Amcor calls for redemption all $114 million of outstanding Prides

By Laura Lutz

Des Moines, Oct. 6 - Amcor Ltd. announced that it will redeem all of its outstanding Prides at face value on Nov. 19.

The Prides are 7.25% convertible subordinated debt securities that pay interest semiannually. They may be converted into American Depositary Receipts representing ordinary shares of Amcor.

The company had $114 million of Prides outstanding as of Sept. 30, 2006, compared with $230 million on June 30, 2005. The conversion of all remaining Prides would currently result in the issue of 21 million ordinary shares.

The Prides are listed on the Nasdaq under "AMCRP." They will be removed from the Nasdaq at the close of business on Nov. 14.

Amcor is also conducting a share buy-back program to acquire shares equivalent to the number of new shares issued as a result of conversion of Prides before Nov. 19.

Amcor is a packaging company based in Melbourne, Victoria, Australia.

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