On 24 November, Baystreet Finance plc announced that it received Acceptance Forms totalling €3,676,841 from Bondholders. In accordance with the Tender Offer Memorandum dated 8 October 2010, the said amount of bonds will be cancelled.
Coupled with the repurchases already made by the Company on the secondary market, Baystreet Finance plc has to date managed to repurchase 63.4% of the original amount of Bonds outstanding. As a result the original issue amount of €7,602,608 has now been brought down to €2,785,434.
Baystreet announced that due to delays in processing of payments it has decided to extend the payment date from 24 November to 29 November 2010. As such bondholders who opted to sell back the bonds will receive their capital at 102% on 29 November and the interest accrued during the period from 26 June 2010 to 29 November 2010.
Trading in Baystreet bonds will recommence on 30 November 2010.