mm2 Asia adjusts conversion price of S$30.7 million exchangeables

By Mary Katherine Stinson

Lexington, Ky., Jan. 2 – mm2 Asia Ltd. adjusted the conversion price of its S$30.7 million convertible exchangeable bonds, according to a notice.

The company announced that because of the rights issue, the conversion price of the convertible exchangeable bonds has been adjusted to S$0.05 effective Jan. 2.

As announced on Dec. 31, 2022, mm2 Asia issued the S$30.7 million convertible exchangeable bonds in tranches from Jan. 1, 2023 up to March 24, 2023 as part of its settlement of convertibles issued by mm Connect Pte Ltd. The S$30.7 million exchangeables were expressed to take effect from Jan. 1, 2023, retroactively.

As of Jan. 2, no bondholder has exercised his or her right to convert the bonds into new conversion shares. As announced by the company on Dec. 22, the record date for the rights issue has been fixed at 4 a.m. ET on Jan. 3.

Accordingly, the last day for shares to trade to the rights issue was Dec. 29, and the first date to trade “ex-rights” to the rights issue is Jan. 2.

Upon a conversion of all the outstanding convertible exchangeable bonds, the company will have to issue a total of 614.04 million conversion shares. On April 21, 2023, the company received approval to list up to 511.7 million conversion shares and on Nov. 28 received the approval-in-principle from the Singapore Exchange for the listing of the 102.34 million additional shares.

mm2 is a Singapore-based media and entertainment company. It produces content for television and the internet, owns movie theaters, promotes concerts and produces events.

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