THE BAMBOO BOND WAS BACKED BY RIO KAMA - A 2,300 ACRE CERTIFIED BAMBOO PLANTATION IN NICARAGUA, UNTIL BONDHOLDERS VOTED TO SELL THE PLANTATION
2012 - 2013
Prior to the bondholders voting to sell the bond on October 2013, all 285 bond holders received interest payments on time:
Bond Type 1: $50,000 - 11.0%
Bond Type 2: $27,500 - 10.0%
Bond Type 3: $16,500 - 8.34%
These payments were carried out exactly as per the terms of the bond agreements.
Bamboozled Bamboo Investment EcoPlanet Bamboo
2013 - 2014
In 2013 EcoPlanet Bamboo received a purchase offer for the Rio Kama plantation. Bondholders were provided the terms of this offer and requested to vote. Sale of the plantation and the associated bamboo bond required a 75% majority.
-
Approval of sale: 282 votes - 98.9%
-
Disapproval of sale: 1 vote - 0.4%
-
No reply: 2 votes or 0.7%
As a result of this vote the Rio Kama plantation was sold to the Eco Resources Fund and the Bamboo Bond dissolved.
The remaining 135 individuals who voted to retain their shares instead of taking a payout continue to hold 6.48 million shares in the ERF Fund.
EcoPlanet Bamboo has no ownership, management or control over this Fund. Bamboo Investments
