China Vanguard to raise HK$89.4 million through convertible bond sale

    China Vanguard says it plans to raise a net HK$89.4 million through the sale of convertible bonds. It will use the money for corporate purposes and to pay down debt. The initial conversion price is $2.39 per share, a discount of 19.2 percent over the closing price on Monday. Assuming full conversion of the bonds at the initial conversion price the bonds will be convertible into 37.5 million shares, representing approximately 4.97% of the issued share capital.