Hans,
Onderstaand stuk uit het prospectus begrijp ik niet helemaal. Zoals ik het lees wordt niet het volledige coupon-bedrag geconverteerd, maar 'slechts' 90% per coupon (nl. the conversion amount van €45k). Ook de berekening onderaan komt precies op het totaalbedrag €46mio.
Snap ik dus niet helemaal waarom dit zo is opgezet en wat er met die cash settled amount gebeurt. Jij enig idee hoe het zit ?
Each Note shall entitle the holder (such right a "Conversion Right"):
(i) to convert such Note to the extent of the Conversion Amount (as at the relevant Conversion Date) into Ordinary Shares, and
(ii) to redeem such Note to the extent of the Cash Settled Amount (as at the relevant Conversion Date) of such Note at the Redemption Price (as defined in Condition 6(16)).
Conversion Amount means, in respect of each Note for which the Conversion Right is exercised, (euro)44,997.5 (representing 8,780 Ordinary Shares at the initial Conversion Price), or such greater amount pursuant to any notice given by the Issuer as provided in "Terms and Conditions of the Notes - Condition 6(5)", provided that the aggregate amount of the Conversion Amount and the Cash Settled Amount in respect of each Note shall at all times equal (euro)50,000.
Cash Settled Amount means, in respect of each Note for which the Conversion Right is exercised, (euro)5,002.5, or such lesser amount pursuant to any notice given by the Issuer as provided in "Terms and Conditions of the Notes - Condition 6(5)", provided that the aggregate of the Cash Settled Amount and the Conversion Amount in respect of each Note shall at all times equal (euro)50,000.
The Issuer may at any time by notice to the holders of the Notes increase the Conversion Amount by an amount specified in such notice and reduce the Cash Settled Amount by an equal amount, provided that the sum of the Conversion Amount and the Cash Settled Amount in respect of each Note shall always equal (euro)50,000.
The Conversion Right in respect of a Note may be exercised, at the option of the holder on or after the Closing Date up to, and including, the close of business ten Trading Days prior to the Final Maturity Date or, if the Notes have been called for redemption prior to the Final Maturity Date, then up to and including the close of business ten Trading Days prior to the date for redemption.
The Initial Conversion Price is (euro)5.125 per Ordinary Share. The Conversion Price is subject to adjustment in the manner provided for in "Terms and Conditions of the Notes - Condition 6(13)".
If all of the Notes were to be converted (assuming no adjustment to the Conversion Price and no rounding for fractions), a maximum of 8,975,609 Ordinary Shares would be required to be issued, representing approximately 21% of the Issuer's outstanding share capital upon conversion, as at the date of this Prospectus.