China Ecotourism adjusts conversion price of convertibles due 2023

By Mary-Katherine Stinson

Lexington, Ky., Jan. 18 – China Ecotourism Group Ltd., formerly known as China LotSynergy Holdings Ltd., adjusted the conversion price of its new option 1 convertible bonds due 2023, according to a notice.

The conversion price was adjusted to HK$33.80 per consolidated share from HK$1.69 per consolidated share effective Jan. 20.

The conversion adjustment was triggered by a share consolidation approved by shareholders in a general meeting on Jan. 18, according to a company notice. Shareholders approved a share consolidation of every 20 existing shares into one consolidated share.

During the period from Jan. 20 and through March 2, shareholders may freely exchange existing share certificates for new consolidated share certificates at the company’s expense.

As of Jan. 18, HK$154,162,000 of the bonds were outstanding.

Based on that total, the maximum number of shares that will be issued upon conversion of all the outstanding new option 1 bonds at the previous conversion price and the adjusted conversion price is 91,220,118 existing shares and 4,561,005 consolidated shares.

The Hong Kong company provides technology and services for lottery systems, terminal equipment, gaming products and gaming operations in China’s lottery market.

© 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.