Shun Tak's Joyous King redeems HK$716.2 million of 3.3% convertibles

By Marisa Wong

Madison, Wis., Oct. 22 - Shun Tak Holdings Ltd. announced that holders of the HK$1.55 billion 3.3% guaranteed convertible bonds due 2014 issued by subsidiary Joyous King Group Ltd. exercised their put option for HK$716.2 million of the bonds.

The put bonds were redeemed on Oct. 22. Following their cancellation, the outstanding principal amount of the convertibles is HK$833.8 million.

Upon full conversion of the outstanding bonds at the current conversion price of HK$7.17, the maximum number of shares issuable by Shun Tak as guarantor is 116,290,097.

Shun Tak is a Hong Kong-based investment holding company. Joyous King is based in the British Virgin Islands.

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