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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  CLS Holdings plc    CLI   GB00BF044593

CLS HOLDINGS PLC (CLI)
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CLS : Proposed early redemption of bonds

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06/14/2018 | 11:43am CEST

Release date: 14 June 2018

Embargoed until: Immediate Release

CLS Holdings plc

('CLS')

Proposed early redemption of

£65 million 5.50 per cent. Bonds due 2019

(the 'Bonds')

CLS announces that it intends to exercise its option to redeem early all of the outstanding Bonds (ISIN: XS0820711215) pursuant to Condition 5(c) of the terms and conditions of the Bonds (the 'Conditions').

The early redemption of the Bonds is subject to the finalisation of certain processes including the publication of the notice of redemption which will specify the Optional Redemption Date which is expected to be before the end of July 2018. CLS will announce further details in due course.

Following the redemption, the Bonds will be cancelled and there will be no Bonds outstanding. CLS will also request the cancellation of the listing of the Bonds on the Official List of the UK Listing Authority and the trading of the Bonds on the regulated market of London Stock Exchange plc, each with effect on and from the Optional Redemption Date.

The cost of redemption, which is expected to be £68.7 million, would exceed the par value of the Bonds by £3.7 million, which is £1.3 million less than the interest which would otherwise have been payable until redemption. The Group's weighted average cost of debt will fall by 23 basis points to a pro forma 2.28% (31 December 2017: 2.51%), and EPRA NAV will fall by 0.7p. The redemption will be funded from existing liquid resources.

Capitalised terms which are used in this announcement, and which are not otherwise defined in this announcement, shall have the meanings given to them in Conditions.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

-ends-

For further information, please contact:

CLS Holdings plc

www.clsholdings.com

Fredrik Widlund, Chief Executive Officer

John Whiteley, Chief Financial Officer

+44 (0)20 7582 7766

Liberum Capital Limited

Richard Crawley

Jamie Richards

+44 (0)20 3100 2222

Whitman Howard

Hugh Rich

+44 (0)20 7886 2500

Elm Square Advisers Limited

Jonathan Gray

+44 (0)20 7823 3695

Smithfield Consultants (Financial PR)Alex Simmons

+44 (0)20 3047 2476

Disclaimer

The Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'Securities Act'). Subject to certain exceptions, the Bonds may not be offered, sold or delivered in the US or to or for the account of US persons (as defined in Regulation S under the Securities Act).

This announcement is for information purposes only and is not a prospectus and does not constitute an offer to subscribe for or buy shares, the Bonds or other securities of CLS (the 'Securities') in any jurisdiction. This announcement and the fact of its distribution is not and should not be seen as an inducement in relation to a decision to purchase Securities. Investors should not subscribe for or purchase any Bonds except on the basis of information contained in the Prospectus published by CLS, a copy of which can be found at http://www.clsholdings.com/en/ir/BondInformation/ukbondor on the London Stock Exchange website.

Disclaimer

CLS Holdings plc published this content on 14 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 June 2018 09:42:04 UTC

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Financials (GBP)
Sales 2018 127 M
EBIT 2018 84,7 M
Net income 2018 -
Debt 2018 763 M
Yield 2018 2,96%
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 13,1x
EV / Sales 2019 12,7x
Capitalization 908 M
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Average target price 2,83  GBP
Spread / Average Target 27%
Managers
NameTitle
Fredrik Jonas Widlund Chief Executive Officer & Executive Director
Henry Klotz Executive Chairman
John Howard Whiteley Chief Financial Officer & Executive Director
Sten A. Mortstedt Executive Director
Malcolm Charles Cooper Senior Independent Non-Executive Director
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