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KeyTech Announces Conversion Details
The Board of KeyTech Limited announced today that KeyTech will exercise its right to redeem all KeyTech's 8% Preferred Shares in issue at November 15th 2003 and will de-list those shares from the Bermuda Stock Exchange ("KEYP.BH"). The Board of KeyTech took this decision in light of the continuing low interest rate environment. On redemption the preferred shares are deemed cancelled and do not give any rights to the holders other than the right to payment of the redemption amount of $10 per preferred share together with accrued dividends to the redemption date.
Under the preferred share rights, preferred shareholders continue to have the right up until the 14th November 2003 to convert all or any of their holding of preferred shares into fully paid common shares. The current conversion price is one preferred share for each common share.
KeyTech will write individually to each registered preferred shareholder with details of the redemption of the preferred shares and how to exercise the conversion right.
The Board of KeyTech has also announced today a quarterly common share dividend of 15 cents per share for common shareholders of record on the 6th October 2003. The payment date will be the 15th October 2003.