By Angela McDaniels
Tacoma, May 17 - China Grand Forestry Green Resources Group Ltd. priced HK$100 million of zero-coupon three-year convertible notes, according to a company news release.
Kingston Securities Ltd. is the agent.
The conversion price is HK$0.22, which is a 0.92% premium over the company's share price on May 17.
The notes are callable at par at any time.
Noteholders will receive two options when they convert their notes. Each option will entitle the holder to subscribe for an amount of convertibles equal to the amount converted.
The company will be granted two options when notes are converted. Each option will entitle it to require the noteholder to subscribe for an amount of convertibles equal to the amount converted. The options will not be exercisable if the noteholder exercises its options.
All of the options will be exercisable for one year.
If all of the options are exercised, the total amount of convertibles issued will be HK$200 million.
Proceeds will be used for general working capital and for future business investments.
China Grand Forestry is an ecological forestry company based in Hong Kong
| Issuer: | China Grand Forestry Green Resources Group Ltd.
|
| Issue: | Convertible notes
|
| Amount: | HK$100 million
|
| Maturity: | 2014
|
| Agent: | Kingston Securities Ltd.
|
| Coupon: | None
|
| Price: | Par
|
| Conversion price: | HK$0.22
|
| Conversion premium: | 0.92%
|
| Call option: | Yes
|
| Pricing date: | May 17
|
| Stock symbol: | Hong Kong: 00910
|
| Stock price: | HK$0.218 on May 17
|
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