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Hong Kong’s Wai Chun trims price of existing convertibles
By Mary-Katherine Stinson
Lexington, Ky., Oct. 10 – Wai Chun Group Holdings Ltd. announced it expects to lower the conversion price of its existing convertible bonds, subject to a share consolidation, according to a notice.
The conversion price of the existing bonds is expected to be adjusted to HK$0.384 per conversion share from HK$0.048 per conversion share.
The board also proposes to consolidate every eight issued and unissued existing shares of HK$0.1 each into one consolidated ordinary share of HK$0.8. The board also proposes to change the board lot size for trading from 20,000 existing shares to 10,000 consolidated shares.
As of Oct. 9, the authorized share capital of the company is HK$1 billion. This is made up of HK$890 million divided into 8.9 billion existing ordinary shares of HK$0.1 each, of which 2,139,116,248 existing ordinary shares have been issued and are fully paid; and HK$110 million divided into 1.1 billion existing preference shares of HK$0.1 each, of which no existing preference shares have been issued.
Should the conversion be approved, the HK$1 billion of share capital will be divided as follows: HK$890 million divided into 1,112,500,000 consolidated ordinary shares of HK$0.8 each of which approximately 267,389,531 consolidated ordinary shares will be in issue; and HK$110 million divided into 137.5 million consolidated preference shares of HK$0.8 each of which no consolidated preference shares will be in issue.
The changes are subject to shareholder approval at a meeting on Nov. 13.
If approved, the share consolidation will become effective on Nov. 15.
Hong Kong-based Wai Chun is an investment holding company engaged in the sales and service of computer and communications systems.
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