Chaoda Modern Agriculture calls remaining 0% convertibles due 2011 after majority put

By Jennifer Chiou

New York, May 8 - Chaoda Modern Agriculture (Holdings) Ltd. announced the redemption of its remaining HK$82.72 million of zero-coupon secured convertible bonds due 2011.

The remaining bonds will be redeemed at 116.48 on June 9.

On April 22, the company said that holders of HK$1.23 billion, or about 94%, of its HK$1.34 billion of bonds had notified the company that they were exercising their put rights.

The company was required to redeem the bonds at 115.97, and on Thursday, it paid about HK$1.42 billion for the bonds.

The company added that the conversion price of the bonds is HK$5.08 per share, and the closing price of its stock on April 7 was HK$4.74 per share.

Chaoda is a Fuzhou, China, and Wanchai, Hong Kong-based organic farming company.

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