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| Subject: ERG Group today announced that the holders of its unlistedconvertible notes | |
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Author: ASX announcement 12/9/2002 |
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Date Posted: 06:00:39 01/14/03 Tue ERG LIMITED 2002-09-12 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ MEDIA RELEASE ERG Group today announced that the holders of its unlisted convertible notes have agreed to convert some or all of their holdings into ERG ordinary shares. The effect of the conversion is to reduce ERG's liability on maturity of these notes from the $22.8 million face value to the extent that the notes are converted. ERG originally issued 18,178,989 8% convertible notes at $1.65 to Motorola Inc on 16 October 1997, with a maturity date of 15 October 2002. During the term of these notes, Motorola converted 4,350,000 notes into ordinary shares and sold a further 8,000,000 notes to two financial institutions. As a result there are now 13,828,989 notes on issue, of which Motorola holds 5,828,989. The two financial institutions and Motorola have agreed to convert theirholdings into ordinary shares in certain circumstances and the date for conversion has been extended to 15 November 2002. The notes are convertible at the rate of one note for three ordinary shares, providing an effective share conversion price of $0.55. If all notes are converted, ERG will issue 41,486,967 new ordinary shares to the three convertible noteholders. The noteholders will be entitled to a payment from ERG based on the difference between $0.55 and the sale priceof ERG's shares. Any notes not converted will be redeemed on or before 15 November 2002 (or such later date as is agreed between the holder and ERG). ERG will issue a disclosure notice and reliance notice under ASIC Class Order 02/272 upon conversion of any of the Notes to enable the resale of the shares issued upon conversion. C Barrett-Lennard COMPANY SECRETARY For further information, please contact: Shaun Duffy GENERAL MANAGER INVESTOR RELATIONS Ph: +61 8 9273 1879 Email: sduffy@erggroup.com [ Next Thread | Previous Thread | Next Message | Previous Message ] |