I thought that readers might find the transaction description of interest. So here's the link.
The announcement provides a description of several of the requirements/features under Bahrain law:
- Shareholder pre-emptive rights
- Renunciation of those rights
- Conversion mechanism (See comment below)
Regarding the conversion, you will notice it is at the option of the bondholder not the issuer.
And you will notice the strike price mechanism provides the buyer a bit of protection. If the book price (and note that is not the same as the market price) goes below BD0.365 per share, the bondholder may convert at the book price. Current trading range for the shares is around BD0.300 and the book value is close to the strike price.
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