(Infocast News) GLOBAL NEW MAT(06616) proposed to issue the Convertible Bonds in an aggregate principal amount of HK$1,000 million, subject to the conditions set forth in the Subscription Agreement.
The issue price of the Convertible Bonds will be 100.00% of the aggregate principal amount of the Convertible Bonds and the denomination of each Convertible Bond will be HK$2,000,000 and integral multiples of HK$1,000,000 in excess thereof.
Based on the initial Conversion Price of HK$10.19 per Share and assuming full
conversion of the Convertible Bonds at the initial Conversion Price and that no
other Shares are issued and no Shares are repurchased, the Convertible Bonds will be convertible into approximately 98,135,426 Conversion Shares, representing approximately 7.34% of the total number of Shares in issue as enlarged by the allotment and issue of the Conversion Shares.
The Net Proceeds will be approximately HK$981 million, and the Company intends to apply the Net Proceeds for replenishment of working capital, refinancing existing indebtedness and general corporate purposes.
(SY)