Champion Path to lower conversion rate for zero-coupon convertibles

By Angela McDaniels

Tacoma, Wash., May 18 - Champion Path Holdings Ltd. will adjust the conversion price on its HK$2 billion zero-coupon guaranteed convertible bonds due 2015 to HK$5.24 per share from HK$5.35 on June 1, according to a news release from parent company SJM Holdings Ltd.

The adjustment is due to a dividend of HK$0.09 per share that SJM plans to pay on its common shares on June 23.

The conversion price adjustment is conditioned on the receipt of shareholder approval for the dividend at SJM's annual general meeting on May 31.

SJM operates casino properties in Macau.

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