Neo-China cuts conversion price of 0% convertibles; bonds now putable

By Devika Patel

Knoxville, Tenn., Sept. 1 - Neo-China Land Group (Holdings) Ltd. said it adjusted the conversion price of its HK$1.34 billion in zero-coupon convertible bonds due 2011 to HK$5.26 per share from HK$5.52 per share, effective immediately.

The company also said the bonds may be put prior to Oct. 1. The early redemption amount is HK$13,039.974 per HK$10,000 in bonds, and will be paid through the Bank of New York Mellon, the paying agent. The amount was determined so that the bonds pay a gross yield of 6.2% on a semi-annual basis.

The conversion price adjustment is due to a June 24 change of control in which the company issued 683,892,000 new shares to Novel Good Ltd. at HK$2.32 per share.

Neo-China Land Group is a Hong Kong-based property development and investment company.

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