Early Redemption Notice

RNS Number : 5821V

Majedie Investments PLC

06 November 2017

 

GBP 15,000,000 9.50% Coupon Bond Maturing March 2020 (ISIN: GB0005583389) issued by Majedie Investments PLC (the "Notes")

6 November 2017

Early Redemption Notice

Pursuant to Condition 3(d) (Redemption and Purchase) of the Terms and Conditions of the Notes issued by Majedie Investments PLC (the "Company"), the Company hereby gives notice of exercise of its right to redeem all of the outstanding Notes.

The Company has designated 6 December 2017 as the redemption date.

The amount payable and the accrued but unpaid interest amounts are outlined below based upon reference Gilt yield observed on the 2 November 2017, the second Business Day prior to this Notice of redemption.

The reference Stock observed was the 4.75% Gilt maturing on the 7^th March 2020 as agreed by the Trustee.

The following table reports (i) the bond to be repurchased; (ii) the reference interest rate; (iii) the purchase price (per 100 Pounds Sterling); (iv) the amount of accrued interest; and (v) the total amount in GBP for the repurchase.

Bond	Reference Gilt	Reference interest rate	Purchase Price (per £100)	Accrued interest	Cash Payment	Redemption Payment Date
GBP 15,000,000 9.50% Notes due  31 March 2020 (ISIN:  GB0005583389)	4.75% Gilt due 7th March 2020	0.407%	£120.942	£236,064.56	£16,563,234.56	6 Dec 2017

Chairman Andrew Adcock commented

"The Company is taking action to reduce its overall gearing and particularly the most expensive 9.5% Debenture, of which GBP 13,500,000 is outstanding, whilst equity markets are at or near their all-time highs. On a marked to market basis, the NAV per share will be reduced by 0.6%, the Board believes that is a prudent course of action."

This announcement contains inside information.

 

END

 

 

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