Holders of convertible debentures of British Sample Clauses

Holders of convertible debentures of British. Airways On 13 August 2009 British Airways issued £350,000,000 5.80 per cent. convertible bonds due on 13 August 2014 (the “Convertible Bonds”). Pursuant to the terms and conditions of the Convertible Bonds, each Convertible Bond is convertible at the option of the holder into British Airways shares at an initial conversion price of £1.89 per share. A structure will be put in place to ensure that, following the merger, the Convertible Bonds are exchangeable into IAG shares. IAG and British Airways will enter into a warrant instrument, under which IAG will grant warrants to British Airways that carry the right to subscribe for IAG shares. On receipt of a conversion notice from a bondholder, British Airways will exercise its right to call for the issue of IAG shares. The warrants will provide that, when IAG issues shares on British Airways exercising the warrant, IAG shall issue IAG shares to a third party nominated by British Airways (i.e., the relevant bondholder exercising a conversion notice). Currently the maximum number of ordinary shares of British Airways that may be issued as a result of the conversion of all the Convertible Bonds at the initial conversion price described above is 185,185,185. Based on such calculation, the maximum number of IAG shares that may be issued as a result of the implementation of the structure described above at the initial conversion price described above is 185,185,185.
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Related to Holders of convertible debentures of British

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