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Sino Energy will not issue HK$50 million 8% 24-month convertibles
By Sarah Lizee
Olympia, Wash., April 30 – China’s Sino Energy International Holdings Group Ltd. said it no longer plans to issue HK$50 million of 8% 24-month convertible bonds, as the subscription period has lapsed, according to a notice.
The company said some conditions precedent were neither fulfilled nor waived by April 30.
As previously reported, the conversion price was going to be HK$0.1563 per conversion share, which is a 35.91% premium over the closing price of HK$0.115 on Nov. 30, 2018.
Based on the initial conversion price, a maximum number of 319,897,632 conversion shares would have been allotted upon exercise in full of the conversion rights.
The bonds, which would have been non-callable, would have been convertible until five business days before the maturity date.
Proceeds were to be used for the development of Sino-Russian grain industry chain and bulk grain trade business and as general working capital.
Sino Energy is a Shishi, China-based investment holding company principally engaged in the casual footwear business. The company also engages in operating gas stations and trading of grains.
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