RE: Spread is a fraction of a penny.29 Jun 2021 19:20
Hi Clark,
It is from the RNS June 2020.
genedrive plc (AIM: GDR), the near patient molecular diagnostics company, today announces that Global Health Investment Fund I, LLC (GHIF), has exercised its right to convert its US$8 million convertible bond into new ordinary shares in the Company.
Under the terms of the conversion, GHIF will be allotted and issued 7,100,000 new ordinary shares (GHIF Shares), which is the capped number of shares which can be issued under the convertible bond, and will also be paid approximately £685,000 in cash
US$8 million divided by 7,100,000 shares = $1.126/share
Exchange rate in June 2020 was $1.23 = £1
Therefore to convert $1.126 to £s = $1.126 divided by 1.23 = 91.54p/share