CLS Holdings PLC Proposed early redemption of bonds (4079R)
June 14 2018 - 5:35AM
UK Regulatory
TIDMCLI
RNS Number : 4079R
CLS Holdings PLC
14 June 2018
Release date: 14 June 2018
Embargoed until: Immediate Release
CLS Holdings plc
("CLS")
Proposed early redemption of
GBP65 million 5.50 per cent. Bonds due 2019
(the "Bonds")
CLS announces that it intends to exercise its option to redeem
early all of the outstanding Bonds (ISIN: XS0820711215) pursuant to
Condition 5(c) of the terms and conditions of the Bonds (the
"Conditions").
The early redemption of the Bonds is subject to the finalisation
of certain processes including the publication of the notice of
redemption which will specify the Optional Redemption Date which is
expected to be before the end of July 2018. CLS will announce
further details in due course.
Following the redemption, the Bonds will be cancelled and there
will be no Bonds outstanding. CLS will also request the
cancellation of the listing of the Bonds on the Official List of
the UK Listing Authority and the trading of the Bonds on the
regulated market of London Stock Exchange plc, each with effect on
and from the Optional Redemption Date.
The cost of redemption, which is expected to be GBP68.7 million,
would exceed the par value of the Bonds by GBP3.7 million, which is
GBP1.3 million less than the interest which would otherwise have
been payable until redemption. The Group's weighted average cost of
debt will fall by 23 basis points to a pro forma 2.28% (31 December
2017: 2.51%), and EPRA NAV will fall by 0.7p. The redemption will
be funded from existing liquid resources.
Capitalised terms which are used in this announcement, and which
are not otherwise defined in this announcement, shall have the
meanings given to them in Conditions.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
-ends-
For further information, please contact:
CLS Holdings plc
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
Whitman Howard
Hugh Rich
+44 (0)20 7886 2500
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons
+44 (0)20 3047 2476
Disclaimer
The Bonds have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "Securities
Act"). Subject to certain exceptions, the Bonds may not be offered,
sold or delivered in the US or to or for the account of US persons
(as defined in Regulation S under the Securities Act).
This announcement is for information purposes only and is not a
prospectus and does not constitute an offer to subscribe for or buy
shares, the Bonds or other securities of CLS (the "Securities") in
any jurisdiction. This announcement and the fact of its
distribution is not and should not be seen as an inducement in
relation to a decision to purchase Securities. Investors should not
subscribe for or purchase any Bonds except on the basis of
information contained in the Prospectus published by CLS, a copy of
which can be found at
http://www.clsholdings.com/en/ir/BondInformation/ukbond or on the
London Stock Exchange website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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