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Freeman (0279) renegotiates convertible bond held by Huarong Inv (2277)Huarong Inv announcement
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.

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