Business
Convertible Bonds: Conversion & Repurchase Prices
Convertible Bonds: Conversion & Repurchase Prices.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 5916B Derwent London PLC 07 June 2019 \n\nNOT FOR DISTRIBUTION IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR IN OR TO ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW\n \nDerwent London plc announces the Reference Share Price and initial Conversion Price in respect of its £175 million 1.50% convertible bonds and the final Repurchase Price for the Concurrent Repurchase \n \nOn 5 June 2019, Derwent London plc (the \"Company\", together with its subsidiaries, the \"Group\") announced (i) the placement of £175 million 1.50% Convertible Bonds due 2025 (the \"Bonds\") and (ii) a concurrent repurchase (the \"Concurrent Repurchase\") of £146.2 million in aggregate principal amount of the outstanding £150 million Convertible Bonds due 2019 (ISIN: XS0954745351) issued by Derwent London Capital No. 2 (Jersey) Limited (the \"Outstanding Bonds\") (approximately 97.5% of the outstanding principal amount).\nThe Company now announces the reference share price and initial conversion price for the Bonds, and the final repurchase price for the Concurrent Repurchase.\nReference Share Price and initial Conversion Price\nThe reference share price (being the average of the daily volume weighted average price of an ordinary share of the Company for the two consecutive days starting on 6 June 2019) has been set at £32.6998.\nAccordingly, the initial conversion price (which reflects a 37.5% premium to the reference share price) will be £44.9622. The initial conversion price will be subject to adjustment in certain circumstances in accordance with the terms and conditions of the Bonds.\nThe number of ordinary shares underlying the Bonds at the initial conversion price is approximately 3.89 million, as opposed to the approximately 4.77 million ordinary shares previously underlying the Outstanding Bonds.\nFinal Repurchase Price for the Concurrent Repurchase\nOn 5 June, the Group announced that it had accepted for purchase, pursuant to the Concurrent Repurchase, Outstanding Bonds of £146.2 million in aggregate principal amount (approximately 97.5% of the outstanding principal amount). In addition to the Concurrent Repurchase, the Group has agreed to make further open market repurchases of the Outstanding Bonds of £1.5 million in aggregate principal amount at t...