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Linc Energy to reset 9% convertibles’ conversion price on April 21
By Angela McDaniels
Tacoma, Wash., April 13 – Linc Energy Ltd. will reset the conversion price of its $150 million 9% convertible notes due 2018 to S$0.77 on April 21, according to a company news release.
The reset conversion price is calculated as the lower of 115% of the average of the reset reference price (the 10-day volume-weighted average share price preceding April 10) or S$1.3411 (the current conversion price). It is subject to a floor of S$0.77.
Because the conversion price on April 10 (S$1.3411) was greater than 115% of the reset reference price (S$0.5993), the conversion price will be reset to S$0.77.
Linc Energy is a Brisbane, Australia-based energy producer with a commodity portfolio including oil, gas, shale and coal.
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