Novae buys back another £1.75 million of its 7% convertibles due 2008

By Devika Patel

Knoxville, Tenn., Aug. 6 - Novae Group plc announced it has bought back another £1.75 million of its £50 million issued 7% convertible bonds due Dec. 15, 2008.

The notes were purchased at par plus accrued interest.

The company announced its plans to buy back and cancel some or all of the notes on Nov. 7. Following this redemption, Novae has £4,998,066 of the bonds outstanding.

Novae is a London-based risk-taking insurance business.

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