The company has received the notification from the bondholders indicating that the bondholders have decided to exercise their right to convert bonds to shares of Invalda AB. The conversion of 32.44 million litas (\u20ac 9.40 million) will result into the increase of the share capital of Invalda AB by 5.898 million litas (\u20ac 1.708 million) up to 57.558 million litas (\u20ac 16.670 million).<\/p>\n
The conversion price of new shares will be 5.5 litas (\u20ac 1.59) per share. After the conversion the bondholders will have the obligation to pay back 4.788 million litas (\u20ac 1.387 million) interest paid according to the conditions of the bond issue. The accrued interest as of March 28th, 2012 in the amount of 2.376 million litas (\u20ac 0.688 million) will not be payable to the bondholders.<\/p>\n
\u201eWe are grateful to the investors who have bought convertible bonds at the time when the financing issue was important to Invalda AB. Invalda AB will be completely debt free after the completion of the bond conversion. The company will continue to adhere to the prudent borrowing policy\u201c, – said Dalius Kaziunas, the President of Invalda AB. <\/p>\n
Invalda AB has issued convertible 25 million litas (\u20ac 7.24 million) par value bonds on December 1st, 2008. These bonds were acquired by RB finansai UAB. Another convertible 7.44 million litas (\u20ac 2.15 million) par value bond issue was issued on January 30th, 2010 which was sold to DIM Investment UAB. The annual interest rate for both bond issues was 9.9 percent, maturity date \u2013 July 2nd, 2012 (in case the bonds are not converted at earlier date).<\/p>\n
In November 2008 another 30 million litas (\u20ac8.7 million) par value public convertible bond issue was issued but not distributed.<\/p>\n
After the conversion RB finansai UAB will get 7.9 percent of Invalda AB shares and DIM Investment UAB \u2013 2.35 percent.<\/p>\n