chaucer holdings

CHUU - details ( issued by the company 17 JULY 2002 )

Loan Stock - The Loan Stock carries a coupon of 8.5 per cent per annum which is payable six monthly in arrears on 30 June and 31 December in each year. The first payment of interest is to be made on 31 December 2002 in respect of the period from the date of issue to 31 December 2002 (both dates inclusive).The Loan Stock, which will be unsecured and will be subordinated in a winding up to the claims of the secured creditors of the Company from time to time, is convertible into Ordinary Shares at the rate of 266.666 Ordinary Shares for every 100 Stock Units, subject to adjustment in certain circumstances. The conversion rights are exercisable at any time from 1 to 21 June (both dates inclusive) and in the month of October of each year from October 2002 to October2008. Any Loan Stock which has not been previously converted will, subject to the terms of the Trust Deed, be redeemed on 31 December 2008 at par together with interest accrued up to and including the date of redemption.

rambutan2 - I note first payment is made on 31 DEC 2002 - is the payment then made directly to you or is it accrued until conversion?