VIENNA Oct 24 Austrian property group conwert
said some holders of a convertible bond due 2014 had
exercised their conversion rights.
Investors with a nominal 53.2 million euros ($69 million)of
the 1.50 percent convertible exercised options at 13.61 euros
per share that fall due Nov. 12. That means 21 million euros of
the bond remain outstanding.
"Because the price of the Conwert share is below the
conversion price of 13.61 euros per share, conwert had taken
steps to be in a position to repurchase the 2014 convertible
bonds early," it said on Wednesday.
"Since not all ... of the holders of the 2014 convertible
bonds have exercised their put option right, conwert will have
more cash available after Nov. 12 than initially anticipated,
which will further increase the company's flexibility," it said.
($1 = 0.7714 euro)
(Reporting by Michael Shields; Editing by Dan Lalor)