FirstFarms holders elect to prolong DKK 27.16 million of convertibles

By Susanna Moon

Chicago, June 30 – FirstFarms A/S said holders representing DKK 27,164,836 of its DKK 31,065,935 remaining convertible bonds accepted the offer for prolongation.

Of the remaining 17 bond owners, 12 of them have chosen to accept the offer with one bond owner of DKK 750,000 electing to submit a conversion pledge, effective Oct. 1, 2018.

Four bond owners, representing DKK 3,151,099 bonds, opted for conversion at expiry in 2016 and one bond owner of DKK 750,000 has the possibility for conversion or repayment at expiry in 2016, according to a company notice.

Chairman Henrik Hougaard has prolonged bonds for DKK 12,005,495, board member Bent Juul Jensen has prolonged bonds for DKK 4,802,198 and chief executive officer Anders H. Norgaard has prolonged bonds for DKK 1,351,648, the notice said.

FirstFarms also offered to issue new convertible bonds for up to DKK 50 million with expiry in December 2020. The deadline for the new issue is July 6.

FirstFarms is a Billund, Denmark-based company that invests in agriculture and land in Eastern Europe.

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