Ruyan Group holders demand full redemption of convertible notes

By Jennifer Chiou

New York, June 11 - Ruyan Group (Holdings) Ltd. announced that it received a letter from two holders of all of its convertible notes demanding immediate payment of HK$152,255,009, including default interest.

The company received the letter on Wednesday, and payment was required on Friday or "immediate legal action" could be taken, according to a company news release.

Because of this, Ruyan sent a check for the full amount to its legal advisers to arrange the settlement of the convertibles.

Chow Kam Wah and Gary Drew Douglas stated in the letter that they are the holders of HK$103,708,609 of convertibles and demanded payment.

As stated in Ruyan's 2009 annual report, the company said in note 30 that it would redeem the notes at 147.47% of par on the amended maturity date of July 31. The redemption amount was to be HK$152,939,086.

Hong Kong-based Ruyan develops, produces and sells health care products and pharmaceutical products.

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