Sino Grandness

Hi Boon,

By now you should accept the fact that your post #1350 is wrong.

Indeed the conversion ratio was 23.4% as highlighted by others (and now changed to 14.7%).
This is really good news for shareholders.

cheers
oldman9

(02-03-2016, 07:24 AM)hannyhanny Wrote: If they have decided that only 60% have conversion rights, why not redeem them straight away but allow the 40% to chalk up interest from 10% to 25% for the next 1 year. The only reason i can think of is they dont have the money but why pay more than 500 mil rmb for capex now, shd have paid off the 40%.. Any insights

Hi Hannyhanny

If I read it right. Sino has to pay the initial 15% by 31/5 based on old terms & conditions. The interest rate  was/is 25% and 20%.
For the balance 25% which is due within a year, interest is only 10%.


cheers
oldman9

We will know by May this year if the company has real hard cash to pay what they promised.

The way I look at it, why bondholders willing to take 'haircut' of their benefit (ipo conversion rate, interest rate) is because they are getting more and more impatient and unsecured by the delay strategy of SG management. The ipo can be delayed forever, so most realistic is to get back the hard cash.

Let's see if SG chu pattern again when comes to payment date. We shall wait and see...

Hi all

There is an article published on nextinsight on repayment terms.
Have a read.

cheers
oldman9

(02-03-2016, 09:41 AM)desmondxyz Wrote: We will know by May this year if the company has real hard cash to pay what they promised.

The way I look at it, why bondholders willing to take 'haircut' of their benefit (ipo conversion rate, interest rate) is because they are getting more and more impatient and unsecured by the delay strategy of SG management. The ipo can be delayed forever, so most realistic is to get back the hard cash.

Let's see if SG chu pattern again when comes to payment date. We shall wait and see...

Skeptics are skeptics and time and again, they been proven wrong in this thread....!! oldman9.

(02-03-2016, 09:41 AM)desmondxyz Wrote: We will know by May this year if the company has real hard cash to pay what they promised.

The way I look at it, why bondholders willing to take 'haircut' of their benefit (ipo conversion rate, interest rate) is because they are getting more and more impatient and unsecured by the delay strategy of SG management. The ipo can be delayed forever, so most realistic is to get back the hard cash.

Let's see if SG chu pattern again when comes to payment date. We shall wait and see...

It could simply mean that bond holders after weighing pros and cons, have come to the conclusion that even with the reduced IPO stake and reduced interest for principal sum, they are still better off after GF eventually listed.

(01-03-2016, 10:05 PM)CY09 Wrote: I am a bit confused in FY 14, CB was valued at RMB 722 mil. based on trade4life post, it seems now the redemption is only the principal sum of RMB 350.5.

So does it mean the holders of the CB has waived the need of paying the accurred interest or taken a haircut. Appreciate clarifications as it is too confusing for me now. Thanks

Does anyone knows what has happened to the interest and why is the mentioned redemption figures are lower than its reported RMB 722 mil? All articles are mentioning only the principal sum of RMB 350.5

(02-03-2016, 09:23 AM)Oldman9 Wrote:

(02-03-2016, 07:24 AM)hannyhanny Wrote: If they have decided that only 60% have conversion rights, why not redeem them straight away but allow the 40% to chalk up interest from 10% to 25% for the next 1 year. The only reason i can think of is they dont have the money but why pay more than 500 mil rmb for capex now, shd have paid off the 40%.. Any insights

Hi Hannyhanny

If I read it right. Sino has to pay the initial 15% by 31/5 based on old terms & conditions. The interest rate  was/is 25% and 20%.
For the balance 25% which is due within a year, interest is only 10%.


cheers
oldman9

Thks oldman, i understand that there were 2 timeframes with different interest. My main question is why not pay off since these 40% that are still are interest bearing and cannot be converted and spend more than 500 mil on capex. It was mentioned that there is 5% premium for those 60% that can be converted. Maybe someone can check if it is more than the 10 to 15% interest forgone (since it is 10% and original was 20 to 25%). Thks

(02-03-2016, 09:41 AM)desmondxyz Wrote: We will know by May this year if the company has real hard cash to pay what they promised.

The way I look at it, why bondholders willing to take 'haircut' of their benefit (ipo conversion rate, interest rate) is because they are getting more and more impatient and unsecured by the delay strategy of SG management. The ipo can be delayed forever, so most realistic is to get back the hard cash.

Let's see if SG chu pattern again when comes to payment date. We shall wait and see...

Yup another quarter to see anymore pattern, I am betting a fund raising exercise before that with excuse of more expansion or sexy acquisition story.

I find the logic of the partial payment funny leh, if IPO can make so much, SG should just pay back the CB completely and keep all the IPO profits for themselves. And why not whilst they are at it, since share price is so depressed, launch a privatisation to keep all the IPO moolah for themselves??

really "pattern duo guo badminton"

hope investors dun kena played until "song song kau Jurong"

When SG had missed the redemption of CB deadline last year, it already tell something of the company. No point having all the ambitious and aggressive expansion plans when just a simple commitment of integrity like redemption of CB is not taken seriously.