Sharjah energy company Dana Gas said the majority of sukukholders have voted in favour of an agreement proposed last month to restructure and refinance the company’s $700 million sukuk, which has been the subject of a protracted legal dispute since last year.
“We are extremely pleased to have received consent from an overwhelming majority of sukuk certificate holders, thus confirming the company’s belief that the proposed terms of the deal was fair and in the best interests of all,” said Patrick Allman-Ward, chief executive of Dana Gas, in a statement on Tuesday.
Dana Gas said in May the ad-hoc committee of sukukholders entered into a binding agreement offering them two refinancing options, with the transaction to complete by the first half of July. Creditors were given until July to consider the terms and conditions of the offer, which allows them to either exit or retain their investment on fresh terms.
An early participation fee deadline of June 1 was given, and Dana Gas said 93.69 per cent of early voters have chosen to remain as sukukholders, exceeding the required approval threshold of 75 per cent.
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.
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Read more:
[ Dana Gas reaches agreement on $700m sukuk restructuring ]
[ Dana Gas close to a deal on $700m sukuk dispute, say sources ]
[ UAE court suspends UK injunction barring Dana Gas dividend distribution ]
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Under the agreement last month, sukukholders had the opportunity to immediately cash in their claims at 90.5 US cents per dollar of the face value of their holdings, or receive a partial pay down and exchange the rest into a new sukuk instrument with a deferred payment structure.
Dana Gas said on Tuesday that as of June 1, the company received consent from 90.93 per cent of 9 per cent "ordinary" sukuk certificate holders and 96.45 per cent of 7 per cent exchangeable sukuk certificate holders.
None voted against the proposals. Sukukholders are expected to formally approve the plans at a general meeting on June 13.
“The company will continue to update the market with more details as to the tender offer and [exchange offer] once the notice period expires,” Dana Gas said.
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More on Turkey's Syria offence
Aayan’s records
Youngest UAE men’s cricketer
When he debuted against Bangladesh aged 16 years and 314 days, he became the youngest ever to play for the men’s senior team. He broke the record set by his World Cup squad-mate, Alishan Sharafu, of 17 years and 44 days.
Youngest wicket-taker
After taking the wicket of Bangladesh’s Litton Das on debut in Dubai, Aayan became the youngest male cricketer to take a wicket against a Full Member nation in a T20 international.
Youngest in T20 World Cup history?
Aayan does not turn 17 until November 15 – which is two days after the T20 World Cup final at the MCG. If he does play in the competition, he will be its youngest ever player. Pakistan’s Mohammed Amir, who was 17 years and 55 days when he played in 2009, currently holds the record.
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.