Please find an extract from Kinross's last annual report.
Hope it will help.
Take care.
From G.L.
11. CONVERTIBLE DEBENTURES
On December 5, 1996, the Company issued unsecured subordinated convertible debentures in the aggregate principal amount of $146.0 million (CDN $200.0 million). The debentures bear interest at 5.5% per annum, mature on December 5, 2006 and, at the holders’ option, are convertible into common shares of the Company at a conversion price of CDN $13.35 per share, being a rate of
74.906 common shares per CDN $1,000 principal amount of debentures. Interest is payable in cash; however, the Company has the right to settle the principal amount by the issuance of common shares. The debentures are redeemable after June 30, 2000 until December 31, 2001 at par plus accrued and unpaid interest under certain conditions relating to the price of the common stock. On
or after December 31, 2001, the debentures are redeemable at par plus accrued and unpaid interest. The Company may, at its option, elect to satisfy its obligation to pay the principal amount of the Debentures upon redemption or at maturity by issuing and delivering to the holders, for each $1,000 principal amount of Debentures, that number of Common Shares obtained by dividing such amount by 95% of the weighted average trading price of the Common Shares on The Toronto Stock Exchange for the 20 consecutive trading days ending on the fifth trading day prior to the date that the requisite notice of such election is given. |
