Maximum Conversion Ratio definition

Maximum Conversion Ratio means initially 20.7714 Ordinary Shares per each Calculation Amount in principal amount of the Notes (being the Calculation Amount divided by the initial Floor Price, rounded down to the nearest integral multiple of 0.0001 Ordinary Share), subject to adjustment from time to time pursuant to Condition 6.6 (Adjustments to the Maximum Conversion Ratio).

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Maximum Conversion Ratio means the Maximum Conversion Ratio as adjusted from time to time.

Maximum Conversion Ratio or “MaxCR” means, with respect to each Note, initially 2.69687 Shares, subject to adjustment from time to time as provided for in Section 4.06, in which case “Maximum Conversion Ratio” means the Maximum Conversion Ratio as adjusted from time to time.

Examples of Maximum Conversion Ratio in a sentence

• The Issuer may elect to cause the conversion of the Notes, in whole but not in part, into Shares at any time during the Conversion Period by giving not less than 30 and not more than 60 days’ advance notice, in which case each $25 principal amount of Notes will be mandatorily converted on the Optional Mandatory Conversion Date into such number of Settlement Shares as is equal to the Maximum Conversion Ratio.

• Upon such Early Conversion, Holders shall receive per Note the number of Shares calculated at the Maximum Conversion Ratio.

• In the case of a Change of Control of the Issuer (as defined in the Terms and Conditions in line with UK convertible market practice), a Holder may convert its Notes into Shares at the Maximum Conversion Ratio for a period of 60 days after the occurrence of the Change of Control (the “Change of Control Conversion Period”).

• For the avoidance of doubt, each Holder who exercises its Voluntary Conversion Right during a Special Voluntary Conversion Period following a Public Offer that constitutes a Change of Control will have the right to convert each of its Notes in whole or in part into Settlement Shares at the Maximum Conversion Ratio.

• Each $25 principal amount of Notes will be mandatorily converted on any Accelerated Mandatory Conversion Date into such number of Settlement Shares as is equal to the Maximum Conversion Ratio in effect on the date on which the notice pursuant to this Section 4.01(b) is published (subject to adjustment until the Settlement Date as set out in Section 4.06).

• In that case, all outstanding Notes (including such Notes submitted for voluntary conversion) will be converted into Settlement Shares at the Maximum Conversion Ratio, and the Company will, in addition, pay the Make-whole Amount, any Optionally Outstanding Payments and any other accrued and unpaid interest, all pursuant to Section 4.01(c).

• Voluntary Conversion upon the Occurrence of a Relevant Event: Each holder who exercises its Voluntary Conversion Right during a Special Voluntary Conversion Period has the right to convert each of its Notes in whole or in part into Settlement Shares at the Relevant Event Conversion Ratio (in the event of a Relevant Event other than a Public Offer) or the Maximum Conversion Ratio (in the event of a Public Offer), as described in the Preliminary Prospectus Supplement.

• Voluntary Conversion Right of Holders of Notes in case of a Change of Control of the Issuer: In the case of a Change of Control of the Issuer (as defined in the Terms and Conditions in line with UK convertible market practice), a Holder may convert its Notes into Shares at the Maximum Conversion Ratio for a period of 60 days after the occurrence of the Change of Control (the “Change of Control Conversion Period”).

• In that case, all outstanding Notes (including such Notes submitted for voluntary conversion) will be converted into Settlement Shares at the Maximum Conversion Ratio as provided in such Section 4.01(c), and the Company will, in addition, pay the Make-whole Amount, any Optionally Outstanding Payments and any other accrued and unpaid interest, all pursuant to Section 4.01(c).

• Each Holder who exercises its Voluntary Conversion Right during a Special Voluntary Conversion Period has the right to convert its Notes in whole or in part into Settlement Shares at the Relevant Event Conversion Ratio (in the event of a Relevant Event other than a Public Offer) or the Maximum Conversion Ratio (in the event of a Public Offer).

More Definitions of Maximum Conversion Ratio

Maximum Conversion Ratio means, with respect to each Note, initially 2.69687 Shares (equal to $25 divided by the Minimum Conversion Price), subject to adjustment from time to time as provided for in “Conversion Ratio Adjustments.”

Maximum Conversion Ratio means, with respect to each Note, initially 2.69687 Shares (equal to $25 divided by the Minimum Conversion Price), subject to adjustment from time to time as provided for in “Conversion Ratio Adjustments.” Following the adjustments effective as of May 13, 2022, the Maximum Conversion Ratio was 2.76012 Shares.

Maximum Conversion Ratio. 2.69687 ordinary shares of the Issuer per $25 principal amount of the Notes, subject to adjustment. Maximum Conversion Price: $10.89 per ordinary share of the Issuer, subject to adjustment. Minimum Conversion Ratio: Initially 2.29521 ordinary shares of the Issuer per $25 principal amount of the Notes, subject to adjustment.

Maximum Conversion Ratio means, on any day, a number of Ordinary Shares (rounded to the nearest whole multiple of 0.0001 Ordinary Share, with 0.00005 being rounded upwards) equal to the Principal Amount divided by the Minimum Conversion Price in effect on such day, as determined by the Calculation Agent.