29th Aug 2014 07:00
Press Release | 29 August 2014 |
Sorbic International plc
("Sorbic" or the "Company")
Roll Over of Loan Notes
Sorbic International plc (AIM:SORB), a leading sorbates producer in China, announces that the required majority of holders of A and B Loan Notes have agreed to amend the terms of the Loan Note Instrument ("LNI") such that the redemption date is now 31 December 2014.
Key new terms of the LNI:
· A repayment premium equal to 10% of the principal amount outstanding if the principal is repaid between 1 September 2014 and 31 October 2014
· A repayment premium equal to 20% of the principal amount outstanding if the principal is repaid between 1 November 2014 and 31 December 2014
· Redemption date of 31 December 2014.
All other terms of the LNI remain the same.
- Ends -
For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
finnCap (Nomad) | |
Geoff Nash / Ben Thompson | Tel: +44 (0) 20 7220 0500 |
Hybridan LLP (Broker) | |
Claire Louise Noyce | Tel: +44 (0) 20 3713 4581 |
Media enquiries:
Abchurch Communications | |
Henry Harrison-Topham / Canace Wong | Tel: +44 (0)20 7398 7714 |
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 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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