5th Mar 2010 07:00
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:
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Max Petroleum Plc |
Michael Young President and Chief Financial Officer
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Tel: +44 (0)20 7355 9590 |
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Peter Moss Vice President Corporate Development and Investor Relations
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Merlin PR |
Tom Randell / Anca Spiridon
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Tel: +44 (0)207 726 8400 |
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WH Ireland Ltd |
Daniel Bate |
Tel: +44 (0)161 832 2174 |
Related Shares:
MXP.L