whippet
I think you will find that AZZ will not need any cash to "redeem" the notes.
The notes will converted 1:1 into shares
the terms of the notes are:
1. Interest Rate: 10% per annum
(payable quarterly in
arrears)
2. Conversion Rate: 1:1 (each note is
convertible into one
fully paid ordinary
share)
3. Next reset date: 31 October 2009
4. Maturity date: 31 October 2013.
5. Convertible at any time prior to maturity.
6. Redeemable on a reset date.
