Danka Makes Announcement Regarding Repayment of Outstanding 6.75% Convertible Subordinated Notes Due 2002.Business Editors ST. PETERSBURG, Fla.--(BUSINESS WIRE)--March 19, 2002 Danka Business Systems PLC (Nasdaq:DANKY) announced that its 6.75% convertible subordinated notes due 2002 (the "6.75% Notes") mature on April 1, 2002 and that Danka plans to pay the outstanding principal amount of $15,988,000 of 6.75% Notes in full on maturity, together with the accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. thereon, from Danka's available cash resources. The 6.75% Notes are convertible, subject to the terms and conditions of the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. for the 6.75% Notes, into Danka's American depositary shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. or, in the limited circumstances set out in the indenture, Danka's ordinary shares, up to 5.00 p.m. (New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time) on April 1, 2002. Danka Business Systems, PLC, headquartered in London, England, and St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. , is one of the world's leading providers of office imaging solutions and related services and supplies. Danka provides office imaging equipment and related services, parts and supplies to customers in 27 countries around the world. For additional information about copier, printer and other office imaging products from Danka, visit the web site at: http://www.danka.com. |
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