Eagle Ride to place HK$100 million of convertibles via Glory Sun

Chicago, Sept. 10 – Eagle Ride Investment Holdings Ltd. has entered into a convertible bond placing agreement with Glory Sun Securities Ltd. for the placement of up to HK$100 million of 8% one-year convertible bonds to not less than six investors, according to an announcement.

The bonds will be converted at an initial conversion price of HK$0.3 per share, for a maximum of 333.32 million new shares.

The conversion price represents a premium of 23.46% over the closing price on the date of the placing agreement and a premium of 70.45% over the closing prices for the five consecutive trading days prior to the placing agreement.

If the new shares are issued through conversion of the bonds, the new shares will represent a total of 15.6% of the capital of the company after the issuance of the shares.

The notes are not redeemable at the option of the issuer before the maturity date.

Proceeds from the offering are expected to be partially used for the repayment of borrowings in the amount of HK$38 million with the rest expected to be used as general working capital.

The agreement is on a best-effort basis until Nov. 30, when the placing agreement ends.

Eagle Ride conducts business in Hong Kong and is a wholly owned subsidiary of APAC Investment Holdings Ltd., an asset management company based in Samoa.

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