16 May 2017 13:35
Notice of Adjustment to Bond Conversion Price
16 May 2017
NOTICE TO HOLDERS OF:
Hansteen (Jersey) Securities Limited
€100,000,000 4.0 per cent. Guaranteed Convertible Bonds due 2018
Guaranteed by, and convertible into ordinary shares in, Hansteen Holdings PLC
We refer to the €100,000,000 4.0 per cent. Guaranteed Convertible Bonds due 2018 (the "Bonds") of Hansteen (Jersey) Securities Limited (the "Issuer"), guaranteed by, and convertible into ordinary shares in, Hansteen Holdings PLC ("Hansteen"). Unless otherwise defined in this notice, all terms used herein have the meanings given them in the terms and conditions of the Bonds.
A query has been raised by certain bondholders regarding the previous adjustments to the Exchange Price of the Bonds, and as a result of that query we have appointed Conv-Ex Advisors Limited ("ConvEx") as Independent Adviser pursuant to Condition 6(d) to determine whether an adjustment falls to be made. ConvEx have determined (i) that the Exchange Price is £0.8892, and (ii) that the Threshold Amount in respect of each Relevant Fiscal Year is £0.026, both effective from 20 April 2017. All other Terms and Conditions of the Bonds remain unchanged.
Conversion Agent
BNY Mellon Corporate Trustee Services Limited
One Canada Square
London E14 5AL
This notice does not constitute an offer of securities of Hansteen Holdings PLC or any other person.
This notice is given by:
HANSTEEN HOLDINGS PLC
Pegasus House
37-43 Sackville Street
London W1S 3DL