China MeiDong lowers conversion price for Sail Vantage 0% convertibles

By Wendy Van Sickle

Columbus, Ohio, Aug. 4 – China MeiDong Auto Holdings Ltd. as guarantor announced an adjustment of the conversion price of Sail Vantage Ltd.’s HK$2.75 billion 0% guaranteed convertible bonds due 2027, according to a notice Monday.

The conversion price will be lowered to HK$44.7582 per share from HK$45.4881 per share, effective Aug. 4.

The adjustment is due to the cash dividend payment of RMB 0.117 per share which will be paid in cash in the amount of HK$0.12778 per share as announced on March 30 and determined by the exchange rate on Aug. 4.

China MeiDong Auto Holdings Ltd. is a 4S auto dealer group with focus on luxury brands and lower tiers cities in China.

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