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Shui On Land lowers conversion price of 7.5% perpetual convertibles
By Marisa Wong
Morgantown, W.Va., Sept. 12 – Shui On Land Ltd. announced it will lower the conversion price of its 7.5% senior convertible perpetual capital securities to HK$3.04 per share from HK$3.06 per share.
The new conversion price will take effect on Sept. 13.
The adjustment is due to an interim dividend for the six months ended June 30. The dividend will be paid on Sept. 23 to holders of record as of Sept. 12.
As of Monday, the entire $225 million original principal amount remains outstanding.
Shui On Land is a Hong Kong-based property development company.
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