REXLot cuts conversion price of 6%, 4.5% bonds for rights offering

By Susanna Moon

Chicago, Feb. 9 – REXLot Holdings Ltd. said it adjusted the conversion price of its 6% convertible bonds originally due 2016 and extended to 2017 and its 4.5% convertible bonds due 2019.

The conversion price will be adjusted to HK$0.52 per share from HK$0.56 per share for the 2017 bonds and to HK$1.29 per share for from HK$1.37 per share the 2019 bonds.

The new conversion price will be effective from Feb. 12, which will be the first day of dealing in the shares on an ex-rights basis, according to a company announcement.

The company said it proposed to issue the rights shares at a subscription price of HK$0.051 per share on the basis of one share in nil-paid form for every two existing shares held.

The rights issue is expected to close March 20.

The adjustments of the exercise price of the share options will depend on the closing price on Feb. 9, which is the last day of dealing in the shares on a cum-rights basis.

As a result of the proposed rights issue, the exercise price of the outstanding share options will be adjusted to HK$0.1068 per share from HK$0.1082 per share and the number of shares issuable upon exercise of the outstanding share options will be adjusted to 313,949,090, assuming no new shares are issued under the options exercise before the record date for determining entitlements under rights issue, from 310 million.

Based in Hong Kong, REXLot provides machines and services to the Chinese lottery market.

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