Bond conversion price following dividend
RNS Number : 8007I
Petropavlovsk PLC
08 July 2013
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ADJUSTMENT TO EXCHANGE PRICE OF THE US$380,000,000 4.00 PER CENT GUARANTEED CONVERTIBLE BONDS DUE 2015 (ISIN: XS0482875811)
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Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as defined in the terms and conditions (the 'Terms and Conditions') of the US$380 million 4.00 per cent Guaranteed Convertible Bonds (the 'Bonds') due 2015, which were issued by Petropavlovsk PLC's subsidiary, Petropavlovsk 2010 Limited (the 'Issuer'), on 18 February 2010.
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On 28 March 2013 Petropavlovsk PLC (the 'Company') announced its preliminary results for the year ended 31 December 2012 and declared the payment of a final dividend for 2012 comprising a cash payment of ??0.02 per Petropavlovsk PLC ordinary share of ??0.01 ('Ordinary Share') payable on 26 July 2013 together with an entitlement to new Ordinary Shares with an attributable value of ??0.05 to be issued on 26 July 2013.?? The proposed dividend was approved by the Company's shareholders at an annual general meeting of the Company held on 11 June 2013.
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The articles of association of the Issuer (the 'Articles') provide for adjustments to be made to the exchange price of the Bonds (the 'Exchange Price') if a capital distribution is paid or made to holders of Ordinary Shares, including by way of the issue of new Ordinary Shares in lieu of a cash dividend, provided that such adjustment (rounded down if applicable) would be equal to, or more than, 1 per cent of the Exchange Price then in effect.
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As a result of the capital distribution by the Company, an adjustment to the Exchange Price is required pursuant to Condition 8(b)(iii) of the Terms and Conditions and Article 2.4.6(b)(i)(3) of the Articles.
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The previous Exchange Price was 12.21.
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With effect from and including the first date on which the Ordinary Shares traded ex-the capital distribution on 26 June 2013, the Exchange Price is adjusted to ??11.56 (rounded down to the nearest ??0.01). All other Articles and Terms and Conditions of the Bonds remain unchanged.
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Enquiries
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Petropavlovsk PLC
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Alya Samokhvalova
Rachel Tuft |
+44 (0) 20 7201 8900 |
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Maitland
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Neil Bennett
George Trefgarne
Seda Ambartsumian |
+44 (0) 020 7379 5151 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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