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Nico Steel ends deal for the issue of up to S$50m redeemable convertible bonds due 2018

NICO Steel Holdings has terminated an agreement for the issue of up to S$50 million 2 per cent redeemable convertible bonds due 2018 to the subscriber, Premier Equity Fund Sub Fund H, the mainboard-listed metal alloys specialist said on Wednesday morning.

As a result of the termination, Nico Steel said that it "will not issue, and the subscriber will no longer subscribe for any additional bonds pursuant to the subscription agreement".

The company noted that as at Tuesday, all outstanding bonds have been converted into shares, and that it has agreed to the termination taking into account funding requirements of the group.

Nico Steel shares finished up S$0.001 or 50 per cent at S$0.003 on Tuesday.

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