FirstFarms holders extend Kr 31.07 million of 6% convertibles in offer

By Susanna Moon

Chicago, Dec. 4 – FirstFarms A/S announced the results of its offer to extend the maturity of its Kr 54.5 million 6% convertible bonds due March 15, 2016 by one year.

Under the offer, 17 bondholders, representing Kr 31,065,935 of the 6% convertibles chose to accept the offer, according to a company notice.

Of the 17 holders, five of them representing Kr 3,901,099 of the convertibles, have chosen to submit pledges for conversion, effective Jan. 2.

The offer to extend the convertibles ran until Dec. 3. The offer was announced Nov. 3.

Along with the offer, holders who previously submitted a pledge for conversion with effect from Jan. 4 were exempted from the previous commitment, according to a previous company announcement. If they wanted to maintain the conversion pledge, it could have been done on unchanged terms, the company previously said.

In addition, holders also had the possibility to submit a conversion pledge with effect from Jan. 2, 2017 and obtain a conversion premium of 0.5% of par if they chose to give information about conversion of the bond into shares, the company previously said.

If the prolongation option is not used, the bond can still be converted with effect from Jan. 4 or expire at maturity.

The purpose of the offer was to supplement the company’s cash resources, the release noted.

In other news, the company said on Friday that Henrik Hougaard Invest ApS, closely related to chairman of the board Henrik Hougaard, has bought Kr 7.5 million of the convertibles and board member Bent Juul Jensen has bought Kr 3 million of the convertibles. The convertibles were bought at a price of 101 on Dec. 2.

The Billund, Denmark-based company invests in agriculture and land in Eastern Europe.

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