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Deutsche Bank obtained the rights to Petropavlovsk’s 13,06%
Deutsche Bank received the rights to 13,06% of the gold mining company Petropavlovsk, Interfax reports referring to the release of the company.
In early March, Petropavlovsk reported that Deutsche Bank controls 7,21% of shares. However, since then the gold miner has made an additional issue, the shares of previous shareholders have blurred in relation to 10 / 157.
According to Petropavlovsk, Deutsche Bank owns an 7,4% stake. In addition, the bank received the right to 0,43% as a result of a CFD and 5,23% - in the form of new convertible bonds.
As part of the refinancing of convertible bonds for $ 310,5 million, for which the company was threatened with default, Petropavlovsk issued new bonds for $ 100 million maturing in 2020, and also conducted an additional issue for $ 235 million.
During the first stage of the additional issue Petropavlovsk placed 35,35% of new shares. Shares, in agreement with the bondholders, were placed at 5 pence apiece, that is, Petropavlovsk received about 54,85 million pounds sterling (about $ 81 million). The preemptive right to repurchase the additional share issue was issued by the existing shareholders of Petropavlovsk. At the same time, they could realize their right to securities through the LSE to outside investors.