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Dana Gas's $1 billion Sukuk Convertible Price Reset after Bonus Shares

2010-05-20

DUBAI (Zawya Dow Jones)--Abu Dhabi-based Dana Gas said Wednesday its $1 billion sukuk"s convertible price has been reset at an exchange ratio of 19076.6883 shares for every $10,000 value of sukuk, as opposed to 17,343.4181 earlier. The new exchange ratio is based on an exchange price of $0.5245 per share, as opposed to $0.5766 per share earlier.  In an email statement, the company said the reset has happened in light of the recent bonus shares declaration which was approved by the company"s Annual General Meeting in April.  The exchange price for the Dana sukuk certificates and the exchange ratio were recalculated by JP Morgan in its capacity as calculation agent, the statement said. The statement added that the conversion of sukuk certificates is at the option of the holder during the exercise period.