Misarte exercises share redemption option for Artemis exchangeables

By Susanna Moon

Chicago, Nov. 25 – Misarte said it exercised the share redemption option for the 3.25% bonds due Jan. 1, 2016 exchangeable for shares of Kering guaranteed by Artemis.

The company decided to exercise the share redemption option for the redemption of the bonds at maturity on Jan. 1, 2016, according to a company announcement.

As a result, 0.85 of a share will be delivered for each bond, which amounts to about 83.7438% of the exchange ratio.

Bondholders may choose to exercise the exchange option until 6 a.m. ET on Dec. 15.

The company said it has acquired Kering shares “with the aim of delivering shares in connection with the exercise of the exchange option or the share redemption option at maturity.”

Paris-based Artemis is a privately held holding company of billionaire Francois Pinault.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.