SET Announcements

Loxley Plc (LOXLEY) will issue Euro Convertible Debentures worth up to US$120 million or approximately Bt3,000 million (exchange rate US$1: Bt25.00) for sales in foreign market. The debentures will be listed with the London Stock Exchange or other stock markets as seen appropriate by the company's board. The maturity and redemption period of the debentures will not exceed 10 years. The company's board is authorized to determine conditions and details of the debentures including the offering method, coupon rate, maturity period, conversion price, redemption price, conversion period, an put option. LOXLEY said that the company must receive approval from related government agencies for the issuance and the market condition must be favorable for the issue depending upon the board decision. The company said that the purposes of the issuance are: 1. To invest about Bt450 million in the cold-rolled steel project in B. H.P Co Ltd, an Australian-based company. 2. To additionally invest about Bt400 million in the Small Power Producers (SPP) project. 3. To invest about Bt600 million in the Independent Power Producer (IPP) project. 4. To invest about Bt400 million in other countries such as North Korea, Australia, Sri Lanka, etc. 5. To reserve Bt300 million for future investment. 6. To use Bt300 million to pay back the company's loans. 7. To use Bt250 million as the company's working capital in various expansion projects such as mobile phones, telecommunication equipment, and construction materials. LOXLEY said the company expected to use these proceeds round April 1996. The company will also raise its registered capital from Bt460 million to Bt520 million by issuing 6 million new shares at a Bt10 par. All these new shares will be reserved for the conversion of the convertible debentures, said LOXLEY. In case the conversion price or ratio is changed and it entails an increase in number of common shares reserved, the company's board will additionally reserve more shares accordingly. In case the holders of the debentures do not convert the debentures and there are remaining shares, the company's board will propose the matter for the shareholders' consideration accordingly. Translated by the Nation