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.
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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 peter.sjovall@asian-bamboo.com
Anja Holst +49-(0)40 37644 798
Investor Relations Director anja.holst@asian-bamboo.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
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Language: English
Company: Asian Bamboo AG
Stadthausbrücke 1-3
20355 Hamburg
Germany
Phone: +49 40 37644 798
Fax: +49 40 37644 500
E-mail: info@asian-bamboo.de
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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DGAP-Adhoc: Asian Bamboo has received petitions for insolvency proceedings from DEG and PROPARCO
| Source: EQS Group AG