On 17 September, Dolmen Properties plc announced a 50% redemption of its outstanding €10.9 million, 6% bonds. As specified in the Offering Memorandum dated 28 October 2003, the Company has the option to redeem the said bonds in whole or in part prior to the maturity date on 20 November 2013. The Company can avail itself of this option on 20 November 2010, 20 November 2011 and 20 November 2012 by giving at least 60 days advance notice.
As such, the Board of Directors resolved to redeem 50% of the Bonds on the first Optional Redemption Date – 20 November 2010. The redemption of 50% of the bonds will be funded out of the Sinking Fund which was built up according to the Offering Memorandum referred to above.
Bondholders as at close of trading on 2 November 2010 will be receiving 50% of their principal amount together with the yearly interest payable on the 20 November 2010. The Bonds will be redeemed at their Redemption Value rounded up to the nearest euro.
Due to this part redemption, trading in the 6% Dolmen Properties plc 2013 Bonds will be suspended between 3 November and 5 November, both days included.