Harvest International adjusts conversion price on convertibles due 2022

By Mary-Katherine Stinson

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

The conversion price was adjusted to HK$18.20 from HK$18.58 effective Aug. 23.

The adjustment is due to the dividend payment in respect of A shares and D shares of Haier Smart Home.

A final dividend of RMB 4.61357 (tax inclusive) per 10 ordinary shares of the company was paid Aug. 23.

Accordingly, the dividend per 10 shares was HK$5.407017 and the dividend per D share was €0.06534990 inclusive of tax in both cases.

The total amount of A share dividend paid on Aug. 23 was RMB 2,871,878,761.90, calculated based on 6,224,810,911 shares being the number of A Shares outstanding as of the A share record date minus the number of A shares repurchased by the company as of the A share record date.

As of Sept. 2, the aggregate principal amount of the bonds remaining outstanding is HK$223 million, representing approximately 2.79% of the initial total issue.

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

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