By holders of the 5.70% Secured Convertible Bonds due 2017
Subex announced that the holders of the outstanding US$ 127,721,000 5.70% Secured Convertible Bonds due 2017, convertible into ordinary shares of Subex ("Bonds"), have at a meeting of the Bondholders on 04 July 2014, undertaken the following action in relation to the Bonds. A summary of the key action taken is set out below:- The Bondholders have waived the requirement under the terms and conditions of the Bonds for the Company to make the scheduled payment of interest on 06 July 2014 and 06 January 2015 on the condition that the Issuer pay to or to the order of the Trustee an amount of U.S.$ 57.00 together with the amount of U.S. $57.00 and U.S. $28.50 due under the deed of undertaking entered into between the Trustee and the Issuer dated 04 January 2013 and 03 January 2014 respectively for each U.S.$1,000 principal amount of Bonds then outstanding at the same time as payment of an Early Redemption Amount and/or the amount at which the Issuer is required to redeem the Bonds at the Maturity Date.
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