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Last Updated: Jan 8, 2012 - 2:29:24 AM |
 AML Foods Limited announced today that it has entered into agreements with its preference shareholders to restructure its preference share debt. Under the terms of the restructuring, the maturity date of the preference shares has been extended from December 2015 to December 2022 and the interest rate has been reduced from 8.0% to 7.25%. The new agreement is effective January 1st, 2012.
In addition to the restructuring of its existing debt, AML Foods Limited has issued a further $4.28m of Class B preference shares, under the revised terms. The funds will be used primarily to finance the Company’s new franchise, Carl’s Jr.
“We are very pleased to be able to once again work with our preference shareholders in restructuring our agreement with them,” says Mr. Gavin Watchorn, CEO and President of AML Foods Limited. “This restructuring greatly strengthens our balance sheet by providing long term funding and allowing us to focus our operational cash flows on continued growth for our Company. Their willingness to restructure along with the additional investment demonstrates their confidence in our Company and the direction that we are moving in.”
About AML Foods Limited: AML Foods Limited was incorporated in 1989 in The Bahamas and is listed on the Bahamas International Securities Exchange. The Company and its subsidiaries are primarily engaged in the operations of retail and club stores offering dry and perishable food items and other consumer products, and the operation of a food franchise business. AML Foods Limited Food Distribution includes its retail division - Solomon’s SuperCenter Nassau, Solomon’s Freeport and Solomon’s Fresh Market – and its club division - Cost Right Nassau and Cost Right Freeport; the Company’s Franchise Division currently consists of eleven Domino’s Pizza locations in Nassau and Freeport. The registered office of the Company is at One Millars Court, off Shirley Street, Nassau, New Providence, Bahamas and the corporate office is at Town Centre Mall, Upper Level, Blue Hill Road, Nassau, New Providence, Bahamas, Tel: 242.677.7200.
About this report: This report may include “forward-looking statements.” While AML Foods Limited believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from AML Foods’ expectations include external economic conditions, changes in the marketplace, changes in interest rates and operating costs and other unforeseen events or conditions
© Copyright 2012 by thebahamasweekly.com
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