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Payment of Convertible Bond Interest

5 Mar 2010 07:00

RNS Number : 1310I
Max Petroleum PLC
05 March 2010
 



Max Petroleum Plc

(the "Company")

 

Payment of Convertible Bond interest

 

5 March 2010

 

 

Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, announces today that the Company has paid the 8 March 2010 interest payment due on its US$75,000,000 6.75% Convertible Bonds (the "Bonds") in cash, electing not to convert the interest payment into additional principal on the Bonds (the "PIK Option"). As a result, the bondholders' potential right to receive warrants to subscribe for 30 million ordinary shares in the Company at an exercise price of 5p per share have lapsed in accordance with the terms of the Warrant Deed dated 11 August 2009.

 

 

Enquiries:

 

Max Petroleum Plc

Michael Young

President and Chief Financial Officer

 

Tel: +44 (0)20 7355 9590

Peter Moss

Vice President

Corporate Development and Investor Relations

 

Merlin PR

Tom Randell / Anca Spiridon

 

Tel: +44 (0)207 726 8400

WH Ireland Ltd

Daniel Bate

Tel: +44 (0)161 832 2174

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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