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Taiwan’s Ta Ya Electric redeems convertibles at par
By William Gullotti
Buffalo, N.Y., Oct. 2 – Ta Ya Electric Wire & Cable Co., Ltd. announced on Tuesday that it exercised redemption rights for its fourth domestic unsecured convertible bond and that trading in the bonds had terminated on Sept. 28, according to a market notice.
The deadline to apply for conversion, as opposed to redemption, expired when trading terminated.
The notification and acceptance period was between Aug. 28 and Sept. 27, with Sept. 27 also being the redemption date.
Per the terms of the convertibles, the exercise was permitted as less than 30% of the outstanding bonds remained outstanding.
However, the notice said that investors who are eligible for conversion must submit a written request for conversion by Oct. 2.
If no such request is received by the company’s stock agency, the redemption will be in cash.
KGI Securities Co., Ltd., shareholder services department (5F, No. 2 Chungching S. Road, Sec. 1, Taipei City; +886 02 2389 2999), is the stock agency.
The manufacturer of electrical wire and cables is based in Tainan, Taiwan.
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