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Converteerbare obligaties ECT

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  1. [verwijderd] 4 mei 2012 14:38

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    26. PERPETUAL SUBORDINATED CONVERTIBLE SECURITIES
    As at 31 December 2011
    As at 31 December 2010
    €’000
    €’000
    Convertible securities issued
    99,750
    99,750
    Accrued interest
    52,107
    29,169
    Capitalised issue costs
    (1,200)
    (1,200)
    Convertible securities converted into ordinary shares
    (5,835)
    (1,500)
    Total
    144,822
    126,219
    On 25 June 2009, the Group issued €75 million of perpetual subordinated convertible securities (net of transaction costs of €1.2 million) on the following terms: The convertible securities were issued at par and will be entitled to a coupon of 20 per cent, payable annually in arrears. Interest may accrue and is capable of being paid in shares at the conversion price upon conversion. The Company does not currently expect to pay interest on its convertible securities. The convertible securities are perpetual but the Company may redeem the securities after 2 years at a premium of 20 per cent. The securities will be convertible into shares at the holder's option at a conversion price per Ordinary Share of €0.30. The securities have a minimum denomination of €50,000, are unlisted but can be transferred. The interest accrued for the relevant period does not vest until after 30 June of that 12 month period.
    On 6 October 2009, the Group raised an additional €15 million of capital through the issuance of further convertible securities on terms that economically represented a premium to par. On 19 October 2009, the Group issued a further €9.75 million of convertible securities on the same terms as the prior issuance.
    In February 2010, convertible security holders presented €1.5 million of convertible securities for conversion. Eurocastle duly converted these securities and issued 5,000,000 shares. No interest was payable on these converted securities.
    In July 2011, convertible security holders presented €6.2 million of convertible securities for conversion. Eurocastle duly converted these securities and issued 20,613,818 shares (see Note 24).
    In August 2011, convertible security holders presented €0.1 million of convertible securities for conversion. Eurocastle duly converted these securities and issued 219,725 shares (see Note 24)
    Upon a full conversion of all convertible securities, the Group's number of shares outstanding would increase by 403,895,187, which includes 38,899,996 of shares related to deferred interest capitalised in June 2011.
  5. WEBJE 5 mei 2012 07:35

    • WEBJE

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    Ik wel maar ik verstaat het gewoon niet ,eventjes afwachten en informatie opzoeken .Maar alvast bedankt voor de info .
  6. [verwijderd] 5 mei 2012 16:26

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    Balance Sheet
    Total Assets 2,870,807
    Total Liabilities (2,507,866)
    Net Assets 362,941

    Weighted average number of ordinary shares outstanding, (basic) 74,752,269
    Dilutive effect of ordinary share options and convertible securities 403,895,187
    Weighted average number of ordinary shares outstanding (diluted) 478,647,456
    Ordinary shares outstanding 86,577,189
    Fully diluted ordinary shares outstanding 573,317,648
  7. [verwijderd] 5 mei 2012 16:42

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    61
    EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES

    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

    33. SUBSEQUENT EVENTS

    The Group is in discussions with the Mars Floating portfolio lenders to modify the terms of the facility, which matures in December 2013. The terms under discussion include revising the amortisation profile to be met from asset sales and the removal of all contingent guarantees previously provided by the Group. In addition, the Group will receive a cash distribution in respect of its services to the portfolio in 2011 with further distributions to be released in order to cover costs
    for the asset management and sales activity for work done by the Group's German asset management platform. The
    remaining excess cash flow after payment of interest will continue to be used to amortise the outstanding loan balance.

    The Group is currently in negotiations to sell its remaining 25% interest in the Mars Fixed 1 portfolio and with this to terminate its connection with this portfolio including asset management services provided by the Group's German Asset Management platform.

    The Group continues to be in an active and constructive dialogue with the lending syndicate of the Drive Junior facility. The lenders have continued to exercise their discretion to allow distributions to be made from portfolio cash flows to the Group to offset asset management costs for this portfolio. In addition, as of the reporting date, €16.2 million had been accumulated in a reserve fund for reinvestment back into the Drive portfolio real estate and for debt service.

    The Group has sold a further 11 properties subsequent to year end for €9.4 million generating €0.8 million of cash after repayment of asset level financings, and has entered into binding agreements to sell a further 6 properties for estimated total sale proceeds of €10.4 million. Once completed, these properties are expected to generate up to €1.0 million of cash, after repayment of asset level financings.
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