Improved financing conditions for Gamma Holding>
Improved financing conditions for Gamma Holding
(Thomson Reuters ONE) - Gamma Holding has reached an agreement in principle with the existingsyndicate of banks on changes to the previously agreed financingarrangements up to March 2010. The changes represent improvedconditions for the Group.In the new improved agreement the financial covenants have been easedand account has been taken of the difficult market conditions withwhich Gamma Holding has to contend. Moreover, an extension of thefinancing until June 2011 is possible. This gives the company time toput into effect its programme of cost savings, divestments andrestructurings. One of the conditions for this extension is thegranting of a conversion right to the syndicate of banks. This rightpermits the banks to convert a portion of the loan facilitiesamounting to EUR 30 million into newly issued cumulative preferenceshares. The dividend on the cumulative preference shares is 12% ofthe amount paid on those shares. In this way the syndicate of bankscan jointly obtain at least 50.1% of the voting rights in GammaHolding's increased issued share capital. The banks can only exercisethis option if (i) the available credit under the new creditagreements is less than EUR 5 million, or (ii) the EBITDA in relationto the net debt is greater than 7.5.The granting of the conversion right and the amendment of GammaHolding's articles of association which this necessitates have to beapproved by the shareholders. To this end, an Extraordinary GeneralMeeting of Shareholders has been convened at Gamma Holding, at theaddress Panovenweg 12, Helmond, on Thursday 30 July 2009 at 11.00hrs.The full agenda for this meeting, with explanatory notes and therelated documents, including a motion to amend the articles ofassociation, are available for inspection at the company and at ABNAMRO Bank N.V., acting under the name RBS, Gustav Mahlerlaan 10, 1082PP Amsterdam, and are also available on Gamma Holding's website(www.gammaholding.nl).Executive Board of Gamma Holding N.V.Helmond, 15 July 2009AppendixConditions governing improved financing agreementProfileGamma Holding develops, manufactures and sells innovative,high-quality industrial and consumer- related textile productsthroughout the world. With these products, the company is a leadingglobal player in its selected niche markets. The company has some6,500 employees in 43 countries. Its headquarters are located inHelmond (Netherlands) and its shares are listed on EuronextAmsterdam.Gamma Holding comprises two sectors. Industrial Solutions offersprocess-critical components to industrial clients that are active inpartly overlapping markets. The sector consists of the three businessunits Belting, Filtration and Coating & Composites and comprisesprocess and conveyor belts, filtration products and coated fabricsfor roofing structures, tents and printable media. Lifestyle Fabricsdevelops consumer-related, life-enriching textile products. Thesector consists of two business units, Sleep Care Fabrics and ExoticFabrics, and comprises mattress ticking and ethnic fabrics for theWest African market.Gamma Holding wants to increase focus and scale in its portfolio ofcompanies and in this regard has the intention to divest bothVerseidag Ballistic Protection, part of the Coating & Compositesbusiness unit, and the activities of the Sailcloth business unit.More information: www.gammaholding.nl.http://hugin.info/130740/R/1328817/313401.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 15.07.2009 - 08:15 Uhr
Sprache: Deutsch
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