Harvest International adjusts conversion price on HK$8 billion converts

By William Gullotti

Buffalo, N.Y., Sept. 2 – Harvest International Co. announced an adjustment to the conversion price on the HK$8 billion zero coupon guaranteed convertible bonds due 2022 (ISIN: XS1716796641), convertible into ordinary H shares of Haier Smart Home Co., Ltd., according to an announcement Thursday.

Originally issued as guaranteed exchangeable bonds on Nov. 22, 2017, the bonds underwent several amendments involving company name changes, reorganization, term amendments and privatization prior to the previously reported transfer to convertible bonds on Dec. 23, 2020.

Effective Aug. 23, the conversion price of the bonds was adjusted to HK$18.58 from HK$18.8369.

The adjustment is the result of dividend payments authorized at the 2020 general meeting held June 25. Shareholders approved a dividend payment of HK$3.04476132 per 10 ordinary shares of the company. Shares registered on the July 15 observation date received a dividend payment of HK$4.399557 per 10 shares on Aug. 20.

D share shareholders received €0.04756088 per D share on Aug. 20.

On Aug. 23, the company paid A share shareholders RMB 0.366 per A share. The aggregate dividend paid was RMB 2,291,948,545.17 for 6,262,154,495 outstanding A shares, not including the 46,398,159 shares repurchased by the company.

The aggregate principal amount of bonds outstanding is HK $489 million, representing approximately 6.11% of the initial issue.

Hong Kong-based Haier makes and sells washing machines and water heaters.

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