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Bellamy's confirms Jan Cameron debt offer
Thursday, 19 Jan 2017 08:27:15 | Michael Janda
Bellamy's was offered up to $20 million in loans by Tasmanian entrepreneur Jan Cameron. (Bellamy's)
Bellamy's has confirmed that it rejected a debt funding offer from shareholder Jan Cameron, as the commercial terms were "not favourable".
The disclosure came in the company's notice, sent to its shareholders, of the extraordinary general meeting (EGM) requisitioned by the Black Prince Private Foundation, which has ties to Ms Cameron.
Bellamy's said Ms Cameron offered an initial loan of $5 million at an interest rate of 10 per cent per annum, with the potential for a further $15 million loan.
The debt was to be in the form of convertible notes, where Ms Cameron would have the right to demand the debt be converted into Bellamy's shares at a 25 per cent discount to their average price over the previous five trading days.
The loan would also have been conditional on Bellamy's removing its four current independent directors - Patria Mann, Launa Inman, Michael Wadley and Charles Sitch - and replacing them with the four people that Black Prince are now nominating at the EGM.
The Bellamy's saga:
- Bellamy's surprises market with profit warning, falls 40 per cent
- Bellamy's enters share trading halt
- Bellamy's halt extended through trading suspension
- Five things to know about Bellamy's woes
- Black Prince launches move to roll Bellamy's board
- Bellamy's exits trading halt, ditches CEO, shares plunge again
- Bellamy's reveals Cameron's links to Black Prince
- Bellamy's battle likely to rage on
"The board determined that the commercial terms of the convertible note were not favourable to Bellamy's or in the best interests of Bellamy's or its shareholders as a whole," the company said in a statement.
Bellamy's shares had fallen a further 1.5 per cent to $3.97 by 11:12am (AEDT) - around a third of what they traded at during a peak in August last year.
Uncertainty is likely to linger over Bellamy's until the EGM is held on February 28 at the Park Hyatt hotel in Melbourne.
Bellamy's current board is urging investors to vote against the Black Prince motion.
Jan Cameron has told the ABC that a group of dissident shareholders supporting the motion owns around 35 per cent of Bellamy's stock.
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