Ridgewood Investments (Mauritius) Pte Ltd.

May 05, 2010 22:21 ET

Ridgewood Investments (Mauritius) Pte Ltd Subscribes for US$50 Million of Common Shares of Platmin Limited

TORONTO, ONTARIO--(Marketwire - May 5, 2010) - Temasek Holdings (Private) Limited has announced that on May 5, 2010, its indirect subsidiary Ridgewood Investments (Mauritius) Pte Ltd ("Ridgewood") entered into a subscription agreement with Platmin Limited ("Platmin") to subscribe for and purchase, pursuant to a US$250,000,000 public offering by Platmin under a prospectus dated May 5, 2010, 41,152,263 new common shares in the capital of Platmin, representing approximately 6.32% of the issued and outstanding common shares of Platmin after giving effect to the public offering (8.46% before giving effect to the public offering) for an aggregate purchase price of US$50,000,000 (CAD$51,329,432.30 at an exchange rate of 1CAD = 0. 9741US, using the Bank of Canada noon rate as at May 5, 2010). The transaction remains subject to the satisfaction of customary closing conditions.

Upon completion of its subscription and assuming the exercise of the conversion right under the convertible debenture subscribed for by Ridgewood on March 29, 2010, Ridgewood would hold 123,456,789 common shares of Platmin representing approximately 16.84% of Platmin's issued and outstanding common shares, after giving effect to the public offering (21.72% before giving effect to the public offering).

Ridgewood has subscribed for the common shares for investment purposes. Pursuant to the terms of the convertible debenture, Ridgewood will also 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 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. To obtain a copy of the early warning report, please contact:

Brian Calalang
Davies Ward Phillips & Vineberg LLP 
1 First Canadian Place Suite 4400
Toronto, ON M5X 1B1 
Telephone: 416-863-5553
Fax: 416-863-0871

Contact Information

  • Davies Ward Phillips & Vineberg LLP
    Brian Calalang
    416-863-0871 (FAX)