20. CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES (CONTINUED): Rogers Sugar Inc. 88 (ii) Fifth series: (i) Fourth series:  On April 8, 2010, the Company issued 50,000 fourth series, 5.70% convertible unsecured subordinated debentures  (“Fourth series debentures”), maturing on April 30, 2017, with interest payable semi-annually in arrears on   April 30 and October 31 of each year, starting October 31, 2010 for gross proceeds of $50.0 million. The  debentures may be converted at the option of the holder at a conversion price of $6.50 per share (representing  7,692,308 common shares) at any time prior to maturity, and cannot be redeemed prior to April 30, 2013.   On or after April 30, 2013 and prior to April 30, 2015, the debentures may be redeemed by the Company, at a  price equal to the principal amount plus accrued and unpaid interest, only if the weighted average trading price  of the share, for 20 consecutive trading days, is at least 125% of the conversion price of $6.50. Subsequent to April 30, 2015, the debentures are redeemable at a price equal to the principal amount thereof plus accrued and  unpaid interest.  On redemption or at maturity, the Company will repay the indebtedness of the convertible debentures by paying  an amount equal to the principal amount of the outstanding convertible debentures, together with accrued and  unpaid interest thereon.  The Company may, at its option, elect to satisfy its obligation to repay the principal amount of the convertible  debentures, which are to be redeemed or which have matured, by issuing shares to the holders of the convertible  debentures.The number of shares to be issued will be determined by dividing $1,000 (one thousand) of principal  amount of the convertible debentures by 95% of the weighted average trading price of the shares on the Toronto  Stock Exchange for the 20 consecutive trading days ending on the fifth trading day preceding the date for redemption  or the maturity date, as the case may be.  The Company has not allocated any of the Fourth series debentures into an equity component, as the calculation  of the equity component is not significant using an appropriate interest rate that would have been applicable to the  issuance of similar debt without the conversion features at the time the debentures were issued. The fair value of the Fourth series debentures as at September 28, 2013 was approximately $52.3 million  (September 29, 2012 - $54.4 million) based on market quotes.  On December 16, 2011, the Company issued $60.0 million fifth series, 5.75% convertible unsecured subordinated  debentures (“Fifth series debentures”), maturing on December 31, 2018, with interest payable semi-annually in  arrears on June 30 and December 31 of each year, starting June 29, 2012.The debentures may be converted at the  option of the holder at a conversion price of $7.20 per share (representing 8,333,333 common shares) at any time  prior to maturity, and cannot be redeemed prior to December 31, 2014.  On or after December 31, 2014 and prior to December 31, 2016, the debentures may be redeemed by the  Company, at a price equal to the principal amount plus accrued and unpaid interest, only if the weighted average  trading price of the common shares, for 20 consecutive trading days, is at least 125% of the conversion price of  $7.20. Subsequent to December 31, 2016, the debentures are redeemable at a price equal to the principal amount  thereof plus accrued unpaid interest. Notes to CoNsolidated FiNaNCial statemeNts (In thousands of dollars except as noted and per share amounts)