Sportingbet adjusts conversion rate on 7% convertibles due 2016

By Tali David

Minneapolis, Jan. 17 - Sportingbet plc adjusted the conversion price on its 7% convertible bonds due 2016 to £0.4863434 per share, according to a filing with the London Stock Exchange.

The adjustment, effective Dec. 14, was made as a result of the company's fourth quarter 2011 common stock cash dividend of £0.5040 per share.

U.S. Bank NA, acting through Elavon Financial Services, is the conversion agent.

Sportingbet is a London-based company that operates licensed betting and gaming sites on the internet.

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