China MeiDong trims conversion price for Sail Vantage’s 0% convertibles

By Mary-Katherine Stinson

Lexington, Ky., Aug. 8 – China MeiDong Auto Holdings Ltd. as guarantor announced an adjustment of the conversion price of Sail Vantage Ltd.’s HK$2.75 billion 0% guaranteed convertible bonds due 2027, according to a notice Monday.

The conversion price will be lowered to HK$45.4881 per share from HK$46.75 per share, effective Aug 5.

The adjustment is due to the cash dividend payment of RMB 0.6991 per share which will be paid in cash in the amount of HK$0.8134 per share announced March 30 and as determined by the exchange rate on Aug. 5.

China MeiDong Auto Holdings Ltd. is a 4S auto dealer group with focus on luxury brands and lower tiers cities in China.

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