Ceiba Investments Limited Trading Statement (1464U)
31 Marzo 2021 - 05:16AM
UK Regulatory
TIDMCBA
RNS Number : 1464U
Ceiba Investments Limited
31 March 2021
31 March 2021
CEIBA INVESTMENTS LIMITED
(the "Company")
(TICKER CBA, ISIN: GG00BFMDJH11)
Legal Entity Identifier: 213800XGY151JV5B1E88
TRADING UPDATE
Successful issue of EUR25 million Senior Unsecured Convertible
Bonds 2026
CEIBA Investments Limited ("CEIBA" or the "Company"), the
largest listed international company solely dedicated to investing
in Cuba, with interests in Cuba's commercial and tourism real
estate sectors, is pleased to announce the successful completion of
a EUR25,000,000, 10%, senior unsecured convertible bond issue due
for repayment on 31 March 2026 (the "Bonds"). The conversion price
of the Bonds is equal to the (unaudited) net asset value per
ordinary share as at 30 June 2020 (104.3 pence). The Bonds were
issued on 31 March 2021 and will be admitted to The International
Stock Exchange (TISE), Guernsey. The ISIN number of the Bonds is
GG00BMV37C27.
The principal purpose of issuing the Bonds is to provide finance
that allows for the completion of the construction of the Meliá
Trinidad Península a 400 room, beachfront hotel, in Trinidad, Cuba,
but the proceeds of the Bonds may also be used for investment in
the logistics warehouse development project of Grupo B.M.
Interinvest Technologies Mariel S.L., for general corporate
purposes, and for other commercial opportunities when they arise.
The Bonds are not expected to be used to support any operating
costs of the Company due to the strong, continuing earnings
performance of the Company's largest investment, the Miramar Trade
Centre office complex.
The issue was increased from EUR20 million to EUR25 million due
to strong investor demand and remained oversubscribed by existing
and new investors. It is the first major international fundraise
into Cuba since the announcement of Cuba's monetary reforms in
December 2020. The total cost of the issue was less than 1.30%
including broker, legal, registration and any other fees payable by
the Company. Neither the Company nor any of its subsidiaries have
any other third-party debt financing apart from the Bonds.
John Herring, Chairman of the Board of Directors of CEIBA,
commented:
"We are really encouraged to have received this support from
both our existing shareholder base and new investors. In turn, we
are very pleased to be able to support Cuba and its economy,
through the completion of this unique hotel, especially given the
current challenging and uncertain Covid-impacted environment."
"Mutual respect, engagement, confidence and economic growth are
essential ingredients for the country to move forward, and it would
appear that by carrying out monetary reforms and broadening the
legal framework for the private sector, Cuba is taking big steps in
the right direction. The funding sourced to complete the Meliá
Trinidad Península is another small step towards the future."
""CEIBA is very well positioned to continue its leading role in
Cuba's foreign direct investment sector."
Sebastiaan Berger, Fund Manager of Aberdeen Standard Investments
and CEO of CEIBA, commented:
"We are very excited that the funding to ensure the timely
completion of this state-of-the-art hotel in Trinidad has now been
secured so that it can be added to the Company's high quality
investment portfolio of Cuban mixed real estate assets."
"Investors seem to understand that a window of opportunity is
opening and that there are real chances that both tackling the
Covid-19 pandemic and the US-Cuban relationship will improve in the
foreseeable future."
Background
During 2021, CEIBA will celebrate the 25th anniversary of its
Cuban investments and operations. The Company was the first Cuba
dedicated investment trust to be listed on the Specialist Fund
Segment of the London Stock Exchange following a successful IPO
that took place on 18 October 2018. Its principal investments are
in the Miramar Trade Centre, Havana's principal business centre,
the hotel Meliá Habana hotel (in Havana), the Meliá Las Américas,
Meliá Varadero and Sol Palmeras hotels (in Varadero), the Meliá
Trinidad Península hotel (in Trinidad) and an industrial logistics
complex development in the Special Development Zone of Mariel. The
Company's 2020 Financial Statements are scheduled to be published
in April 2021.
END OF ANNOUNCEMENT
For further information, please contact:
Aberdeen Standard Fund Managers Limited Tel: +44 (0)20 7463
6000
Sebastiaan Berger / Evan Bruce-Gardyne
N+1 Singer Tel: +44 (0)20 7496 3000
James Maxwell / James Moat (Corporate Finance)
James Waterlow (Sales)
JTC Fund Solutions (Guernsey) Limited Tel: +44 (0)1481
702400
www.ceibalimited.co.uk
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END
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