23rd Oct 2015 11:58
LONDON (Alliance News) - Electra Private Equity PLC on Friday said it wants to exercise a mandatory conversion option in its 5% subordinated convertible bonds due in 2017.
The exercise of that option will "automatically and mandatorily" convert all of the outstanding bonds into new shares in Electra.
The private equity investment trust expects to deliver a notice to bondholders on or around November 2 to confirm the exercise of the option. The mandatory conversion of the bonds is expected to take place on December 29.
Shares in Electra Private Equity were up 1.3% at 3,610.00 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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