Link Theory seeks to amend convertibles to add call after acquisition by Fast Retailing

New York, Jan. 29 - Link Theory Holdings Co., Ltd. said it plans to ask bondholders to allow it to add an additional redemption feature to its zero-coupon convertible bonds due 2018.

The move is part of a proposed acquisition of the company by Fast Retailing Co., Ltd.

After Fast Retailing's tender for Link Theory's shares, stock acquisition rights and convertibles ends, Link Theory plans to call a meeting of bondholders to ask them to approve amending the securities so that Linkn Theory can redeem them at a price of 104% of the principal amount.

The redemption price is based on the current provision in the convertibles that allow them to be redeemed at 104% if an early redemption occurs between May 13, 2009 and May 12, 2010 as a result of a share exchange or share transfer that results in Link Theory becoming a wholly owned subsidiary of another company.

Under Fast Retailing's offer, Link Theory will become a wholly owned subsidiary of Fast Retailing.

Link Theory is a Tokyo-based based fashion retailer. It currently has ¥10.7 billion of the convertibles outstanding. They are putable at par on May 12, 2009, May 12, 2012 and May 12, 2015.

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