The meeting has been called to consider and approve the restructuring of the company’s Sukuk issued in 2007, by issuing ordinary Sukuk in the amount of $425 million, and convertible Sukuk in the amount of $425 million, in accordance with the terms & conditions agreed with the Sukukholders as recommended by the Board of Directors.
In the event the required quorum for the Extra-ordinary General Assembly Meeting on 14 March 2013 is not procured in the First call (quorum for which being 75 per cent), the Meeting will be adjourned to Thursday 21 March 2013, and in the event the required quorum is not achieved in the Second call (quorum for which being 50 per cent) the Meeting shall be held on Tuesday 23 April 2013 for the Third call (quorum being Shareholders present).
Dana Gas became the first company in UAE to miss repayment of a maturing bond on 31 October 2012, blaming delays in payments on gas supplied in Egypt and Iraq.
Read more: http://www.cpifinancial.net/news/post/18827/dana-gas-sukuk-restructuring-to-be-put-to-the-vote-on-14-march
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