SJM announces adjustment to Champion Power’s convertibles

By Mary-Katherine Stinson

Lexington, Ky., Sept. 21 – SJM Holdings Ltd. as guarantor announced an adjustment to the price of the outstanding HK$1,906,000,000 convertible bonds issued by Champion Power, according to a company announcement.

Effective Sept. 22 the conversion price will be adjusted downward to HK$3.78 per share from HK$4.07 per share.

The adjustment was a result of the rights issue in which 468,304,668 new shares will be allotted and issued upon full exercise of the conversion rights attaching to the convertible bonds.

Based on the total outstanding amount of the convertibles and the adjusted price, an additional 35,928,136 shares will be issued upon conversion of all the outstanding bonds.

The bonds were issued by Champion on June 22.

SJM is a Hong Kong-based investment holding company principally engaged in casino gaming businesses.

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