15th Apr 2009 16:12
FOR IMMEDIATE RELEASE
15 April 2009
CONVERSION OF CONVERTIBLE BONDS
Emerald Energy Plc (the "Company") is pleased to provide the following update:
The Company and Credit Suisse Securities (Europe) Limited ("Credit Suisse") have reached an agreement for the conversion of the entire outstanding principal amount of the Series B US$15,000,000 4.875 per cent. senior unsecured convertible bonds due 2013 (the "Series B Bonds") into the Company's ordinary shares (the "Ordinary Shares"). The Series B bonds which were issued in July 2007 are convertible into Ordinary Shares at a price of 270 pence per Ordinary Share at a fixed US dollar/sterling exchange rate of 2.0171.
Credit Suisse has agreed to exercise its right to convert all of the outstanding principal amount of the Series B Bonds into the Ordinary Shares, in consideration of which the Company has agreed to pay Credit Suisse an amount of US$914,062.50, equal to the interest payable on Series B Bonds for the period from and including 31 March 2009 to but excluding 30 June 2010.
The total number of Ordinary Shares issued to Credit Suisse on 15 April 2009 pursuant to conversion of the Series B bonds is 2,754,229. These Ordinary Shares are expected to be listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange no later than 22 April 2009. Following this transaction, the issued share capital of the Company will be 62,440,373 Ordinary Shares.
The Series A US$15,000,000 5.875 per cent. senior unsecured convertible bonds due 2012 that were also issued in July 2007 remain in place.
Enquiries:
Emerald Energy Plc - Lisa Hibberd 020 7925 2440
Related Shares:
Emerald Energy