Grand City Properties S.A., / Key word(s): Bond
GRAND CITY PROPERTIES S.A.: Share of 90.6% of the Convertible Bonds 2012-2017 converted
Company Redemption of outstanding Convertible Bonds
Luxembourg / Berlin, 3 September 2013 - Grand City Properties S.A. (the 'Company') announces that it has now received further conversion notices in respect of Convertible Bonds (Series A, XS0839410221, WKN A1HBF8) (the 'Convertible Bonds') representing EUR 9.9 million in respect of the Convertible Bonds. Consequently, a total of EUR 90.6 million in principal value of the Convertible Bonds have been converted into equity share capital in the Company.
As a result of the recent conversions in respect of the Convertible Bonds, the issued equity share capital of the Company has increased by EUR 9.9 million, resulting in a decrease of debt in the same amount, which aggregates to a total amount of EUR 90.6 million of all conversions. Due to the recent conversions of Convertible Bonds, 2,475,000 new shares were issued by the Company, accumulating to 22,650,000 of new shares as a result of such conversions. The Company's total number of issued shares as at the date of this announcement equals 86,150,000.
As at today's date, EUR 9,400,000 of the Convertible Bonds remain outstanding.
In accordance with the terms and conditions of the Convertible Bonds, the Company has resolved to exercise its right to redeem the outstanding Convertible Bonds and a formal notice to this effect was sent today to holders of the Convertible Bonds. Following the service of such notice, holders of the Convertible Bonds can now decide to either (i) exercise their conversion rights in respect of the Convertible Bonds by no later than 11 October 2013 or (ii) elect to take no action in respect of their conversion rights, which will result in their holding of Convertible Bonds being redeemed on the optional redemption date, being 18 October 2013.
After the full redemption or conversion of the remaining Convertible Bonds, all obligations of the Company in respect of the Convertible Bonds will be fully cancelled.
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