Sino Oil adjusts bond conversion price for stock consolidation

By Susanna Moon

Chicago, Aug. 15 – Sino Oil and Gas Holdings Ltd. said it adjusted the conversion price of its convertible bonds due a share consolidation.

As a result of the share consolidation, the conversion price was adjusted to HK$0.30 per consolidated share from HK$0.03 per existing share, according to an announcement.

The maximum number of consolidated shares issuable upon full conversion of the bonds is 3,367,000,000 consolidated shares, effective from Aug. 9, which was the date on which the share consolidation became effective.

The company’s stock (Hong Kong: 0702) closed at HK$0.031 on Aug. 14.

Hong Kong-based Sino Oil and Gas Holdings, an investment holding company, is an oil and gas developer.

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