Neo-China holders put HK$864.85 million 0% convertibles due 2011

By Susanna Moon

Chicago, May 26 - Neo-China Land Group (Holding) Ltd. said it received put option notices on HK$864.85 million principal amount of its HK$1.34 billion zero-coupon convertible bonds due 2011.

The company said it will pay HK$6,300 for each HK$10,000 principal amount of the bonds redeemed on June 12, or a total of HK$544,855,500.

Following the repurchase, there will be HK$52.16 million principal amount of the bonds outstanding.

As previously reported, the company asked the holders to approve changes to the put option at a meeting on May 13.

The company sought to lower the redemption amount for the June 12 put option to HK$6,300 from HK$12,010 for each HK$10,000 principal amount, and holders who exercised their put option would be required to put all of their bonds.

Under the put option as it was previously, holders could put a portion of their bonds.

The company offered to give holders the option to revoke their put option notices for up to 20 days after the notice is given.

Neo-China is a Hong Kong-based property developer.

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