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No Va Land proposes pre-packaged scheme related to 5.25% convertibles
By Wendy Van Sickle
Columbus, Ohio, March 5 – No Va Land Investment Group Corp. is proposing to enter into a pre-packaged scheme of arrangement with its creditors relating to any claim or liability related to its $300 million 5.25% convertible bonds due 2026 (ISIN: XS2364281175), according to a company announcement.
The company said it will not seek to have the Singapore Court convene a scheme creditors’ meeting.
Instead, the scheme creditors will submit their votes or have account holders submit votes on their behalf through electronic blocking instructions and online voting forms.
Blocking instructions may be submitted only in multiples of $200,000.
If the scheme is approved by the requisite majority of scheme creditors, the company will apply to the Singapore Court for its approval. The requisite majority is a majority in number of the scheme creditors who cast valid votes in favor of the scheme and who’s accepted scheme claims in total represent at least three-fourths in value of the accepted claims of all voting scheme creditors.
The deadline for blocking instructions is 4 a.m. ET on March 27. The deadline for voting is 4 a.m. ET on April 2.
Voting results are expected to be announced on April 3, and filing of the application for approval of the scheme with the Singapore Court is expected on April 11.
The expected long-stop date is May 20.
The company also announced that Madison Pacific Trust Ltd. has replaced Bank of New York Mellon, London Branch, effective March 4, after the latter resigned from the role.
Morrow Sodali Ltd. is the information agent (+44 20 4513 6933, +852 2316 4130 or novaland@investor.morrowsodali.com).
The scheme document is posted at https://projects.morrowsodali.com/novaland.
No Va Land is a Vietnamese developer active in residential property and luxury resorts.
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