REG - Ceiba Investments Ld - Statement re Update from the Chairman

Ceiba InvestmentsAnnouncement

07/10/2024 07:00

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RNS Number : 0676H  Ceiba Investments Limited  07 October 2024

CEIBA INVESTMENTS LIMITED

(the "Company")

 

(TICKER: CBA, ISIN: GG00BFMDJH11)

Legal Entity Identifier: 213800XGY151JV5B1E88

 

UPDATE FROM THE CHAIRMAN

On 27 September 2024, the Company published its 30 June 2024 unaudited interim
financial statements -
https://ceibainvest.com/wp-content/uploads/2024/09/20240630-CBA-ICFS.pdf
(https://ceibainvest.com/wp-content/uploads/2024/09/20240630-CBA-ICFS.pdf)

At the latest Board meeting of the Company, the Board instructed Management to
enter into discussions with Bondholders regarding the possibility of
restructuring the €25 million 10% Convertible Bonds 2026 to change the
payment schedule from a single €25 million bullet payment due on 31 March
2026 to five equal annual instalments of €5 million, to be made starting in
2025. If no agreement can be reached with Bondholders regarding a
restructuring, the Board will consider prepaying €10 million under the
Convertible Bonds prior to 31 March 2026, and attracting €15 million in new
finance to pay the remainder of the Convertible Bonds on 31 March 2026.

Once Management and the Board gain additional confidence in the Company's cash
flows and financial position, and payments to Bondholders can be made
according to the new schedule, the Board would be in a position to review
whether the possibility exists of using part of the free cash-flow of the
Company to make distributions to shareholders and buy back Shares in the
Company, actions which - given the discount at which Shares are presently
trading - are both considered attractive.

As per the annual general meeting held on 18 June 2024, the Company has the
authority to buy back Shares, provided that: (i) the maximum number of Shares
that may be purchased is 10 per cent. of the aggregate number of Shares in
issue at the date of the annual general meeting; (ii) the minimum price which
may be paid for a Share is £0.01; and (iii) the maximum price which may be
paid for a Share is the higher of: (a) an amount equal to 105 per cent. of the
average of the mid-market values of a Share taken from the London Stock
Exchange Daily Official List for the five business days before the purchase
is made; and (b) the higher of the price of the last independent trade or the
highest current independent bid for Shares on the London Stock Exchange at the
time the purchase is carried out.

John A. Herring

Chairman

For further information, please contact:

  Sebastiaan Berger                                Via NSM Funds Limited
 Singer Capital Markets                            Tel: +44 (0)20 7496 3000

 James Maxwell / Finn Gordon (Corporate Finance)

 James Waterlow (Sales)
 NSM Funds Limited                                 Tel: +44(0)1481 743030

 

 

 

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