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| Subject: mandated lead underwriter/brokerPaterson Ord Minnett 15/1/03 | |
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Author: B&Bcommitsubunderwrite/issuetotheextent/ 25mmajornoteholders |
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Date Posted: 17:28:36 01/18/03 Sat ERG LIMITED 2003-01-14 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ MEDIA RELEASE ERG PAYS OUT UNLISTED CONVERTIBLE NOTES ERG advises that it has paid out all monies that were owing in respect of the unlisted convertible notes held by Motorola Inc. The amount paid was approximately $10 million. The Directors elected to pay out the monies owing rather than issue new capital in accordance with resolutions approved at the last AGM of the Company. The funds have been paid out of the Company's existing facilities. The former holders of the remaining unlisted convertible notes have agreed to convert the monies owed to them to a secured term loan which, subject to shareholder approval, may be converted to ordinary shares or preference shares. In principle agreement has been obtained and formal documentation to give effect to this agreement is being finalised between the parties. The repayment and conversion of the monies owed from the unlisted convertible notes is an important step in the Group's recapitalisation proposal announced at the AGM which, subject to noteholder and shareholder approval, will see the balance sheet and operating cash flow strengthened considerably. ERG has mandated Paterson Ord Minnett as lead underwriter and broker to the issue for the proposed preference share issue. ERG has commitments from major noteholders and Babcock & Brown to sub-underwrite the issue to the extent of $25 million. [ Next Thread | Previous Thread | Next Message | Previous Message ] |