Examples of Convertible Bonds in a sentence
As disclosed in the 2024 Interim Report, the Company intends to use part of the net proceeds from the issuance of Convertible Bonds for the preparation for the resumption of the Group’s Jinzhou production facilities, which is expected to take place in the fourth quarter of 2024.
In respect of purchase of corn kernels and coal, as disclosed in the interim report of the Company for the six months ended 30 June 2024 (the “2024 Interim Report”), the Company intends to use part of the net proceeds from the issuance of Convertible Bonds for the preparation for the resumption of the Group’s Jinzhou production facilities, which is expected to take place in the fourth quarter of 2024.
A summary of the key terms of the Convertible Bonds have been set out in the Joint Announcement and the Circular.
The Aggregate Consideration will be settled partly by way of Kong Sun executing upon the Completion Date the Promissory Note in an amount of HK$20 million to the Vendor and partly by way of Kong Sun issuing upon the Completion Date the Convertible Bonds for an aggregate principal amount of HK$40 million to the Vendor or its nominee as the Vendor may direct.
Under the terms of the Bonds Instrument, it is provided that, among other things, Kong Sun has the right to either require the Vendor or its nominee as bondholder to mandatorily convert any Convertible Bond remaining outstanding as at the third anniversary of the date of issue of the Convertible Bonds (“Maturity Date”) into Conversion Shares at the then applicable conversion price or redeem any Convertible Bond remaining outstanding at Maturity Date at its nominal value (“Mandatory Conversion Right”).