Sino-Environment resets conversion price on 4% convertibles due 2013

New York, July 31 - Sino-Environment Technology Group Ltd. said it reset the conversion price on its 4% convertible bonds due 2013 to S$1.53.

The change is effective as of July 8.

Sino-Environment said the price was adjusted under the terms of the securities.

If the volume-weighted average closing price of the company's stock for the 45 trading days before the reset dates of July 8, 2009 or Jan. 8, 2010 is less than the current conversion price, then the conversion price is adjusted downwards to 120% of that volume-weighted average.

There is a floor for the adjustment of 70% of the initial conversion price.

The condition was met for the July 8 reset, and the new level is 70% of the initial conversion price of S$2.19.

Based in Singapore, Sino-Environment is a waste management company that makes equipment to treat industrial waste.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.