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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intl Power | LSE:IPR | London | Ordinary Share | GB0006320161 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 417.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIPR TIDM35LY
RNS Number : 5667G
International Power plc
29 June 2012
NOTICE TO HOLDERS OF
INTERNATIONAL POWER (JERSEY) LIMITED (the "Issuer")
US$252,500,000 3.75 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE 2023
ISIN: XS0173110262
NOTICE OF RELEVANT EVENT, BONDHOLDER PUT OPTION AND EXERCISE OF CALL OPTION
Adjustment Events: Payment of Cash Dividend and Relevant Event
On 28 June 2012, the Court sanctioned the Scheme of Arrangement for the acquisition by Electrabel, S.A ("EBL") of the entire issued share capital of International Power plc ("IPR") not already owned (directly or indirectly) by GDF SUEZ S.A. (the "Scheme") and the Scheme became effective on 29 June 2012. As notified in the Issuer's notice to Bondholders on 17 May 2012, the Scheme becoming effective constitutes a "Relevant Event" under the Terms and Conditions of the Bonds.
On 15 May 2012, IPR announced that Shareholders had approved the payment of a cash Dividend of 6.6 euro cents pence per Share on 29 June 2012 to its Shareholders on the register of members on the record date of 25 May 2012.
Adjustment of Exchange Price
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 (the "Schedule") on the occurrence of certain corporate events. As a result of the announcement by IPR that it will pay a cash Dividend to its Shareholders, an adjustment to the Exchange Price is required pursuant to paragraph B (iii) of the Schedule.
The current Exchange Price is 109 per Share.
In a notice dated 20 June 2012, the Issuer confirmed that as a result of the payment of the cash Dividend, from and including 29 June 2012, being the date of payment of the cash Dividend, the Exchange Price will be adjusted to 107 pence per Share.
As anticipated in the Issuer's notice of 17 May 2012, the occurrence of the Relevant Event will not result in any further adjustment to the Exchange Price.
Principal Paying, Conversion and Exchange Agent
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
Attention: Debt & Agency Services, DAS
Telephone: +44 (0)20 7545 8000
Facsimile: +44 (0)20 7547 6149
Email: earlyredemptions.desk@db.com
The current form of conversion notice is available from the Principal Paying, Conversion and Exchange Agent.
Exercise of Conversion Rights and payment of cash consideration
Bondholders who exercise their Conversion Rights at any time from and including 29 June 2012 and up to and including 28 August 2012 (the "Special Conversion Period") will be issued with Shares at the adjusted Exchange Price of 107 pence per Share (with no fractions of Shares being delivered) in accordance with the Preference Share Guarantee and Undertaking, which will (as a result of the amendments to IPR's Articles of Association which have been implemented as part of the Scheme) be automatically transferred to EBL in exchange for payment of a cash amount of 418 pence in respect of each Share so transferred. In respect of Conversion Rights exercised up to and including 10 July 2012, any such payment will be made to the converting Bondholder on or before 13 July 2012. In respect of Conversion Rights exercised at any other time during the Special Conversion Period, any such payment shall be made to the converting Bondholder on or before 11 September 2012.
Bondholders who exercise their Conversion Rights at any time from and including 29 August 2012 will be issued with Shares at the adjusted Exchange Price of 107 pence per Share (with no fractions of Shares being delivered) in accordance with the Preference Share Guarantee and Undertaking, which will (as a result of the amendments to IPR's Articles of Association which have been implemented as part of the Scheme) be automatically transferred to EBL in exchange for payment of a cash amount of 418 pence in respect of each Share so transferred. Any such payment will be made to the converting Bondholder within 14 days following the exercise of its Conversion Right.
Exercise of Call Option
The Issuer hereby gives notice that it intends to redeem all outstanding Bonds on 27 September 2012 (the "Redemption Date") pursuant to Condition 8(b) at their principal amount together with interest accrued to the Redemption Date. The last day on which Conversion Rights may be exercised by Bondholders will be 17 September 2012. The Current Market Price of the Shares as at close of business in London on 27 June 2012 (being the last day prior to the de-listing of the Shares) was 417.4 pence and the total outstanding principal amount of the Bonds was US$228,262,000.
Bondholder Put Option
Bondholders will have the right, during the period from and including 30 June 2012 to and including 28 August 2012, to put the Bonds that they hold to the Issuer. To exercise such option in respect of the Bonds held by it in Euroclear Bank S.A./N.V. ("Euroclear") and/or Clearstream Banking, societe anonyme ("Clearstream, Luxembourg"), a holder of such Bonds must give notice to the Principal Paying, Conversion and Exchange Agent in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instruction by Euroclear or Clearstream, Luxembourg or any common depositary for them to the Principal Paying, Conversion and Exchange Agent by electronic means) of the principal amount of the Bonds in respect of which such option is exercised and at the same time presenting or procuring the presentation of the Global Bond representing the Bonds to the Principal Paying, Conversion and Exchange Agent for notation accordingly.
Defined Terms
All words and terms that are capitalised but not defined herein shall have the same meaning as set out in the Terms and Conditions of the Bonds.
International Power (Jersey) Limited
29 June 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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