Credit Investors
The Convertible Bonds in the name of Cable & Wireless Worldwide plc of £230 million mature in November 2014. On 26th November 2010 it was announced that, due to the dividend protection mechanism in the Convertible Bond, the conversion price had been reduced to 108 pence (from 111 pence, the initial conversion price).
Each bond currently entitles the holder to convert the amount of such bond into fully paid ordinary shares of 5 pence each at a rate of 92,593 shares for each £100,000 held at a conversion price of 108 pence per ordinary share.
The bonds carry a coupon of 5.75% per annum payable semi-annually in arrears (with the exception of a long first coupon in June 2010 and a short last coupon on the maturity date).
