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Interest Payment on Convertible Bond - DMCCB
Soapstone Investment Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/011940/06)
Soapstone stock code: DMCCB
ISIN: ZAE000180204
(“Soapstone Investment”)
INTEREST PAYMENT ON CONVERTIBLE BOND
Noteholders are referred to the announcement released on SENS on 14 February 2017 by
DiamondCorp PLC (“Diamondcorp”), the Guarantor to the Soapstone ZAR40,000,000.00 14% Fixed
Rate Senior Secured Convertible Registered Bonds, advising that the conditions precedent for a GBP
1,000,000 capital raising announced on 20 January 2017 have not yet been met.
In particular, the agreement in principle reached with the Association of Mining & Construction
Union ("AMCU"), as announced on 25 January 2017, was now being subjected to material
amendments by AMCU, and it is currently unclear whether or not final terms and associated
documentation will be able to be entered into between the parties that is consistent with the terms
that had previously been agreed upon.
Discussions also continue between DiamondCorp and the Industrial Development Corporation
of South Africa ("IDC") in relation to the provision of Post-Commencement Funding ("PCF") for the
Lace Diamond Mines (Pty) Limited subsidiary, currently in business rescue. No assurances can be
made that such IDC Approval will be forthcoming, either in time for PCF to be sought to be raised
promptly, or at all.
The delays in obtaining agreements with the IDC and AMCU place a doubt over completion of the
DiamondCorp capital raising, and accordingly the timing of the payment of the next bond payment
due on 14 March 2017.
Given the above circumstances and the uncertainty of the interest payment due on 14 March 2017,
bondholders of the Soapstone Investment Convertible Bond are hereby advised of the potential
dates should the Issuer be in a position to effect the interest payment due on the aforementioned
date. Should no interest payment be effected, the dates will not be applicable.
The DMCCB convertible bond may commence trading ex-interest from the close of trade on 8 March
2017, with respect to the interest coupon period that commenced on 14 September 2016 and that
ends on 13 March 2017 inclusive of penalty interest as communicated in the Notice of Meeting
released on SENS on 20 December 2016. The Issuer will provide a finalisation announcement on or
before 28 February 2017 providing further clarity in this regard.
The potential salient dates relating to the possible interest payment are as follows:
Finalisation date: Tuesday, 28 February 2017
Last date to trade in order to
participate in this interest payment: Tuesday, 7 March 2017
Ex interest date: Wednesday, 8 March 2017
Record date: Friday, 10 March 2017
Payment date: Tuesday, 14 March 2017
21 February 2017
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 21/02/2017 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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