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AED Oil informs holders of exercise price reset on 9% convertibles
By Susanna Moon
Chicago, July 30 - AED Oil Ltd. said that the exercise price was reset to A$0.61 on July 10 for its $21,217,500 of 9% convertible unsecured notes due July 2012.
The reset price was 80% of the initial exercise price of A$0.77.
Under the note terms, the exercise price resets two years before maturity - as well as a year before maturity - to an amount equal to the volume-weighted average price of AED shares during the 15 trading days ending on the day prior to the relevant reset date.
The conversion price must be between 80% and 100% of the initial exercise price.
The issuer is a Melbourne, Australia-based oil company.
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