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Canadian Overseas (COPL) Shares Fell 7.7% on Bond Conversion

Simon Mugo trader
Updated 16 Jun 2023

The Canadian Overseas Petroleum Limited (LON: COPL) share price fell 7.69% after issuing 25,851,758 common shares according to the share settlement option exercised by Bondholders for settlement of $1.3 million of Conversion Payment amounts.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


The shares were issued regarding the accrued interest on the previously converted 2027 and 2028 Bonds. The number of Shares issued for settlement of these Conversion Payments is based on the lowest 5-day VWAP following the election of the share settlement option for the Conversion Payments.

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Today’s issuance of common shares regarding the 2027 and 2028 bonds was the second move this month after the company issued common shares regarding the conversion of the same bonds on 8 June 2023. 

The international oil and gas exploration, production and development company issued 12,239,901 common shares pursuant to conversions of $1.0 million principal of 2028 Bonds. After the conversions, COPL was left with $14.4 million (72 bonds) in the 2027 Bonds principal outstanding. 

The company also had $15.4 million (77 bonds) in 2028 Bonds principal outstanding, with each bond having just five bondholders. The outstanding bonds could all be converted into the company’s common shares over time, significantly diluting existing shareholders. 

COPL remains a significant player in the Converse and Natrona counties, Wyoming, USA, where its operations cover significant acreage. 

*This is not investment advice. 

Canadian Overseas (COPL) share price. 

The Canadian Overseas (COPL) share price fell 7.69% to trade at 3.12p, from Thursday’s closing price of 3.38p.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading