Mandatory Conversion of Convertible Bonds

RNS Number : 4385K

Electra Private Equity PLC

30 December 2015

 



Electra Private Equity PLC

Mandatory Conversion of Convertible Bonds

30 December 2015

Electra Private Equity PLC ("Electra" or the "Company") announced on 23 October 2015 its intention to exercise the mandatory conversion option in its 5 per cent. Subordinated Convertible Bonds due 2017 (the "Bonds").

Electra now announces that all of the Bonds outstanding on 29 December 2015 (76,578 Bonds) have been mandatorily converted into new ordinary shares of Electra.  The Conversion Price in respect of each Bond was 2,025 pence.

As a result of the mandatory conversion, the Company has issued a further 3,781,481 ordinary shares.  These shares rank pari passu with the existing ordinary shares in issue.  As at 29 December 2015, the capital with voting rights of Electra Private Equity PLC consisted of 40,270,531 ordinary shares of 25p each.  The Company has no shares in treasury.  Therefore, the total number of voting rights in Electra Private Equity PLC is 40,270,531.

Application has been made to the UKLA and London Stock Exchange for the admission of the new ordinary shares to the Official List and to trading on the main market of the London Stock Exchange and admission is expected on 31 December 2015.

The new ordinary shares arising from Conversion are expected to be delivered to the Bondholders, in uncertificated form via CREST or in certificated form by mail, no later than 13 January 2016.

The Bonds are expected to be delisted from the London Stock Exchange on or around 31 December 2015.

ENDS

Enquiries:

J.P. Morgan Cazenove [phone]

Michael Wentworth-Stanley

William Simmonds

 

END

 

 

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