Sirius Minerals Plc (LON:SXX) announced today that it has received conversion notices in respect of 173 convertible bonds issued by Sirius Minerals Finance Limited during the Company’s stage 1 financing. The convertible bonds, due 2023, which were issued at US$200,000 each and raised US$400 million, were announced on 3 November 2016 (RNS number 2246O). As a result of these conversions the Company will allot and issue 112,483,739 new ordinary shares of £0.0025 each (the “Relevant Shares”).
An application has been made for the Relevant Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority (the “FCA”) and to trading on the London Stock Exchange plc’s main market for listed securities, and dealings are expected to commence at 8.00 am on 9 June 2017. The Relevant Shares will rank pari passu in all respects with all existing ordinary shares in the Company.
In accordance with the requirements of the FCA’s Disclosure Guidance and Transparency Rules 5.6.1AR and 5.6.2G, Sirius Minerals Plc confirms that the enlarged share capital of the Company following Admission will be 4,341,367,450 Ordinary Shares in aggregate, each with equal voting rights. No shares are held in treasury. The above figure may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Sirius Minerals Plc under the FCA’s Disclosure Guidance and Transparency Rules.
| Notes on conversion | ||||
| No. of bonds | Value (US$) | Shares issued | Total shares in issue | |
| Previously converted | 99 | 19,800,000 | 64,369,306 | |
| This announcement | 173 | 34,600,000 | 112,483,739 | |
| Totals | 272 | 54,400,000 | 176,853,045 | 4,341,367,450 |
As a result of the conversions to date 13.60% of the convertible bonds issued as part of the Company’s stage 1 financing have now been converted into ordinary shares.
