Sino Grandness

[Oldman9]

Hi all

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

cheers
oldman9

Seems like an article written by a VB forumer

At least the status of the bonds are clear now: They are restructured and creditors effectively agreed to a partial redemption first. I am assuming it had been agreed after the auditors finalised their accounts as the auditors had assumed 31 Dec 2016 maturity for the whole lot.  

That means SinoG will have quite a substantial extraordinary profit for 1Q16 on accounting reversals for the 40% CB converted to straight bonds. I think there is also a bit of confusion on this restructuring: 60% of the CB remains as it is with maturity ~ Dec 2016 and i/r of 20% and 25% but 40% is restructured into straight bonds of maturity 31 May and ~ Dec 2016

Based on the article the company has RMB143m cash on hand and paying RMB106.9m for the SB1 bondholders on May31. Reasonable guess is that the IPO won't happen before 31 May as exchange filing is probably not in time to lodge and I presume we yet to know who are the sponsor and auditor.

What is also interesting is that it revealed for the 1st time officially the main holders of the bonds as CDIB, GS and Hon Chuan. Hon Chuan interest is actually quite small at around $1m for 40%.

I think it is likely that we wil have to ask about the IPO again in AGM.

Hi Specuvestor

Welcome back. Long time no see/talk.

Glad that you are contributing.

cheers
Oldman9