Amcor converts remaining PACRS2

By Angela McDaniels

Seattle, May 1 - Amcor Ltd. converted the remaining 197,273 Perpetual Amcor Convertible Reset Securities (PACRS2) issued by Amcor Investments (New Zealand) Ltd., according to a 6-K report filed with the Securities and Exchange Commission.

The notes were redeemed on Tuesday at par of A$100.00 and the proceeds were applied to the subscription of 14.067 ordinary shares per note. Under the terms of the notes, holders did not receive fractional shares.

In total, the company issued 2,774,547 ordinary shares.

The conversion ratio was calculated by dividing A$100.00 by an amount equal to 5% less than A$7.483, the volume-weighted average sale price of Amcor ordinary shares during the 20 business days ended April 27.

The conversion followed the conclusion of Amcor's off-market offer to repurchase the notes, which was accepted by holders of 1,901,814, or 91%, of the PACRS2.

Under the offer, the company paid A$105.2632 plus A$4.2498 of interest per PACRS2 on April 30.

The offer began on March 1 and ended on March 23.

Amcor is a packaging company based in Abbotsford, Australia.

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