44,772,501 Series A Warrants due 2 July 2012 (ISIN: LU0767670259)
4,772,501 Series B Warrants due 1 October 2012 (ISIN: LU0767672032) and
44,772,501 Series C Warrants due 14 December 2012 (ISIN: LU0767673196)
(together, the “Warrants”)
in respect of
134,317,503 shares in Ereğli Demir ve Çelik Fabrikaları T.A.Ş. (“Erdemir”)
On Monday 30 April 2012, the shares in Erdemir began trading ex- the bonus stock issue (the “Bonus Issue”) of 0.437209302325581 additional new shares for each Erdemir share held prior to such ex-date.
Notice is hereby given to Warrantholders that as a result of the operation of Conditions 5(b) and 12 of the Warrants, the Exercise Ratio of each series of Warrants has been adjusted for the Bonus Issue to 1.437209 shares per Warrant, with effect from 30 April 2012.
The economic effect of the adjusted Exercise Ratio is as follows:
- Series A Warrants: based on the Exercise Price of TRY 3.738 for 1.437209 shares, the effective purchase price per share is TRY 2.600874.
- Series B Warrants: based on the Exercise Price of TRY 3.916 for 1.437209 shares, the effective purchase price per share is TRY 2.724725.
- Series C Warrants: based on the Exercise Price of TRY 4.094 for 1.437209 shares, the effective purchase price per share is TRY 2.848577.
Erdemir has also announced a dividend payable in cash of TRY 0.139535 per existing share. A further notice will be given setting out the adjustment to the Exercise Price of each series of Warrants following the ex-date in respect of such dividend, which is expected to be 31 May 2012.
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