Tatsu orient lighting intends to issue 245 million convertible bonds before the stock price down by 16%

Tatsu Oriental Lighting announcement, the company intends to issue 17 yuan principal of $285 million (HK $, the same below, equivalent to approximately RMB 245 million yuan) convertible bonds. Convertible bonds initial conversion price of 0.1 yuan, in exchange for new shares of the new shares, accounting for the enlarged share capital after the expansion of 73.46% of the total number of shares in the stock market, the share price of the convertible bonds is $2 billion 850 million. Conversion price of 0.1 yuan before the suspension has a discount of about $67.21%.

Shares today (27) resumption of trading, the stock before the disk reported $0.255, down sharply by 16.4%.

As the hair into the Oriental Lighting to introduce new convertible bonds to disguise the controlling shareholder, one investor Zhu Dechao Orientelite through Investments Limited (OEIL) purchased 100 million of the principal amount of the convertible bonds, in exchange for 1 billion shares, excluding other 16 subscribers, Zhu Dechao will hold has expanded after the share capital of 49.27%, become the largest shareholder; if included in other people, shareholding of 25.78%, is the single largest shareholder.

However, although equity changed hands, but will depend on whether holders of convertible bonds to exercise, the exercise price of 0.1 yuan, the price is a substantial discount, that is so price pressure causes.

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