Oita Bank adjusts conversion price on zero-coupon convertibles due 2019

By Marisa Wong

Morgantown, W.Va., June 27 – Oita Bank, Ltd. announced an adjustment to the conversion price on its $100 million zero-coupon convertible bonds due 2019.

The new conversion price will be $41.49, adjusted from $4.158, effective Oct. 1.

The adjustment reflects dividend payments and a share consolidation approved by shareholders at a meeting held on Tuesday. Specifically, shareholders approved a year-end dividend of ¥3.5 per share, for a total dividend of ¥7 per share for the fiscal year ended March 31, and a 1-for-10 reverse share split.

The extraordinary dividend alone would have resulted in an adjustment of $0.009. That adjustment was carried forward and taken into account in the adjustment relating to the share consolidation, the bank noted.

The bank is based in Oita, Japan.

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