The conversion price for PA Resources’ outstanding convertible bonds has been recalculated to SEK 8.52 per share due to the rights issue that was completed in June 2010.
Note that given that PA Resources' share price is significantly below the conversion price for the convertible bond in September 2011, a conversion today is less financially favourable than to buy shares in PA Resources on the stock market. The next conversion period takes place in September 2012 and the last time conversion can be made is in September 2013.
Please note that the nominal amount required to be converted must be evenly divisible by 8.52 SEK. Any balance is left on the respective holder’s account until the due date of the convertible bonds in February 2014. Then the remaining amount will be paid.
That means that, if you for example have 500 convertible bonds with a nominal value of SEK 16 per convertible, which in total is SEK 8,000 (500 * 16), you will receive 938 shares (8,000/8.52) if you convert the convertibles into shares.
Please note that if you convert your convertible bonds into shares in September, the right to receive accrued interest on the nominal amount of the convertible bonds from January 15 the same year, will fall.
Also note that it is not possible to transfer the convertible bonds in PA Resources between Sweden and Norway from 26 August 2011 until 3 October 2011 due to the conversion period 2011.
The 2011 conversion period is completed.