Note 26
For the Year Ended 31 March 2011
UNSECURED SUBORDINATED BONDS |
|
|
GROUP |
PARENT |
|
|
2011 |
2010 |
2011 |
2010 |
|
$000 |
$000 |
|
|
|
|
|
|
| Repayment terms and interest: |
|
|
|
|
|
| Maturing in September 2012, 8.5% p.a. fixed coupon rate |
|
108,592 |
108,592 |
108,592 |
108,592 |
| Maturing in March 2014, 8.5% p.a. fixed coupon rate |
|
54,713 |
54,713 |
54,713 |
54,713 |
| Maturing in December 2015, 8.4% p.a. fixed coupon rate |
|
100,000 |
100,000 |
100,000 |
100,000 |
| Bond issue costs |
|
(1,563) |
(1,563) |
|
|
261,742 |
261,206 |
261,742 |
261,206 |
|
|
|
|
|
|
| Current portion |
|
- |
- |
- |
- |
| Non-current portion |
|
261,742 |
261,742 |
|
|
261,742 |
261,206 |
261,742 |
261,206 |
|
|
|
|
|
|
At maturity the bonds can be converted at the option of the Company to ordinary shares based on the market price of ordinary shares at the time. The bonds are fully subordinated behind all other creditors. At 31 March 2011 the subordinated bonds had a fair value of $274,822,000 (31 March 2010: $274,286,000). |