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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
China Food Co. | LSE:CFC | London | Ordinary Share | GB00B290WV95 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCFC
RNS Number : 3127F
China Food Company PLC
14 June 2012
Press Release 14 June 2012
China Food Company Plc
("China Food" or the "Company")
C Loan Notes
China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, announces that, following approval by the majority of C Loan Note holders, it has been agreed that the C Loan Note has been rolled into the A Loan Note.
The Company currently has GBP1.380 million of C Loan Notes outstanding and GBP2.004 million of A Loan Notes. The A Loan Notes are repayable on 3 November 2012.
The C Loan Note has a conversion price of 50 pence and a coupon of 8.0% per annum. These terms have been amended to reflect those of the A Loan Notes that carry a coupon of 10% and are convertible at 32 pence per ordinary share.
As announced with the preliminary results in May 2012, the Company remains in discussion with potential buyers of the animal feed business and expects to update shareholders shortly.
- Ends -
For further information:
China Food Company Plc John McLean, Non-Executive Chairman Tel: +44 (0) 7768 031 454 Raphael Tham Wai Mun, Chief Executive www.chinafoodcompany.com Numis David Poutney - Head of Corporate Tel: +44 (0) 20 7260 Broking 1000 finnCap (Nomad) Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20 7600 Finance) 1658 Simon Starr (Broking)
Media enquiries:
Abchurch Communications Henry Harrison-Topham / Joanne Shears Tel: +44 (0) 20 7398 7709 joanne.shears@abchurch-group.com www.abchurch-group.com
Notes to Editors:
China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Tesco, Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013**, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.
The first phase of expansion is now complete at the Group's new factory, which was officially opened on 12 May 2010, and this doubles China Food's current capacity. It is proposed that in due course there will be a further two phases, adding capacity of 100,000 tonnes through the building of 230 additional silos. The Group plans to expand into the neighbouring provinces such as Henan and Hebei.
The Group also operates an animal feed business, Fuss Feed. This business produces premix, concentrate and compound feedstuffs, and is the third largest animal feed business in Shandong, an important province for the production of livestock in China.
The Group's operations are highly scalable and able to support further growth, and with net assets of GBP39 million (as at 31 December 2011), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.
*McKinsey Quarterly Report: Is your emerging market strategy local enough?, April 2011
** Source: Datamonitor report: Sauces, Dressings and Condiments in China to 2013, April 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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