Asset Sale Announcement

 

TIDMAMZ 
 
RNS Number : 0834J 
AMZ Holdings plc 
24 March 2010 
 

24th March 2010 
 
 
                    AMZ Holdings plc ("AMZ" or the "Company") 
 
                            Asset Sale Announcement 
 
 
Further to prior announcements on its default status, the Company announces that 
it has been unable to renegotiate revised repayment terms with the Martin Currie 
Taiwan Opportunities Fund and, as such, the Company is unable to cure its 
default with respect to its 12.9% Convertible Secured Loan Stock 2011 ("Loan 
Stock").  The Company also announces that it has been unable to raise sufficient 
capital to enable it to meet its redemption obligations in respect of its Loan 
Stock and to raise sufficient working capital to continue operations. 
 
As a result the Company and the Loan Stock receiver appointed by the Loan Stock 
trustee have instructed CB Richard Ellis (Taipei Branch) to initiate a 
solicitation for bids process which is expected to result in a sale of all or 
substantially all of the Company's assets, or the capital stock in one of its 
wholly-owned direct or indirect subsidiary entities controlling the Company's 
property holdings on Penghu. Bids are expected to be due on 23 April 2010. 
 
The Company will continue to seek new sources of funding, which will allow the 
Company to suspend this process, meet its obligations and continue to operate. 
 
Interested parties in either the bidding or funding process may contact the Loan 
Stock receiver direct for further details at [e-mail] 
 
Further announcements will be made as and when appropriate. 
 
                                  -  Ends  - 
 
 
+--------------------------+--------------+--------------------+ 
| Jonathon Brill/Caroline  | Financial PR | Tel: +44(0) 207    | 
| Stewart,                 |              | 831 3113           | 
| Financial Dynamics       |              |                    | 
|                          |              |                    | 
+--------------------------+--------------+--------------------+ 
| Stuart Andrews/Chris     | Nominated    | Tel: +44(0) 20     | 
| Clarke                   | Adviser      | 7071 4300          | 
| Evolution Securities     |              |                    | 
| Limited                  |              |                    | 
+--------------------------+--------------+--------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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