2014 SALE OF THE BAMBOO BOND
BONDHOLDER PROXIES FOR TIMING OF PAYOUT
150 bondholders voted for early redemption of their ERF shares representing 100% of their bond value, plus 10.4 - 20.1% depending on the timing of redemption and as per the order of receiving of the proxies.
135 bondholders voted for a regular rate of redemption, representing 100% of their bond value, plus interest of 26.9 – 39.2% depending on timing of redemption.
NOVEMBER 2013 BONDHOLDERS VOTE TO SELL
The 285 bamboo bondholders vote for or against the sale of the bamboo. An overwhelming majority of 280 votes or 98.9% voted for the sale of the Rio Kama plantation and the ability to exchange their bonds for shares in the publicly traded EcoResources Fund.
NOVEMBER 2013 OFFER OF SALE
EcoPlanet Bamboo UK Ltd. receives a purchase offer for the Rio Kama plantation from the Eco Resources (ERF) Fund PLC. ERF was funding an additional plantation in Nicaragua and wished to expand their holdings with a more developed plantation.
DECEMBER 2013 SALE TERMS ACCEPTED
As a result of the vote, in December 2013 Citadel instructed EcoPlanet Bamboo UK to accept the purchase offer for the Rio Kama plantation, under a 24 month purchase. All 285 bondholders were provided with a proxy to determine their preference for their choice of payment for their individual bonds - a choice of early redemption (faster repayment of capital but lower interest rates) OR a later stage redemption representing a higher interest rate.
JANUARY 2014 BONDS EXCHANGED FOR ERF FUND SHARES & BAMBOO BOND DISSOLVED
Bondholders are made aware that post sale there would no longer be a bamboo bond and that their capital would be transferred into shares in the ERF Fund. EcoPlanet Bamboo UK ceased its position as plantation owner, operator and bond servicer, and became a non operating holding company. EcoPlanet Bamboo UK now serves a single purpose as administrator of the monthly sales proceeds of ERF Share Funds, which are sent directly to Citadel, based on the terms and timing approved by its clients.
2015-2016 65% OF PAYOUTS OCCUR
As of December 2015 all 150 individuals that requested early redemption of their ERF Fund shares had been paid out in full receiving up to 20.8% interest based off bond type and timing. At this point the ERF Fund stopped trading but Citadel continues to hold Fund shares owned by the 135 remaining individuals.
As of January 2014 EcoPlanet Bamboo UK Ltd. no longer held ownership over the Rio Kama plantation, and as a result – by decree of the 285 Bondholders – the Bamboo Bond no longer exists. All correspondence and legal documents associated with the sale of the bamboo bond, as decided upon by the bondholders, is provided in the timeline below.
THE BAMBOO BOND MADE ALL INTEREST PAYMENTS UNTIL THE 285 BONDHOLDERS VOTED TO SELL THE PLANTATION, DISSOLVE THE BOND, AND EXCHANGE THEIR BONDS FOR SHARES IN THE REGULATED ECO RESOURCES FUND. 65% BAMBOO BONDHOLDERS VOTED FOR PRIORITY REDEMPTION OF THEIR ERF SHARES AND RECEIVED FULL PRINCIPAL & INTEREST PAYMENTS PRIOR TO DECEMBER 2015. 135 BONDHOLDERS VOTED TO HOLD THEIR ERF SHARES FOR A LONGER PERIOD OF TIME.
2016 THE ERF FUND STOPS REDEMPTIONS
In July 2015 the ERF Fund Managers announced to EcoPlanet Bamboo that, unrelated to EcoPlanet Bamboo, they would no longer be able to continue meeting their funding commitments due to issues unrelated to EcoPlanet Bamboo. This caused significant issues for EcoPlanet Bamboo, whose shareholders have continued to fund all company operations internally giving the ERF Fund a chance to re-capitalize. Like all ERF shareholders, EcoPlanet Bamboo is waiting for a positive outcome and next steps.