20th Dec 2012 07:00
Press Release | 20 December 2012 |
Sorbic International plc
("Sorbic" or the "Company")
Further update on Loan Notes
Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, announces that the required majority of holders of A and B loan notes have agreed to waive and defer their right to receipt of any interest due on 31 December 2012 pursuant to the Loan Note Instrument ("LNI") until the Final Redemption Date (as defined in the LNI).
As announced with the preliminary results of last month, the Company will continue discussions with loan note holders in early 2013 with a view to reaching agreement on revised terms of the loan notes which are due for repayment in February 2013.
- Ends -
For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
finnCap | |
Geoff Nash / Ben Thompson Simon Starr (broking) | Tel: +44 (0) 20 7600 1658 |
Media enquiries:
Abchurch Communications | |
Henry Harrison-Topham / Joanne Shears | Tel: +44 (0)20 7398 7709 |
www.abchurch-group.com |
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets, across 46 countries and half into the Chinese domestic market.
Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.
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