UAE’s Dana Sukuk Restructuring Vote Postponed To April 23

Dana Gas, the Abu Dhabi-listed energy firm, postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum.

This is the second time the meeting has been rescheduled after a majority was not reached at a shareholder meet on March 21. Dana announced the new date in a filing on the Abu Dhabi bourse.

Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock, a week later.

Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk – an ordinary Islamic bond and a convertible sukuk – which pay an average coupon of eight per cent.