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Inner Mongolia Development (0279) buys HK$131m Hennabun convertible note from Willie (0273) for HK$100m, and converts it into 50.07% of Hennabun

Company announcement, 3-May-2006

The 8% 10-year note issued on 21-Sep-2005 was convertible at $0.25 but has been adjusted to $0.15 after Hennabun issued shares to third parties. Hennabun is owned by 10 listed companies (including IMD and Willie), 1 "independent financial institution" and 2 "independent third parties".

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