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Aquaria 21 extends convertible note offer

Aquaria 21 has extended its 12 per cent convertible note offer to March 31.

Monday, November 2nd 1998, 12:00AM

by Philip Macalister

Aquaria 21 has extended its 12 per cent convertible note offer to March 31. The company is aiming to raise up to $18.75 million to finance its large-scale public aquarium in Shanghai, China.
The notes, which have a two year term, are attractive looking in the current market of falling interest rates.
They offer investors a 12 per cent yield, while Government bonds maturing in 2000 are currently yielding just over 5 per cent.
The company says, to date, 23 per cent of the offer has been filled and there has been strong demand in the past week or so for the notes.

"The pace of subscriptions has increased markedly in recent days and a number of parties indicated potential support for the issue should the closing date be extended," Aquaria says.
"The company is presently in negotiations for, and is confident that, additional debt funding facilities will be put in place (if needed) to meet funding requirements for the aquarium."
The notes have been described as a two way bet - that is investors can take either cash or shares on maturity.
The interest, which is payable semi-annually, will be paid out of the aquarium's future cash flows.
Aquaria 21 is listed on the New Zealand Stock Exchange. Originally it traded as Regal Salmon and more recently Queen Charlotte Holdings.
Aquariums are high cash flow businesses, and the company is currently debt-free.
The minimum application is 10,000 convertible notes ($2,500) and thereafter in multiples of 2000 notes.
For more information and an investment statement visit DF Mainland's website.
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