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2006-7-12 03:17:00 p.m. HKT, XFNA
Hong Kong-listed Golden Harvest issues 100 mln hkd worth of notes - UPDATE
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(updating to add reference to Hanny Holdings)
HONG KONG (XFN-ASIA) - Golden Harvest Entertainment (Holdings) Ltd said
it sold 100 mln hkd worth of convertible notes to Hanny Holdings Ltd and
other investors to retire some loans and to finance investments in new
cinemas and digital screen advertising business in China.
Golden Harvest said in a statement that the notes, due 2008, can be
converted into company shares at 0.22 hkd a share.
The notes represent 454.54 mln new Golden Harvest shares, which in turn
would account for 24.23 pct of the company's enlarged issued share capital.
Hanny Holdings is expected to own 12.11 pct of the company once the notes
are converted. It is paying 50 mln hkd for the notes.
Golden Harvest said about half the proceeds will be used to pay debts.
At 3.06 pm, Golden Harvest was unchanged at 0.15 hkd while Hanny Holdings
was down 0.125 hkd or 4.10 pct at 2.925.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/rc xfnlwm/xfnrc
MMMM
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