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Geong International Ltd Updates on GBP 2.5 Million Convertible Unsecured Loan Stock


Friday, 25 Jan 2013 04:00am EST 

Geong International Ltd announced that payment of the interest amount due on December 31, 2012 under the convertible unsecured loan stock ("CULS") was late as a result of unexpected delays in the granting of approval by the State Administration Of Foreign Exchange of China ("SAFE") for the transfer of funds. Payment, which was still being processed on the due date, was made on January 15, 2013. As a result of the late payment which represents a default under the terms of the CULS, the holders, Hanafin Investments Limited ("Hanafin"), have requested immediate repayment of the CULS. Whilst the Company has adequate resources to make the repayment it will not be able to secure the necessary approvals from SAFE to do so in the short term. Accordingly, the Company is seeking to reach an understanding with Hanafin as to an acceptable and achievable timetable for the repayment. The Company retained GBP 3.9 million in cash at December 31, 2012. 

Company Quote

4.25
-0.125 -2.86%
5:45am EDT