01-03-2016, 09:18 PM
Sino Grandness
01-03-2016, 09:42 PM
(This post was last modified: 01-03-2016, 09:48 PM by CityFarmer.)
GUYS! Anyone can explain better? To me is a good news, but just wanting to be sure
I saw the news: Sino Grandness is pleased to update that the CBs extension agreements with CB1 and CB2 bondholders have been completed, with 40% of the CBs to be converted into debt and 60% of the CBs to be converted into shares in the event of completion of IPO. The original CB1 and CB2 with total principal sum of RMB350.5m were supposed to account for 23.37% stake before IPO of Garden Fresh, with conversion valuation of RMB1.5b. With the restructuring, only 60% of the principal sum of the CBs (with 12 months maturity) will have conversion rights with 5% premium given upon conversion based on previously agreed market cap of RMB1.5b. As such, the estimated stake before IPO for bondholders will be lower at approximately 14.72%, resulting in a smaller dilution by 8.65% for the Company. The 40% of the CBs will be repaid as debt, of which 15% to be repaid within 3 months and the other 25% to be repaid within 12months. For further information, please see attached announcement. With the EGM passed recently to approve the spin-off and the completion of the CB extension for the beverage subsidiary, this will pave the way for company to proceed further with its proposed spin-off exercise for the beverage business. The company shall provide further update once there is material development relating to the proposed spin-off." [Edited by moderator, to normalize the font size]
01-03-2016, 09:46 PM
Based on the release of the latest announcement, the proposed listing is gathering momentum.
01-03-2016, 10:05 PM
(This post was last modified: 01-03-2016, 10:07 PM by CY09.
Edit Reason: Edits
)
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 clarificatons as it is too confusing for me now. Thanks
01-03-2016, 10:36 PM
(01-03-2016, 09:42 PM)trade4life Wrote: GUYS! Anyone can explain better? To me is a good news, but just wanting to be sure
01-03-2016, 11:34 PM
(01-03-2016, 09:18 PM)crubs Wrote: http://infopub.sgx.com/FileOpen/Sino%20G...eID=392256 Hi crubs, If I interpret it correctly, the Bondholders have decided to redeem 40% of their investments and leave the option (to convert or redeem) open for the remaining 60% stake. They may or may not convert eventually………. Seems like the Bondholders are not that enthusiastic to participate in the upsides of an IPO. For whatever reasons, I am a bit surprised by that. It is a piece of good news, nevertheless, in the sense that it clarifies the status of the CB. ______________________________________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
Finally pay back CB partially to make it seem like they have some money then delay ipo some more.
Next move will be to get more money from market via rights or warrants, just wait and see... ROFL.. Sent from my MotoG3 using Tapatalk
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
02-03-2016, 07:24 AM
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
02-03-2016, 08:19 AM
(02-03-2016, 06:38 AM)BlueKelah Wrote: Finally pay back CB partially to make it seem like they have some money then delay ipo some more. Hi Bluekalah Thanks. Can I know what is the basis of your claim? Do you know when Sino has to make payment? cheers oldman9
02-03-2016, 08:58 AM
(01-03-2016, 11:34 PM)Boon Wrote:(01-03-2016, 09:18 PM)crubs Wrote: http://infopub.sgx.com/FileOpen/Sino%20G...eID=392256 |
« Next Oldest | Next Newest »
|
Users browsing this thread: 42 Guest(s)