Harakosan sets meeting to lower redemption price for convertibles

By Jennifer Chiou

New York, Feb. 18 - Harakosan Co., Ltd. announced that it is proposing to hold a meeting for holders of its convertible notes with stock acquisition rights due 2012 to obtain consent to redeem the notes at 15%.

The company previously said on Feb. 2 that it has been asking noteholders to allow the company to purchase the notes at the same price.

Additionally, the company said it has received notice of early redemption requests at par from holders of ¥6 billion of the convertibles. If the company cannot execute the purchase of the notes by Feb. 20, the early redemption date, Nomura Bank (Switzerland) Ltd. will hold a meeting on March 13 in Zurich.

Lelystad, the Netherlands-based Harakosan is focused on real estate sales and leasing.

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