Zhonghua Gas Holdings Limited (the “Company”; Stock Code: 8246) together with its subsidiaries (collective namely the “Group”) today announces that on 2 November 2020 (after trading hours), the Company entered into Subscription Agreement with the wholly-owned subsidiary of Kai Yuan Holdings Limited (Stock Code: 1215) (“the Subscriber”), pursuant to which the Company has conditionally agreed to issue and the Subscriber has conditionally agreed to subscribe for the three-year Convertible Bonds in the aggregate principal amount of HK$97,800,000. The initial conversion price is HK$0.27 each (subject to adjustments).
As at the date of this announcement, the Company has a total of 3,622,136,000 Shares in issue. Assuming there is no further issue or repurchase of the Shares, based on the initial Conversion Price of HK$0.27 per Conversion Share and assuming full conversion of the Convertible Bonds took place, the Convertible Bonds will be convertible into 362,222,222 Conversion Shares, representing approximately 10.00% of the existing issued share capital of the Company as at the date of this announcement and approximately 9.09% of the issued share capital of the Company as enlarged by the issue of the Conversion Shares. The net proceeds are intended to be used for the enhancement of the existing business of the Group and working capital. Read more…..
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