Asian Bamboo AG
- WKN: A0M6M7
- ISIN: DE000A0M6M79
- Land: Deutschland
Nachricht vom 16.03.2015 | 18:54
Asian Bamboo has received petitions for insolvency proceedings from DEG and PROPARCO
Asian Bamboo AG / Key word(s): Miscellaneous 16.03.2015 18:54 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
Asian Bamboo has received petitions for insolvency proceedings from DEG and PROPARCO Hamburg, 16 March 2015 - Asian Bamboo AG ("Asian Bamboo", "the Company", ISIN: DE000A0M6M79, ticker symbol: "5AB", ADR ticker symbol "ASIBY") informs that DEG and PROPARCO have filed petitions for insolvency proceedings in respect of Asian Bamboo with the local court of Hamburg. The petitions are related to termination of the loan agreements with DEG and PROPARCO and the respective claims for immediate repayments of USD 16,407,816.34 and EUR 13,951,043.33, respectively. The Management Board is of the opinion that DEG and PROPARCO are not behaving responsibly towards the Company and its shareholders particularly in light of the many accelerated repayment proposals which have been put forward by the Company and also Mr. Lin in his private capacity. The Management Board has instructed its legal advisers to examine all legal aspects of this issue. However, the Company has sufficient funds and credit-facilities to repay all outstanding receivables including the amount claimed by DEG and PROPARCO. As of 31 December 2014, as announced on 6 March 2015, the Company had cash and cash equivalents in an amount of EUR 24.2 million (preliminary). In addition, Mr. Lin has set up a credit facility of RMB 100 million, roughly equivalent to EUR 15.1 million between the Company and himself. Moreover the Company is asset rich, generates positive operating cash flows and has the continued backing of Mr. Lin Zuojun, the Company's founder, largest shareholder and CEO. In particular Mr. Lin has the means and willingness to buy the PROPARCO and DEG loans. For enquiries, please contact: Asian Bamboo AG: Peter Sjovall +852-9385 3868 Chief Financial Officer firstname.lastname@example.org Anja Holst +49-(0)40 37644 798 Investor Relations Director email@example.com About Asian Bamboo AG: Asian Bamboo currently owns long-term leasing rights for 40 bamboo plantations with a total size of 50,338 hectares (ha). It is planning to diversify its business into property development. As a National Key Flagship Enterprise, Asian Bamboo is at the forefront of developing the agriculture industry in China. Asian Bamboo has obtained organic food accreditations in China, Japan, Europe and the United States in addition to its HACCP and ISO9001 certifications. Its plantation management has received GLOBALGAP (Global Good Agriculture Practices) certification from the Swiss-based company SGS. Since 16 November 2007, Asian Bamboo has been listed on the Prime Standard of the Frankfurt Stock Exchange under the ticker symbol "5AB". In addition, the stock is traded as an ADR under the ticker symbol "ASIBY". The Company's financial statements are audited by Deloitte and its registered office is located in Hamburg, Germany. Disclaimer: This release is for information only and does not constitute an offer to sell, purchase, exchange or transfer any securities or a solicitation of any such offer in the United States or any other jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Neither Asian Bamboo AG ("Asian Bamboo") nor any other participant in the transactions described herein intends to register any securities under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States in connection with the proposals described in this announcement. The shares may not be offered to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the shares in such jurisdiction. No action has been taken by Asian Bamboo or any of their affiliates that would permit an offering of the shares or possession or distribution of this announcement or any other offering or publicity material relating to such securities in any jurisdiction where action for that purpose is required. As far as this release contains forward-looking statements with respect to the business, financial condition and results of operations of Asian Bamboo, these statements are based on current expectations or beliefs of Asian Bamboo's management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment - especially in the core business segments and markets of Asian Bamboo. Also, the development of the financial markets and changes in national as well as international provisions particularly in the field of tax legislation and financial reporting standards could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. Asian Bamboo undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 16.03.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: Asian Bamboo AG Stadthausbrücke 1-3 20355 Hamburg Germany Phone: +49 40 37644 798 Fax: +49 40 37644 500 E-mail: firstname.lastname@example.org Internet: www.asian-bamboo.de ISIN: DE000A0M6M79, DE000A0M6M79 WKN: A0M6M7, A0M6M7 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart End of Announcement DGAP News-Service
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