SPORTINGBET PLC ANNOUNCES PUBLICATION OF NOTICE TO HOLDERS OF £80,000,000 7 PER CENT. CONVERTIBLE BONDS OF ADJUSTMENT OF CONVERSION PRICE
Sportingbet Plc (the "Company") announces that it has published a notice (the "Notice") to the holders of its £80,000,000 7 per cent. Convertible Bonds due 2016 (ISIN: XS0632690003 / Common Code 063269000) (the "Bonds") of an adjustment of the Conversion Price.
Adjustment of Conversion Price
The Company wishes to restate the previous conversion price adjustments declared on December 14th 2011 and May 5th 2012. These conversion prices were declared as 48.634p and 47.75p respectively. In accordance with the terms and conditions of the Bonds (the "Conditions") these conversion prices should have been stated at 48p and 47p respectively.
In the Company's final results, published on 3rd October 2012, the Company proposed a final dividend of 1.1p per Ordinary Share to shareholders of the Company ("Shareholders") with a record date of 21st December 2012.
In accordance with the Conditions an adjustment is required to be made to the Conversion Price (as defined in Condition 5(a)) on the occurrence of certain corporate events. As a result of the announcement by the Company that it will pay the final dividend to Shareholders, an adjustment to the Conversion Price is required pursuant to Condition 5(b)(iii).
From and including 19 December 2012, being the effective date for the purposes of the Conditions, the Conversion Price was adjusted to 46p. All other terms and conditions of the Bonds remain unchanged.
U.S. Bank N.A acting through Elavon Financial Services Limited.
Unless otherwise defined in this announcement, terms used in this announcement have the meanings given to them in the Conditions.
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