Here are the details of the convertible note issue to Grange as shown in the ASX release. Unless I'm reading it incorrectly, NGF is trading well above 150% of the conversion price which appears to be 25 cents. Anyone have any more details?
Equity Raising Offer Amount $35 million Issue Price $0.20 Convertible Notes Securities Offered Secured convertible notes Principal Amount $40 million Denomination $100,000 Maturity Date 4 Years Coupon 11% per annum, payable quarterly Conversion Price 25% premium to the equity placement offer Mandatory Conversion at option of Issuer The bonds can be converted at the option of Norton at the earliest 21st January 2009, if the average closing price of Norton’s shares on ASX for 20 days prior to conversion is greater than 150% of the conversion price.
NGF Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
