Asia Television’s placing agreement for up to HK$260.27 million convertible bonds lapses

By Rebecca Melvin

New York, June 28 – Asia Television Holdings Ltd. said its placing agreement for up to HK$260.27 million of one-year convertible bonds has lapsed, according to a company news release.

Certain conditions set out in the agreement have not been satisfied within five days after expiration of the placing period, so the agreement lapsed on Friday, the company said.

The directors believe that the lapse has no material adverse impact on the financial position and business operations of the group, and that the group may consider further fund-raising activities depending on group developments, the company said.

As previously reported, Kingston Securities was placement agent for the offering which was expected to have at least six independent third-party places.

The 10% convertible bonds have a conversion price of HK$0.25, which represented a 27.36% premium over the closing price of stock on May 30.

The company is a digital media and broadcasting company in Hong Kong.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.