Sino Land subsidiary lowers conversion price of 1.625% convertibles

By Laura Lutz

Des Moines, Nov. 17 - Sino Land Co. Ltd. and its subsidiary Getsmart Finance Ltd. announced that the conversion price of Getsmart's HK$2.5 billion of 1.625% convertible bonds due 2009 will be lowered to HK$9.10 from HK$9.225 per share.

The bonds are guaranteed by Sino Land.

The conversion price was lowered because Sino Land shareholders approved a final dividend of HK$0.30 per share for the year ended June 30. The approval was given at the company's general meeting on Nov. 16.

The adjusted conversion price will become effective on Dec. 14, the date on which the dividend will be paid. Bonds converted after Nov. 16 but before Dec. 14 will be converted according to the new conversion price, but the full amount of shares will not be issued until that price goes into effect.

Two independent investment banks determined the adjusted conversion price according to the terms and conditions of the bonds.

Sino Land is a Hong Kong-based real estate developer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.