Baylin says holders convert C$12.14 million 6.5% debentures at reduced price

By Wendy Van Sickle

Columbus, Ohio, June 23 – Baylin Technologies Inc. said holders of C$12,135,000 principal amount of its $17.25 million of its 6.5% extendible convertible debentures have converted their debentures into common shares of the company at the reduced conversion price of C$1.11, leaving C$5,115,000 of the debentures outstanding, according to a news release.

The reduced conversion price, approved by holders on April 8 and by shareholders on May 11, was determined based on the volume-weighted average trading price of the company’s common shares for the five consecutive trading days ended May 19.

The reduced conversion price was in effect from May 20 until June 18, after which it reverted to the original conversion price of C$3.85.

Baylin is a diversified global wireless technology company based in Toronto.

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