30 Dec 2015 15:40
Electra Private Equity PLC
Mandatory Conversion of Convertible Bonds
30 December 2015
Further to the announcement made earlier today by Electra Private Equity PLC ("Electra" or the "Company") regarding the mandatory conversion of its 5 per cent. Subordinated Convertible Bonds due 2017 (the "Bonds"), the Company wishes to clarify the position regarding the admission of new ordinary shares as set out below.
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.
The Company has an existing blocklisting of 3,727,685 ordinary shares which will be fully utilised by the new issue so application has been made to the UKLA and London Stock Exchange for the admission of a further 100,000 new ordinary shares to the Official List and to trading on the main market of the London Stock Exchange. Admission of these 100,000 new ordinary shares 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 shortly after the conversion.
ENDS
Enquiries:
J.P. Morgan Cazenove +44 (0)207 742 4000
Michael Wentworth-Stanley
William Simmonds