced
19 December 2014, Deutsche Investitions- und Entwicklungsgesellschaft mbH
("DEG") also demands immediate repayment of its loan. The amount claimed by
DEG amounts to USD 16,131,346.21.
The company has offered DEG and PROPARCO to repay the entire loans by 30
September 2015, well ahead of the original expiration dates in 2017 and
2018. These Demand Notices for Acceleration Repayment must be considered
startling and inconsistent with previous statements and agreements.
However, the Company has sufficient funds and credit-facilities to pay the
amount claimed by PROPARCO and DEG. On 30 September 2014 cash and cash
equivalents amounted to EUR 26.6 million. In addition, Mr. Lin has set up a
credit facility of EUR 11.8 million between the Company and himself.
Moreover the Company is asset rich, generates positive operating cash flows
and has the continued backing of Mr. Lin Zuojun, the Company's founder,
largest shareholder and CEO.
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 40 bamboo plantations
with a total size of 50,338 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 from 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.
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.
25.12.2014 The DGAP 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 AG: PROPARCO demands immediate repayment of the PROPARCO-Loan; repayment claim amounts to approx. EUR 14.0 million
| Source: EQS Group AG