EANS-News: Precious Woods: The Annual General Meeting approved potential issue of a convertible bond
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The Annual General Meeting (AGM) of the Precious Woods Holding Ltd., held on 12 May 2009, approved all motions of the Board of Directors. Ernst A. Brugger Chairman ad interim was confirmed in office. The members of the Board Inge Jost and Thomas Hagen were re-elected for a further three year term.
The new Chairman Ernst A. Brugger referred in his opening speech to fundamental long-term trends, which continue to support sustainability within the real and financial economy, despite the currently difficult market conditions. The corresponding opportunities are, however, hardly reflected in the current share price. CEO Andreas Heusler outlined the business year 2008, emphasizing Precious Woods´ unique market positioning and its high real asset value. The recently concluded FSC certification of all its forest operations has become a major competitive advantage, since the public awareness of ecological issues as well as the demand for certified timber products on export but also local markets like in Brazil is constantly increasing.
The AGM furthermore approved the motion to create additional conditional capital. This will allow the company to obtain funds by issuing a convertible or option bond. Securing financing options in case of a further economic downturn and an improvement of the financing structure are also in the interest of the company´s shareholders. Precious Woods intends to wait for an appropriate market environment before issuing a convertible bond at attractive conditions.
For further information please refer to the Website of Precious Woods www.preciouswoods.com, section Investor Relations, Annual General Meeting.
Precious Woods is one of the leading companies in the area of sustainable management and use of tropical forests. The company's core activities include reforestation and sustainable management of tropical forests, timber processing and the trading of FSC-certified timber products. The generation of emission rights and electricity from recovery wood represent further integral elements of the company´s business. The shares of Precious Woods Holding have been traded on the SWX Swiss Exchange since March 2002. Further information about Precious Woods is available at www.preciouswoods.com.
end of announcement euro adhoc
Further inquiry note:
Patrick Mauron
Head of Corporate Communication
Precious Woods Holding Ltd.
Militärstrasse 90
CH-8021 Zürich
Tel.: +41 44 245 81 20
E-Mail: media@preciouswoods.com
Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SIX Swiss Exchange / official dealing