Shun Tak HK$155 million greenshoe exercised in full

By Marisa Wong

Milwaukee, Sept. 18 - Shun Tak Holdings Ltd. announced that the option to purchase the full amount of the option convertible bonds was exercised by its lead manager, lifting the total size of its offering of convertibles to HK$1.55 billion.

Subsidiary Joyous King Group Ltd. originally priced HK$1.395 billion of guaranteed convertibles bonds on Thursday. The bonds, due 2014, are convertible into parent company Shun Tak's shares and were priced to yield 3.3% with a 24.32% initial conversion premium.

The bonds are convertible starting one year after issue, as previously reported.

As a result of the exercise, assuming full conversion of the convertible bonds at the initial conversion price of HK$8.18, the bonds will be convertible into approximately 189,486,552 shares.

Shun Tak is a Hong Kong-based investment holding company.

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