Kulczyk Oil converts USD 23.5 mln bonds into 12.6% of equity

Holders of Kulczyk Oil Ventures’ (KOV PW) debentures with a total face value of USD 23.5 mln decided to convert them into common shares, the company announced yesterday. The conversion price was set at USD 0.43/share (PLN 1.40), and additional “kicker shares” will be issued, as stipulated in the debentures agreement. The bonds were issued last year by Kulczyk Investments S.A. and Radwan Investments GmbH, the main shareholders of Kulczyk Oil Ventures. In order to fulfill the conversion, 60.5 mln new shares will be issued, which will amount to 12.56% of total Kulczyk Oil Ventures shares. As a result of the deal, the stake of the two largest shareholders in the company will increase from 49.1% to 55.5%.