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Novae to buy back more of its 7% convertibles
By Susanna Moon
Chicago, March 14 - Novae Group plc said it plans to repurchase some or all of its remaining £50 million 7% convertible bonds due Dec. 15, 2008 for cancellation.
As of Dec. 31, the company had redeemed £39,437,278 of the convertibles, leaving £10,562,722 of the bonds outstanding.
The company paid par plus accrued interest for the notes.
Novae announced its plans to buy back the notes on Nov. 7. The company has redeemed the following amounts: £22,348,051 on Nov. 13; £6,799,500 on Nov. 14; £2,023,187 on Nov. 15; £420,200 on Nov. 21; £23,340 on Nov. 23; £125,000 on Nov. 26; and £6.22 million on Dec. 3.
Novae is a London-based insurance business.
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