Dear Darling,
Extract from SDL annual report 30 June 2014.
Hanlong Convertible Note:
5 million convertible notes were issued by the Company on 6 February 2013 to Hanlong (Africa) Mining Investment Ltd (‘Hanlong’) at an issue price of $1.00 per note. The holder may convert notes into underlying shares utilising a conversion price of the average daily volume weighted average price of Sundance shares traded on the ASX over the five trading days preceding the date of conversion. Conversion may occur at any time until 31 December 2014 at the election of either Sundance or Hanlong. If the notes have not been converted they will be redeemed on 31 December 2014 at $1.00 per note. The net proceeds received from the issue of the convertible notes have been split between the financial liability element and a derivative component, representing the residual attributable to the option to convert the financial liability into equityof the Company
Unquoted
Conversion can happen at any time using the average daily volume weighted average price of SDL shares traded on the ASX over the five trading days preceding the date of conversion.
Please watch that conversion is coming and it will give additional voting rights to HL. After the conversion, HL will control 19.9 per cent of SDL.
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