Dana delays restructuring vote to April 23
Sharjah, March 24, 2013
Dana Gas, the Abu Dhabi-listed energy firm, postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum.
This is the second time the meeting has been rescheduled after a majority was not reached at a shareholder meet on March 21.
Dana announced the new date in a filing on the Abu Dhabi bourse.
Dana became the first UAE company to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock , a week later.
Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which pay an average coupon of 8 per cent.-Reuters