Peninsular Gold Limited Refinancing of Existing Facilities (1207T)
10 Diciembre 2012 - 3:26AM
UK Regulatory
TIDMPGL
RNS Number : 1207T
Peninsular Gold Limited
10 December 2012
PENINSULAR GOLD LIMITED
("Peninsular" or "Company")
AIM: PGL
REFINANCING OF EXISTING FACILITIES
Peninsular Gold Limited is pleased to announce that its wholly
owned subsidiary, Raub Australian Gold Mining Sdn. Bhd. ("RAGM")
has obtained an Islamic financing facility for up to US Dollars Six
Million (the "New Facility") from its existing financier Alkhair
International Islamic Bank Berhad (" Alkhair Bank").
The New Facility will be utilised to completely refinance RAGM's
existing one year working capital facility with Alkhair Bank which
was obtained last year. The repayment of the New Facility is over
48 months with a grace period of 24 months from the date of first
disbursement.
The principal terms of the New Facility are as follows:
1. A profit rate of 2.75 per cent above Alkhair Bank's Cost
of Funds (currently 4.58%), payable quarterly.
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2. Repayable over 48 months commencing from the date of
disbursement with a 24 month grace period.
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3. Security by way of:
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a) Master Murabaha Facility Agreement (which is a
financing document under Islamic principles)
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b) A third party fixed legal charge ("New Charge")
over the land known as Pajakan Lombong 1669, Lot
No. 17478, Bukit Koman, Mukim Gali, District of
Raub, Pahang ("Property") owned by Akay Holdings
Sdn Bhd ("Akay"). Akay is a privately owned Malaysian
company with a 15.0 % interest in Peninsular and
is 99.9% owned by Dato' Sri Andrew Tai Yeow Kam
("Andrew Kam"), the Chairman and Chief Executive
of Peninsular who is also a director of RAGM and
Akay.
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c) A debenture incorporating fixed and floating charges
over the present and future assets and undertakings
of RAGM
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d) A corporate guarantee by Peninsular
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Akay Agreement
To facilitate the grant of the New Facility and in consideration
of Akay agreeing to provide the Property as security for the New
Facility, Peninsular and RAGM have entered into an Agreement with
Akay ("New Akay Agreement") to pay Akay an annual fee of RM260,000
(approximately US$85,000) until the New Charge is released or
discharged.
The key terms of the New Akay Agreement provide that:
i. Akay shall receive an annual fee from RAGM of Ringgit
Malaysia Two Hundred and Sixty Thousand (RM260,000-00) only payable
in four (4) equal quarterly instalments, until such time as the New
Charge is released or discharged;
ii. Akay has the right at any time to give to RAGM not less than
90 days notice requiring Peninsular and RAGM to procure the release
of the Charge;
iii. Akay however agrees and undertakes that it will not issue
any proceedings against Peninsular and/or RAGM whilst Andrew Kam is
a director of Peninsular or he or any of his family (as defined in
the AIM Rules for Companies (the "AIM Rules") are interested in
aggregate, directly or indirectly, in excess of 50% of the
Company's issued share capital;
iv. Peninsular and RAGM have agreed to indemnify Akay against
any loss which it may suffer arising from the creation of the New
Charge.
As Andrew Kam is a director of the Company, the New Akay
Agreement constitutes a related party transaction under the AIM
Rules for Companies. Accordingly, the directors of the Company,
excluding Andrew Kam, having consulted with the Company's nominated
adviser, RFC Ambrian Limited, consider that the terms of the New
Akay Agreement are fair and reasonable insofar as its shareholders
are concerned.
Further information:
Dato' Sri Andrew TY Kam Patrick Watson
Chairman and Chief Executive Finance Director
Peninsular Gold Limited Peninsular Gold Ltd.
Tel: +60 (0)3 2698 8381 Tel: +44 (0)7799 885653
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Samantha Harrison / Jen Boorer Colin Rowbury
Nominated Advisor Broker
RFC Ambrian Limited Daniel Stewart & Co. Ltd.
Tel: +44 (0)20 3440 6800 Tel: +44 (0)20 7776 6936
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This information is provided by RNS
The company news service from the London Stock Exchange
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