Afren plc has announced the result of the Conversion Premium Offer for its 9% 2011 Convertible Bonds.
The Company is pleased to announce 100% take up of the Offer, with conversion notices received, representing £41.25 million of face value bonds. This will result in 71,120,689 new ordinary shares being issued to holders of the Bonds, resulting in a total issued share capital of 442,039,566. Admission of the new ordinary shares to trading on AIM is expected to take place on July 31, 2008.
The successful early conversion serves to remove an instrument, which was no longer considered financially efficient and improves the Company's flexibility and capacity in relation to any future debt capital raising opportunities. The increased share capital will also further improve liquidity in the stock.
Jefferies International Limited acted as Dealer Manager to the Conversion Premium Offer.
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