Trigon Agri agrees on conversion of SEK350 mln bonds into shares
KYIV. Sept 14 (Interfax) - Danish agricultural company Trigon Agri, with assets in Ukraine, Russia and Estonia, has achieved a preliminary agreement with the principal shareholders and bondholders on the basic conditions of a full conversion of bonds worth SEK350 million (about EUR38.1 million) into new shares.
"The agreed decision on debt restructuring will allow Trigon to move forward and will enable the management to focus on agricultural business in Ukraine and dairy business in Russia," the company said.
According to the report, when the conversion is finished, Eurobond holders will receive 92.5% of the charter capital, while the stake of current shareholders with their 129,627,479 will fall to 7.5%.
In addition, it is planned to issue 209,498,956 free three-year warrants for existing shareholders, which give the right to receive the same number of shares, which afterwards will increase the share of existing shareholders in the charter capital to 17.5%, reducing the share of bondholders to 82.5%. The warrants give the right to acquire one share per warrant in the first month of their circulation at a price of SEK0.22 or in the last month of circulation at SEK0.3 with the current price being SEK0.34.
Trigon said at present the owners of 30.65% of the shares and 62.22% of the bonds have agreed to such terms of restructuring.
