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Eland Oil & Gas: Helios converts non-voting shares

Helios will subsequently hold 44.2mln ordinary shares, representing 29.5% of Eland.
Eland Oil & Gas: Helios converts non-voting shares
It retains 5.38mln non-voting shares.

Eland Oil & Gas (LON:ELA) has told investors that Helios Natural Resources has made a request to convert some of its non-voting shares into ordinary shares.

Some 4.6mln of its holding of the shareholder’s 10mln non-voting shares will be converted, Eland said.

Helios will subsequently hold 44.2mln ordinary shares, representing 29.5% of Eland.

The non-voting shares were issued to Eland in 2014, and they are convertible on a one-to-one basis. Helios can only convert the non-voting shares so long as doing so doesn’t cause its holding of ordinary shares to reach or exceed 30% of the company.

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