ID :
164669
Mon, 02/28/2011 - 11:11
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Shortlink :
https://oananews.org//node/164669
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Aldar to issue Dh3.5 billion mandatory convertible sukuk
Abu Dhabi, Feb 28, 2011 (WAM) - Aldar Properties, public joint stock company, approved yesterday the issuance of mandatory convertible sukuk, debentures and/or bonds convertible into shares in the Company in an amount not exceeding Dh3.5 billion, Dh2.8 billion approximately to be issued to Mubadala Development Company at a conversion rate equal to the market share price provided that such conversion price shall not exceed Dh2.3 and shall not be less than 1.75.
It shall also be permissible to delay the conversion of any of the bonds up to December 2013 provided that a minimum of Dh2.105 billion will be converted in December 2011.
Aldar took the decision at the meeting of the Extra-Ordinary General Assembly yesterday.
The Chairman of the Board of Directors Mr. Ahmad Ali Al Sayegh, the directors and the Company's management presented to the shareholders an update on the Company's current and future projects and related financing .
The meeting authorised the Board of Directors of the Company and any person so authorised by the Board of Directors of the Company to determine the conversion price and the person and persons to whom such convertible bonds may be issued and all other terms and conditions for each issue including maturity date for each of the bonds.
It further authorised the Chairman of the Company and any person so authorised by the Chairman to implement the consequential increase in the share capital upon each conversion, and to adopt all resolutions, negotiate and execute all contracts and documents in the name of and on behalf of the Company to effect the issue of the bonds, increase the Company's share capital and amend the memorandum and articles of association of the Company accordingly.
The Extra-Ordinary General Assembly also authorised each member of the Board of the Company, the CEO of the Company, his deputy and Chief Financial Officer of the Company and any person authorised by any of them, to jointly and severally, negotiate and execute all contracts, agreements, guarantees, undertaking decisions, applications and documents in the name of and on behalf of the Company to implement all of the above resolutions of the Extra-Ordinary General Assembly including. - Emirates News Agency, WAM
It shall also be permissible to delay the conversion of any of the bonds up to December 2013 provided that a minimum of Dh2.105 billion will be converted in December 2011.
Aldar took the decision at the meeting of the Extra-Ordinary General Assembly yesterday.
The Chairman of the Board of Directors Mr. Ahmad Ali Al Sayegh, the directors and the Company's management presented to the shareholders an update on the Company's current and future projects and related financing .
The meeting authorised the Board of Directors of the Company and any person so authorised by the Board of Directors of the Company to determine the conversion price and the person and persons to whom such convertible bonds may be issued and all other terms and conditions for each issue including maturity date for each of the bonds.
It further authorised the Chairman of the Company and any person so authorised by the Chairman to implement the consequential increase in the share capital upon each conversion, and to adopt all resolutions, negotiate and execute all contracts and documents in the name of and on behalf of the Company to effect the issue of the bonds, increase the Company's share capital and amend the memorandum and articles of association of the Company accordingly.
The Extra-Ordinary General Assembly also authorised each member of the Board of the Company, the CEO of the Company, his deputy and Chief Financial Officer of the Company and any person authorised by any of them, to jointly and severally, negotiate and execute all contracts, agreements, guarantees, undertaking decisions, applications and documents in the name of and on behalf of the Company to implement all of the above resolutions of the Extra-Ordinary General Assembly including. - Emirates News Agency, WAM
