ADVISE TO CON NOTE HOLDERS- MATURITY DATE
May 31 2007 - 6:14AM
UK Regulatory
ELKEDRA DIAMONDS NL
Level 1, 130 Hay Street
Subiaco WA 6008
PO Box 8035, Subiaco East WA 6008
Telephone: +61-8-6380-2855
Facsimile: +61-8-6380-1644
E-mail: elkedra@elkedra.com.au
Web Site: www.elkedra.com.au
31 May 2007
Centralised Company Announcement Office
Australian Stock Exchange Limited
10th Floor, 20 Bond Street
SYDNEY NSW 2000
Dear Sir/Madam,
ADVISE TO CONVERTIBLE NOTE HOLDERS ABOUT MATURITY DATE -24 JUNE 2007
The attached advise was forwarded to Convertible Note holders.
For and on behalf of the Board
M.D.J. Cozijn
Director/Secretary
cc: Directors - DB/SR/TT
Attch.
Level 1, 130 Hay Street
Subiaco WA 6008
PO Box 8035, Subiaco East WA 6008
Telephone: +61-8-6380-2855
Facsimile: +61-8-6380-1644
E-mail: elkedra@elkedra.com.au
Web Site: www.elkedra.com.au
30 May 2007
[Name of Note Holder]
[Address Line 1]
[Address Line 2]
[Address Line 3]
Dear [ ]
Elkedra Diamonds NL - Convertible Notes Maturity Date 24 June 2007
We wish to remind you that your Convertible Notes (Notes) in Elkedra Diamonds
NL (Elkedra) mature at 5.00 pm Western Standard time (WST) on Sunday 24 June
2007 (Maturity Date). Each Note is convertible into 10 fully paid Elkedra
ordinary shares.
As 24 June 2007 is a Sunday, Elkedra advises it will accept completed
conversion notices received prior to the Maturity Date but post dated to 24
June 2007. Such notices will retain full entitlement to the final interest
payment also due on 24 June and Elkedra shares will be issued within 10
business days of that date.
The closing price of ordinary shares in Elkedra on the Australian Stock
Exchange on 30 May 2007 was $0.41. During the 3 months immediately proceeding
the date of this letter:
* The highest closing market price of the ordinary shares in Elkedra was
$0.61 on 26 April 2007; and
* The lowest closing market price of the ordinary shares in Elkedra was
$0.355 on 9 March 2007.
Attached for your information are the terms of the Notes. If you wish to
discuss the above please feel free to contact me.
Yours sincerely
Sam Randazzo
Executive Director
Terms of Unsecured 3-Year Convertible Note Issue
Issuer: Elkedra Diamonds NL ("Elkedra" or "the Company")
Issue Price: At the face value of $3.60 per Note, payable in full on
application
Term: 3 years from issue, maturing on 24 June 2007 ("Maturity")
Conversion: Convertible into 10 Shares per Note (ie 36 cents per Share)
in multiples of 1000 Notes at any time twelve months after
issue.
Shares will be issued and allotted within 10 business days
after receipt of a Conversion Notice from the Note holder.
In the event of a consolidation or a reorganisation of the
Company's issued share capital, the Notes will be
reorganised in a manner consistent with the Listing Rules of
the Australian Stock Exchange Ltd ("ASX").
Interest: Interest will be payable on the face value of the Notes at a
rate of 10% per annum calculated on a daily basis and
payable 6 monthly in arrears on 24 June and 24 December of
each year up to Maturity.
At the Company's sole discretion, interest may either be
paid in cash or satisfied by the issue of Shares at a price
equal to a 10% discount to the weighted average traded price
of the Shares on the ASX over the 10 business days
immediately prior to the interest payment date.
Redemption: Any Notes not converted prior to Maturity will automatically
be redeemed for cash on that date at their face value or, at
the Company's election, through the issue of Shares at 18
cents per Share.
Other: The Notes will be unsecured and will not be listed for
quotation by the ASX and no application for such quotation
will be made.
The Notes will be subject to 12 months escrow from their
date of issue pursuant to the ASX Listing Rules.
The Company will apply for official quotation by the ASX of
those Shares issued on conversion of any Notes or issued in
lieu of cash redemption or interest payments within 10
business days after their date of issue, provided that the
Company is listed on ASX at that time. All such Shares
issued will rank pari passu with the then existing Shares.
Noteholders will be entitled to receive copies of all annual
reports, financial statements and other information sent to
ordinary shareholders of the Company.
So long as any of the Notes are outstanding, the Company
must:
(a) execute and do all things necessary to give effect to
the Notes and these terms confer the full benefit of them on
the Note holders; and
(b) carry on and conduct its business in a proper and
efficient manner.
END
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