26-04-2015, 09:28 PM
Book value shouldn't be your sole determinant for margin of safety. There are plenty of stocks trading below book which many won't touch with a mile long stick.
Vested. Below book value.
Vested. Below book value.
(24-04-2015, 07:07 PM)greengiraffe Wrote: [ -> ]http://infopub.sgx.com/Apps?A=COW_CorpAn...cement.pdf
This is the 47th conversion of CBs and is the largest single conversion on record - HK$52m. Month-to-date conversion total HK$102m.
Will be interesting to see if there is going to be overhang in the immediate term resulting from this latest conversion and conversion ahead of XB XD on 12 May 15.
CHINA MERCHANTS HOLDINGS (PACIFIC) LIMITED
(Incorporated in the Republic of Singapore)
Company Registration No. 198101278D
ANNOUNCEMENT
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$52,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 24 April 2015 is HK$617,000,000.
Arising from such conversion, 9,937,331 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.826 and the total number of issued and paid-up Shares of the Company has increased to 1,084,299,860.
BY ORDER OF THE BOARD
Lim Lay Hoon
Company Secretary
Singapore, 24 April 2015
Based on outstanding HK$617m worth of CBs, the potential shares to be converted at $0.826 is 117.91m.