Asian Bamboo AG / Capital Increase/Forecast
21.10.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Not for release, publication or distribution in the United States -
Hamburg, 21 October 2009, the Management Board of Asian Bamboo AG (ISIN:
DE000A0M6M79; ticker symbol '5AB', 'the Company') resolved with the consent
of the Supervisory Board, and within the Company's authorised capital, to
increase the share capital of the company by up to EUR 1,275,000 by issuing
up to 1,275,000 new, no par value, ordinary bearer shares ('new shares').
In addition, Green Resources Enterprises Holdings Limited ('Green
Resources'), the major shareholder of Asian Bamboo AG and a company wholly
owned by Asian Bamboo's founder and CEO - Mr. Lin Zuojun, will offer a
green shoe option of 191,250 shares. The shares will be offered to
institutional investors through a private placement and the size and issue
price of the capital increase will be determined on the basis of an
accelerated book building process. Sal. Oppenheim is acting as the global
co-ordinator and sole book runner for the offering and M. M. Warburg as
joint lead manager.
The pre-emption rights of the shareholders are excluded and no prospectus
will be issued. The new shares shall be admitted to trading on the Prime
Standard of the Frankfurt Stock Exchange. The new shares carry full
dividend rights from the beginning of the 2009 financial year. Until the
admission of the new shares, Green Resources will provide shares in the
Company to be allocated to investors by means of a short-term securities
lending arrangement.
The net proceeds of the capital increase will be used by the Company to
lease around 4,000 hectares ('ha') of new mature bamboo plantations ('new
plantations'). Hence the Company intends to lease a total of 11,000 ha of
additional mature plantations in 2010 (7,000 ha in the first half of 2010,
as announced on 12 October, and 4,000 ha in the second half). The Company
will release more details about the new plantations, including the exact
size and location, as soon as possible after the transaction is completed.
The Management Board expects that the Company will have a total plantation
size of around 40,000 ha by the end of 2010, which is around 11,000 ha
(37%) more than the current level of around 29,000 ha.
As a consequence of the share placement, the Management Board has decided
to terminate the current share buy-back programme. In addition, the
Management Board announces preliminary Q1-Q3 2009 results as follows:
* Revenue of EUR 40.7 million, up 29% year-on-year
* Adjusted net profit of EUR 19.4 million, up 34% year-on-year
* An adjusted net profit margin of 47.7% (2008 = 46.1%)
Due to the increase in the value of the Company's shares in Q3, we have
booked an unrealised cost for Share Appreciation Rights ('SARs',
'options'), issued to certain key employees, of EUR 1.5 million in the
Q1-Q3 results. Excluding this non-cash item, the adjusted net profit for
the period is up 44% year-on-year at EUR 20.9 million and the adjusted net
profit margin is 51.4%.
Furthermore, the Management Board confirms its 2009 guidance of revenues of
more than EUR 55 million and an adjusted net profit margin of at least 45%.
The Management Board and the Supervisory Board will propose a dividend of
EUR 30 cents for 2009, up 50% year-on-year, to be distributed in 2010.
Asian Bamboo AG
The Management Board
Disclaimer
This release does not constitute an offer to sell or to buy shares in the
USA. Shares of Asian Bamboo AG may not be offered or sold in the United
States of America absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended. Asian Bamboo does not
intend to conduct a public offering of shares in the United States.
This release contains preliminary Q3 2009 results, guidance for FY 2009 and
a statement of a proposed dividend for 2009, which is subject to the
approval of the Annual General Meeting to be held in June 2010. These
forward-looking statements are based on management's current expectations,
estimates and projections. They are subject to a number of assumptions and
involve known and unknown risks, uncertainties and other factors that may
cause actual results, profitability and performance to differ materially
from any future results, profitability and performance expressed or implied
by such forward-looking statements. Considering the risks, uncertainties as
well as other factors, addressees of this document should not rely
excessively on forward-looking statements. Asian Bamboo AG has no
obligation to update or release any revisions to the forward-looking
statements contained in this release to reflect events or circumstances
after the date of this release.
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer
Anja Holst +49-(0)40 37644 798
Investor Relations Manager
21.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: Asian Bamboo AG
Stadthausbrücke 1-3
20355 Hamburg
Deutschland
Phone: +49 40 37644 798
Fax: +49 40 37644 500
E-mail: info@asian-bamboo.de
Internet: www.asian-bamboo.de
ISIN: DE000A0M6M79, DE000A0M6M79
WKN: A0M6M7, A0M6M7
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Asian Bamboo AG resolves to increase its share capital by up to 10%, terminates share buy-back programme and announces preliminary Q1-Q3 results
| Source: EQS Group AG