Dana Gas reached an agreement with a committee of sukuk holders to restructure and refinance its $700m sukuk, which when finalised in July will end a protracted legal dispute that sent shockwaves through the Islamic finance industry.
“Dana Gas believes that the offer reflects the company’s significantly improved financial position at about 0.3 times net leverage, and removes the risk to all parties of continuing lengthy legal disputes in multiple jurisdictions,” the Sharjah-based company said in a regulatory filing on Sunday with the Abu Dhabi Securities Exchange, where its shares are traded.
Dana Gas said the ad hoc committee of sukuk holders entered into a binding agreement offering them two refinancing options, with the transaction to complete by the first half of July, according to the statement.
Dana Gas has been embroiled in a legal battle over the legality of its sukuk since last year, when it surprised creditors including investment bank Goldman Sachs and the world’s largest asset manager BlackRock by declaring its bonds non-Sharia compliant, citing changes in Islamic finance. The company argued it was therefore not obliged to repay the debt, and has faced legal action from creditors as a result.
As part of the agreement, sukukholders have the opportunity to immediately cash in their claims at 90.5 US cents per dollar of the face value of their holdings. This includes an early participation fee of 2.5 cents if holders sign up within seven days after the tender is issued.
The second option provides holders with the opportunity to receive a partial pay down and exchange the rest into a new sukuk instrument with a deferred payment structure. Under this option, holders agree to tender their claim at 20 cents to the dollar and roll the rest into a three-year security that would pay an annual coupon of 4 per cent. Holders will receive an early participation fee of 2.5 cents if they sign up within seven days after the tender is launched.
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Read more:
Dana Gas close to a deal on $700m sukuk dispute, say sources
UAE court suspends UK injunction barring Dana Gas dividend distribution
Dana Gas to challenge fresh injunction barring dividends in sukuk battle
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The new bonds would have no convertible option – unlike part of the original $700m sukuk.
“We are pleased to have amicably reached a consensual solution...as indeed was always the company’s publicly-declared intention from the outset, which offers sukukholders the opportunity to cash out at a premium to current market prices or – individually solely at their election – to achieve a path to full repayment of the face value of their existing holdings,” said Patrick Allman-Ward, chief executive of Dana Gas.
“The proposed new sukuk instrument to be issued to sukuk holders has been legally verified to be lawful without question,” he added.
The agreement is contingent on various conditions being satisfied, including payment of costs of certain parties and termination of all current litigation, which has been value-eroding to all stakeholders, as well as a release of certain claims.
Dana Gas first announced it would restructure the notes last year, due to delays in gas payments from Egypt and Iraq’s Kurdish region.
Soon afterwards, the company said it no longer considered its two $350m mudaraba sukuk to be compliant with Islamic law and proposed replacing them with new securities that yield less than half the average original profit rate of 8 per cent – sparking a wave of legal action from creditors.
Last August, Iraq’s Kurdistan Regional Government signed an agreement to pay $1 billion to Dana Gas, its parent Crescent Petroleum and partners as part of a settlement of a long-running dispute over payments for gas liquids production in the region.
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COMPANY%20PROFILE
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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COMPANY%20PROFILE%20
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
The%20specs
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'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
COMPANY%20PROFILE
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY%20PROFILE
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Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
More coverage from the Future Forum
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Company%20profile
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