Business
Notice of Adjustment to Bond Conversion Price
Notice of Adjustment to Bond Conversion Price.
About this update from Itv Plc
[{"type":"text","content":"\n \nRNS Number : 8825D ITV PLC 02 May 2013 \n \n\n2 May 2013\n \nNOTICE TO HOLDERS OF ITV PLC\n \n£135,000,000 4.00 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE 2016\n \nconvertible into ordinary shares of ITV PLC\n \nISIN: XS0458521134\n \nNOTICE OF ADJUSTMENT TO THE CONVERSION PRICE\n \n \n \nAdjustment Event\n \nOn 27 February 2013, ITV plc announced that on 31 May 2013 it would pay a final cash Dividend of 1.80 pence per Ordinary Share and a special cash Dividend of 4.00 pence per share to the Shareholders listed on ITV plc's register of members on the record date of 3 May 2013 (the \"Dividends\"). Taken together with the interim cash Dividend of 0.80 pence per Ordinary Share, announced on 26 July 2012 (the \"Interim Dividend\"), this amounts to a total cash Dividend of 6.60 pence per Ordinary Share.\n \n \n \nAdjustment of Conversion Price\n \nThe Bonds are convertible into such number of Ordinary Shares as results from dividing the principal amount of the Bonds to be converted by the Conversion Price in effect on the relevant Conversion Date (rounded down to the nearest whole number of Ordinary Shares).\n \nPursuant to Condition 7 of the Bonds, an adjustment is required to be made to the Conversion Price upon the occurrence of certain corporate events set out in Condition 7. As a result of the announcement of the Dividends by ITV plc, an adjustment to the Conversion Price is required to be made to reflect the Dividends in accordance with the formula set out in Condition 7 (b) (iii) of the Bonds. In accordance with the provisions of Condition 7(f), this adjustment also takes account of the Interim Dividend, which at the time it was announced did not give rise to an adjustment due to the adjustment amount being determined to be below the threshold set out in Condition 7(f).\n \nThe current Conversion Price is £0.6900.\n \nNotice is hereby given that from and including 1 May 2013, being the Effective Date in respect of the Dividends, the Conversion Price will be adjusted to £0.6524. All other Terms and Conditions of the Bonds remain unchanged.\n \n \n \nConversion Agent\n \nCitibank N.A. London Branch\n \n \n \nEffective Date of Conversion Price Adjustment\n \nThe adjustment to the Conversio...