Trigon Agri A/S: Use of proceeds from the Rostov cluster sale
As communicated in the announcement of 2 June 2016 Trigon Agri A/S (the “Group”) completed the divestment of its Rostov cluster. The net proceeds from the sale of the Rostov cluster constituting EUR 5,051,998 (the “Proceeds”) have been deposited to the Pledged Account in accordance with the Waiver of the Holders’ Committee issued in accordance with the Amended and Restated Terms and Conditions for Trigon Agri A/S Maximum SEK 350,000,000 11.00% Bonds 2011/2015 (the “Terms and Conditions”).
On 20 June 2016 the Group submitted a written request to the Holder’s Committee for approval of the use of the Proceeds as proposed by the Group.
Following the receipt of the request from the Group, the Holders’ Committee have waived the obligation of the Group to transfer the Proceeds from the Pledged Account to the Deposit Account and authorised the Group to use the Proceeds for the following distributions:
– the Proceeds in the amount of SEK 38,499,996 (approximate equivalent of EUR 4,093,566.83) shall be used to pay the annual interest rate of 11% accrued under the Terms and Conditions of the Bonds (the “Annual Interest”) to the bondholders on 31 August 2016;
– the remaining Proceeds in the approximate amount of EUR 958,431.17 shall be used by the Group to finance working capital needs of the Group and will be released to the Group according to the following schedule:
EUR 500,000 will be released to the Group not later than on 15 July 2016; and
EUR 458,431.17 (the final EUR amount can be affected by possible EUR/SEK exchange rate difference at the moment of converting EUR amount into SEK denominated Annual Interest) will be released to the Group after full and punctual settlement of the Annual Interest is made but not later than on 5 September 2016.
Mr. Simon Boughton, CEO of Trigon Agri A/S, Tel: +372 6191 500, E-mail: email@example.com
About Trigon Agri
Trigon Agri is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Trigon Agri’s shares are traded on the main market of Nasdaq Stockholm.
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