HZN 0.00% 15.0¢ horizon oil limited

Convertible notes situation

  1. 218 Posts.
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    I am a bit confused about the conversion of the convertible notes.

    Can any wise HC subscriber explain how it will work?

    My take is that the company has the option to convert them at
    US $ 0.409 which would mean 195m shares will be issued.

    I'm not sure if this is correct, as it would mean a substantial loss for the note holders,
    based on the current price at A$.125. Can someone confirm or set my thinking on the right path.

    I've had a look at the 111 page agreement, but I'm no lawyer or rocket scientist, just a confused shareholder.

    Also, my take is that if the company is taken over, the note holders would be paid out in full, US $80m.
    Hence, I wouldn't expect that a takeover is coming soon.

    Cheers

    Dyor
 
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