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CUSIP No. G81276100 | | Schedule 13D | | Page 13 of 15 Pages |
ITEM 4. | PURPOSE OF THE TRANSACTION |
The disclosure provided in Item 4 of Schedule 13D amended hereby is updated to include the following additional disclosure:
On April 1, 2024, GEI VI, GEI Side VI, Associates VI-A and Associates VI-B delivered notice to the Issuer of a conversion of 312,500 Series A Preference Shares (in the aggregate) for cash in accordance with the terms of the amended Certificate of Designation of the Series A Preference Shares (the “Certificate of Designation”). See Item 6 below for a summary of the terms of the amended Certificate of Designation. Of the 312,500 Series A Preference Shares converted, GEI VI converted 193,761 Series A Preference Shares, GEI Side VI converted 115,482 Series A Preference Shares, Associates VI-A converted 235 Series A Preference Shares, and Associates VI-B converted 3,022 Series A Preference Shares. The conversion was settled in cash by the Issuer as part of a repurchase transaction for approximately $414 million, based on the volume weighted average share price on the date of the transaction signing, which was $99.34, pursuant to the terms of the amended Certificate of Designation.
ITEM 6. | CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER |
The disclosure provided in Item 6 of Schedule 13D amended hereby is updated to include the following additional disclosure:
On March 30, 2024, the Board of Directors of the Issuer approved certain changes to the Certificate of Designation to be effective as of April 1, 2024, including to provide for net share settlement on conversion of the Preferred Shares. Under the terms of the net share settlement, in the event of a mandatory conversion by the Issuer or a conversion at the option of a holder of the Series A Preference Shares, in exchange for each Series A Preference Share, the Issuer will deliver cash for the stated value of the Series A Preference Share, and may elect to deliver any net settlement amount in excess of stated value in cash, shares or a combination of cash and shares. The current stated value of the Series A Preference Shares is $1,050.94 per share.
The amendment to the Certificate of Designation also includes certain restrictions on the holders’ rights to convert the Series A Preference Shares, including: (a) prior to May 1, 2024, the holders may not convert more than 50% of the Series A Preference Shares in the aggregate; and (b) after May 1, 2024, the holders may not convert more than $110 million of stated value of Series A Preference Shares (in the aggregate) in any 30-day period prior to November 15, 2024. The foregoing summary of the amended Certificate of Designation does not purport to be complete and is qualified in its entirety by reference to the amended Certificate of Designation, attached hereto as Exhibit 7.1 and incorporated herein by reference.
ITEM 7. | MATERIAL TO BE FILED AS EXHIBITS |
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7.1. | | Amended Certificate of Designation of Series A Convertible Preference Shares, Par Value $0.01 Per Share, of Signet Jewelers Limited (incorporated by reference to Exhibit 3.1 to Signet Jewelers Limited’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 3, 2024). |