Updated Peermont Restructuring Cautionary Announcement
30 August 2013
“As previously reported, the Peermont group is in an advanced stage of negotiations with its stakeholders and third party funders in order to recapitalise its balance sheet through the refinancing of its Senior Secured Notes and restructuring of the capital structure of the group (the “Recapitalisation”).
As announced on 20 August 2013 and 28 August 2013, the group had been negotiating with Grand Parade Investments Limited (“GPI”) for GPI to acquire a strategic stake in the group as part of the Recapitalisation. These negotiations were however unsuccessful, and Peermont has terminated further discussions with GPI. As previously reported, the investment by GPI in the group would have affected the group’s ultimate shareholding post-Recapitalisation, but that investment is not needed to successfully complete the Recapitalisation.
The group continues to negotiate the key terms of, and documentation for, the Recapitalisation with its stakeholders and third party funders.
There can be no assurance that any of these efforts will lead to a definitive agreement and / or successful completion of the Recapitalisation or any other transaction involving the group’s capital structure.”