Ridgewood Investments (Mauritius) Pte Ltd.

March 29, 2010 21:33 ET

Ridgewood Investments (Mauritius) Pte Ltd. Subscribes for US$100 Million Convertible Debenture from Platmin Limited

TORONTO, ONTARIO--(Marketwire - March 29, 2010) - Temasek Holdings (Private) Limited has announced that on March 29, 2010, its indirect subsidiary Ridgewood Investments (Mauritius) Pte Ltd. ("Ridgewood") entered into a subscription agreement, with Platmin Limited ("Platmin") to subscribe for and purchase, on a private placement basis, a non-interest bearing secured convertible debenture from Platmin in the principal amount and for an aggregate purchase price of US$100,000,000 (CAD$102,848,914.94 at an exchange rate of 1CAD = 0.9723US, using the Bank of Canada noon rate as at March 26, 2010). The transaction remains subject to the satisfaction of customary closing conditions, including all necessary approvals including the approval of the Toronto Stock Exchange.

Pursuant to the terms of the convertible debenture, Ridgewood will have the right to convert, at its option, all, but not less than all, of the principal amount into common shares of Platmin at a price of US$1.215 per common share at any time prior to the maturity date of December 31, 2010.

Ridgewood has subscribed for the convertible debenture for investment purposes. Upon the exercise of the conversion right, Ridgewood would hold 82,304,526 common shares representing approximately 15.61% of Platmin's issued and outstanding common shares. Depending on market conditions and other factors, Ridgewood may from time to time acquire additional securities of Platmin or dispose of securities of Platmin in the open market, by private agreement or otherwise.

In connection with this news release, an early warning report has been filed by Ridgewood in accordance with applicable securities laws. 

Contact Information

  • To obtain a copy of the early warning report, please contact
    Davies Ward Phillips & Vineberg LLP
    Brian Calalang
    416-863-0871 (FAX)