Notice of Adjustment to the Exchange Price (0366P)
28 September 2011 - 12:52AM
UK Regulatory
TIDM35LY
RNS Number : 0366P
International Power (Jersey) Ltd
27 September 2011
NOTICE TO HOLDERS OF
INTERNATIONAL POWER (JERSEY) LIMITED
US$252,500,000 3.75 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE
2023
convertible into 3.75 per cent. redeemable preference shares of
International Power (Jersey) Limited which are immediately
exchanged for ordinary shares of and unconditionally guaranteed
by
INTERNATIONAL POWER PLC
ISIN: XS0173110262
NOTICE OF ADJUSTMENT TO THE EXCHANGE PRICE
Adjustment Event
On 9 August 2011, International Power plc announced that on 27
October 2011 it would pay a cash Dividend of 3.82 pence per
ordinary Share to Shareholders on the register of members on the
record date of 23 September 2011.
Adjustment of Exchange Price
Each US$1,000 principal amount of a Bond is convertible into one
Preference Share with a paid-up value of US$1,000. The Preference
Shares will be delivered to International Power plc following the
issue of such Preference Shares to the Bondholder, in consideration
for which International Power plc will deliver such number of
Shares as results from dividing the paid up value of each
Preference Share (translated into pounds sterling at the fixed
exchange rate of US$1.5893 = GBP1) by the Exchange Price in effect
on the Conversion Date (rounded down to the nearest whole number of
Shares).
Clause 7 of the Preference Share Guarantee and Undertaking
requires an adjustment to be made to the Exchange Price in
accordance with the terms of the schedule thereto on the occurrence
of certain corporate events. As a result of the announcement by
International Power plc that it will pay a cash Dividend to the
Shareholders, an adjustment to the Exchange Price is required
pursuant to paragraph B(iii) of the schedule.
The current Exchange Price is 111 pence.
From and including 27 October 2011, being the date of payment of
the cash Dividend, the Exchange Price will be adjusted to 109
pence. All other Terms and Conditions of the Bonds remain
unchanged.
Conversion Agent
Deutsche Bank AG London
Effective Date of Exchange Price Adjustment
The adjustment to the Exchange Price will become effective on 27
October 2011.
Defined Terms
All words and terms that are capitalised herein shall have the
same meaning as set out in the Terms and Conditions of the
Bonds.
27 September 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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