Petropavlovsk PLC - Adjustment to Exchange Price of Convertible BondsRNS Number : 4367G
Petropavlovsk PLC
29 June 2012
29 June 2012
ADJUSTMENT TO EXCHANGE PRICE OFTHE US$380,000,000 4.00 PER CENT GUARANTEED CONVERTIBLE BONDS DUE 2015 (ISIN: XS0482875811)
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 PLCs subsidiary, Petropavlovsk 2010 Limited (the Issuer), on 18
February 2010.
On 28 March 2012 Petropavlovsk PLC (the Company) announced its preliminary results for the year ended 31 December 2011 and declared the payment of a final dividend of 7 pence sterling payable to shareholders of the Companys ordinary shares of £0.01 (the Ordinary Shares) on 26 July 2012.
The articles ofassociation 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, provided that such adjustment (roundeddown if applicable) would be equal to, or more than, 1 per cent of the Exchange Price then in effect.
As a result of thepayment by the Company of cash dividends to shareholders, an adjustment tothe Exchange Price is required pursuant to Condition 8(b)(iii) of the Terms and Conditions andArticle 2.4.6(b)(i)(3) of the Articles.
The current Exchange Price is £12.66.
With effect from and including the first date on which the Ordinary Shares traded ex-the cash dividend on 27 June 2012, the Exchange Price is adjusted to £12.36 (rounded down to the nearest £0.01).
This also takes into consideration the adjustment in respect of the interim dividend for the year ended 31 December 2011 of5 pence per Ordinary Shares payable to shareholders on 11 November 2011, thepayment of which did not require an adjustment at thattime as any such adjustment (rounded down, if applicable) would have been equal to less than 1 per cent of the Exchange Price then in effect. All other Articles and Terms and
Conditions of the Bonds remain unchanged.
Enquiries: Petropavlovsk PLC
Alya Samokhvalova
Rachel Tuft +44 (0) 20 7201 890
Merlin
David Simonson
lan Middleton +44 (0)20 7726 8400
This information is provided by RNS
The company news service from the London Stock Exchange
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