New Smart Energy cuts conversion price of HK$1.05 billion convertibles

By Marisa Wong

Madison, Wis., Oct. 21 - New Smart Energy Group Ltd. said it adjusted the conversion price of its HK$1.05 billion of outstanding convertible notes.

The conversion price was lowered to HK$1.24 per share from HK$1.52 per share, effective retroactively to Sept. 28.

The price adjustment is the result of an open offer of New Smart Energy shares.

Based in Admiralty, Hong Kong, New Smart Energy engages in the exploitation and exploration of coal bed methane gas in Hong Kong and mainland China.

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