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China Gas subsidiary plans exchange offer for Zhongyu Gas convertibles
By Angela McDaniels
Tacoma, Wash., Jan. 26 - Holders of Zhongyu Gas Holdings Ltd.'s $20 million of convertible bonds will be offered cash and shares in exchange for their convertibles by Rich Legend International Ltd., according to a news release from Rich Legend parent company China Gas Holdings Ltd.
Rich Legend is offering to acquire all of the outstanding shares, convertibles and share options of Zhongyu Gas.
For each $10,000 principal amount of convertibles accepted in the offer, holders will receive HK$19,480.0170 in cash and 16,898.3180 new China Gas shares.
Zhongyu is a vertically integrated gas operator in China. It is incorporated in the Cayman Islands.
Hong Kong-based China Gas invests in and operates natural gas properties.
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