RE: Some posters here are too good with their posts,14 Jul 2020 19:14
Can someone explain in layman terms what this means please. I think 2022 is a long way off, many many good things could happen before then and if all goes well the bond is converted into shares at £0.52....
In July 2017, Hurricane issued US$230,000,000 in 7.5% convertible bonds due 2022 (“Convertible Bond”). The Convertible Bond was issued at par and carries a coupon of 7.5%, payable quarterly in arrears. The Convertible Bond is convertible into fully paid Ordinary Shares with the initial conversion price set at $0.52, representing a 25% premium above the placing price of the concurrent equity placement, being £0.32 (converted into US dollars at USD/GBP 1.30). Unless previously converted, redeemed or purchased and cancelled, the Convertible Bond will be redeemed at par on 24 July 2022. The Convertible Bond was admitted to the Official List of International Stock Exchange in September 2017.