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Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
Neo-China Land convertible holders get change-of-control put option
By Angela McDaniels
Tacoma, Wash., July 16 - Neo-China Land Group (Holdings) Ltd. granted a change-of-control put option to the holders of its HK$1.34 billion of zero-coupon convertible bonds due 2011, according to a company announcement.
Holders who exercise this option will be required to put back all of their convertibles.
The change of control happened on June 24 when the company issued 683,892,000 new shares to Novel Good Ltd. at HK$2.32 per share. As a result, it is likely that the conversion price of the bonds will be adjusted.
Neo-China Land is in the process of appointing two independent investment banks to advise on the calculation of the adjusted conversion price.
The company said it will issue a change-of-control notice with details as soon as practicable.
Bondholders can contact Bank of New York Mellon (0207 964 8768), principal agent, for more information.
Neo-China Land Group is a Hong Kong-based property development and investment company.
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