Bangkok--Oct 13--Francom Asia
RAIMON LAND TO CALL 25% OF ITS OUTSTANDING WARRANTS.
EXERCISED PRICE BAHT 0.963 PER SHARE
(AND RATIO 1 WARRANT TO 1.0387 SHARES)
Today the Board of Raimon Land announced that the conditions giving rise to its Board calling 25% of RAIMON-W were met yesterday. The Company will now implement the Board resolution No. 12/2004 dated 12th October 2004 in regard thereto.
That resolution confirmed and announced to the public that the Company’s policy in regard to calling the warrants are, inter alia, as follows:
1. That the Company would never exercise its right to call half the remaining warrants over the life of the warrants (in other words 749,603,290 warrants will never be called and will expire on 17th December 2007 if not exercised );
2. If, at any time between 15th October 2004 and14th October 2005, the Company’s weighted average share price was at least 125 per cent of the exercise price for 30 consecutive business days (based on the current exercise price, this would be Baht 1.20 (the “Price)), the Board would immediately call 25 per cent of the total warrants outstanding (or 374,801,645 warrants);
3. If, at any time between 15th October 2005 and 14th October 2006, the Price is achieved, the Board will call a further 25 per cent of the warrants now outstanding (a further 374,801,645 warrants). If warrants under 2 are not called during the specified period, they may be called under 3;
4. Any warrants not called under 2 or 3, may still be called if, during the period 15th October 2006 to 17th December 2007, the Price is achieved; and
5. Both 2, 3 and 4 would be reduced by those shares voluntarily exercised by the shareholders during the period.
At close of trading on Tuesday 11th October 2005, the weighted average share price for the last 30 consecutive business days was Baht 1.22. Accordingly, the Company is now required to call 25% of the outstanding warrants (374,801,645) under clause 2.
The timetable for calling the first lot warrants is as follows:-
Assign “SP Sign” : 21st , 25th and 26th October 2005
Closing warrant register book : 27th October 2005 and suspension of
warrant trading
Exercise period commence : 6th February 2006
Exercise period close : 24th February 2006
The Company is currently consulting with the Thailand Securities Depository Co., Ltd. to reduce the period of such suspension and will notify the warrantholders as soon as the result is known.
Commenting on the call of the warrants, Mr. Nigel J. Cornick, CEO of Raimon Land said, “Last year, at the request of our shareholders, our board published a clear policy as to the conditions which may give rise to the calling of outstanding warrants. This policy was notified to the Warrantholders, shareholders and the Stock Exchange of Thailand at that time. With the recent rise in our share price, due, we believe to the announcement of two significant new projects, the first 25% of the RAIMON-W warrants will now be called. The capital raised by the call will be re-invested into our existing projects and other opportunities we are pursuing.”
Further information
RAIMON shares are listed on the Stock Exchange of Thailand and its major shareholders include Seamico Securities Plc., one of Thailand’s largest stock brokers. Further information concerning the Company can be obtained from its website at www.raimonland.com
ISSUED BY SEAMICO SECURITIES PRESS DISTRIBUTION SERVICE AT THE REQUEST OF THE COMPANY
MEDIA ENQUIRIES :
Mr. James Ward / Nuttaporn Tangwongsan
Raimon Land PRC/O Francom Asia
Tel: 662 233 4338 or 39
Fax: 66 2 236 803
E-mail: [email protected]
Mr. Nigel J. Cornick
Chief Executive Officer
Raimon Land Public Company Ltd.
22nd Floor, The Millennia Tower62 Langsuan Road,
Pathumwan,Bangkok 10330
Tel : +66 (0) 2651-9600 to 4
Fax : +66 (0) 2651-9614
E-mail : [email protected]
Khun Kitti Tungsriwong
Chief Operating Officer Raimon Land Public Company Ltd.
22nd Floor, The Millennia Tower
62 Langsuan Road, Pathumwan,Bangkok 10330
Tel : +66 (0) 2651-9600 to 4
Fax : +66 (0) 2651-9614
E-mail : [email protected] End.