Schlumberger Increases Interest in Echo to 89.3%
Schlumberger BV has this morning purchased additional convertible bonds, which may be converted into a total of 1,279,954 Echo shares, representing 0.6% of the issued Echo shares.
Together with previously purchased convertible bonds, Schlumberger BV now controls in total 89.3% of the Echo convertible bonds. The convertible bond may be converted into Echo shares at any time until and including the 10th Banking Day prior to the maturity date of the loan, which is 4 May 2012. The numbers and percentages included above with respect to the convertible bond are based on the ordinary conversion price for the bonds. The conversion price will, however, be adjusted in the event of a change of control. In such a situation, Schlumberger BV will have the right to convert the acquired convertible bonds into approximately 34,093,500 Echo shares, representing approximately 14.8% of the issued Echo shares as per today. Hence in the event that a change of control occurs and Schlumberger BV elects to convert, Schlumberger BV will control 40.6% of the Echo shares on a fully diluted basis.
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Company: Eastern Echo more info
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