[/caption]
China Animal asked for a trading halt yesterday morning and released its announcement at close to mid-night. The China Animal annoucement details its US$45mn fun raising with new strategic investor Blackstone Capital Partners VLP.
The management are viewing the placement to Blackstone Capital as another affirmation by a global fund house as to its fundamental merit. China Animal already has Legg Mason, Fidelity and soon Blackstone as shareholders. This affimation is important given the spate of S-chip scandals which has impacted all S-Chips (good and bad). Overtime, the good ones will stand out via their track record, disclosure and how they treat minority shareholders.
The US$45mn fund raising from Blackstone is in the current form:
a) placement of 20mn new shares in China Animal at S$0.35
b) US$40mn convertible bond (CB) due in 2015
A summary of the CB terms is appended below:
a) US$40mn amount with zero coupon
b) completion expected by end of July 2010 with a long stop date in September 2010 (ie the deal expire)
c) Conversion price - there are a few conditions here. Read more...[caption id="attachment_3464" align="alignright" width="150" caption="Photo by Gabriel M."][/caption]
China Animal asked for a trading halt yesterday morning and released its announcement at close to mid-night. The China Animal annoucement details its US$45mn fun raising with new strategic investor Blackstone Capital Partners VLP.
The management are viewing the placement to Blackstone Capital as another affirmation by a global fund house as to its fundamental merit. China Animal already has Legg Mason, Fidelity and soon Blackstone as shareholders. This affimation is important given the spate of S-chip scandals which has impacted all S-Chips (good and bad). Overtime, the good ones will stand out via their track record, disclosure and how they treat minority shareholders.
The US$45mn fund raising from Blackstone is in the current form:
a) placement of 20mn new shares in China Animal at S$0.35
b) US$40mn convertible bond (CB) due in 2015
A summary of the CB terms is appended below:
a) US$40mn amount with zero coupon
b) completion expected by end of July 2010 with a long stop date in September 2010 (ie the deal expire)
c) Conversion price - there are a few conditions here. Read more...
[/caption]
China Animal asked for a trading halt yesterday morning and released its announcement at close to mid-night. The China Animal annoucement details its US$45mn fun raising with new strategic investor Blackstone Capital Partners VLP.
The management are viewing the placement to Blackstone Capital as another affirmation by a global fund house as to its fundamental merit. China Animal already has Legg Mason, Fidelity and soon Blackstone as shareholders. This affimation is important given the spate of S-chip scandals which has impacted all S-Chips (good and bad). Overtime, the good ones will stand out via their track record, disclosure and how they treat minority shareholders.
The US$45mn fund raising from Blackstone is in the current form:
a) placement of 20mn new shares in China Animal at S$0.35
b) US$40mn convertible bond (CB) due in 2015
A summary of the CB terms is appended below:
a) US$40mn amount with zero coupon
b) completion expected by end of July 2010 with a long stop date in September 2010 (ie the deal expire)
c) Conversion price - there are a few conditions here. Read more...
