MOL settles call option for almost 6% of shares with SPV Magnolia

In Hungary

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Hungarian oil and gas company MOL said late yesterday that it had physically settled a call option for 6,006,495 of its shares, conferring a 5.75% ownership stake, at a price of €45.9905 per share, Hungarian news agency MTI reported.

(Photo: Wikimedia Commons)

MOL said early in February that it would terminate a swap agreement and exercise the call option to purchase a little more than six million of its shares from special-purpose vehicle Magnolia “at market price set out in the agreement”. 

MOL sold the six million shares to Magnolia at a price of HUF 20,515 per share ten years earlier. Magnolia then issued €610 in securities that could be exchanged for the shares. The exchangeable securities carried an annual coupon of 4%.

MOL closed at HUF 16,250 yesterday or about €52.38, calculating with the National Bank of Hungaryʼs fixing for the day.

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