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Further update on Loan Notes

20th Dec 2012 07:00

RNS Number : 9948T
Sorbic International PLC
20 December 2012
 



 

 

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

[email protected]

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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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