Summons to Bondholders' Meeting
(Thomson Reuters ONE) - Approval of farm-out transaction, proposed changes to loan agreementand issue of warrantsArtumas Group, Inc. ("Artumas") has today issued a summons to aBondholders' Meeting in relation to Artumas' convertible loan2009/2010, to be held on Monday, 12 October 2009.The Bondholders' Meeting is being held to obtain the Bondholders'approval of Artumas' agreement to the farm out of its Mnazi BayProduction Sharing Agreement, its Area 1 Offshore Rovuma Block andits Onshore Rovuma Block, as referenced in its press release of 17September 2009. The completion of the farm-outs is also subject toother conditions as set out in the press release.Originally, it was intended that the convertible loan 2009/2010 bemade available to Artumas in two tranches, being Tranche A (of USD2,400,000) and Tranche B (of up to USD 5,600,000). Subject to theapproval of the Bondholders, Tranche B of the USD 8 millionconvertible loan will be cancelled. As consideration for foregoingtheir rights to fund Tranche B, it is proposed that the Bondholdersare granted 5.6 million warrants whereby each warrant would give theholder the right to subscribe for 171 common shares in Artumas at asubscription price of NOK 0.0375 per share. The warrants must beexercised on or prior to 1 October 2010. In aggregate, 957,600,000new common shares in Artumas will be issued if all the warrants areexercised. The current number of common shares in Artumas is3,054,579,975.Artumas CEO Cam Barton stated that "while the dilutive impact of thewarrants is identical to what would have otherwise been experiencedunder a Tranche B conversion, the cash flow burden and riskassociated with the bondholders right to redeem the Tranche B bondshas now been eliminated. At times like these when cash requirementsare difficult to fund, a change such as this is encouraging."Artumas has proposed to consolidate its shares on the basis of 100common shares being exchanged for 1 common share in the newlyconsolidated share capital of the Company. The resolution toconsolidate the share capital will be considered at the Company'sannual general meeting to be held on 9 October 2009. If suchresolution is passed and implemented the number of shares resultingfrom exercise of the abovementioned warrants, the exercise price andthe total number of Artumas common shares will be adjustedaccordingly.Reference is made to the summons for full details of the proposalmade by Artumas to the Bondholders.http://hugin.info/136496/R/1345451/322965.pdfhttp://hugin.info/136496/R/1345451/322966.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.10.2009 - 12:03 Uhr
Sprache: Deutsch
News-ID 6522
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 246 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Summons to Bondholders' Meeting"
steht unter der journalistisch-redaktionellen Verantwortung von
Artumas Group Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
