Dear all,
Just to share what I have sent to my clients this morning (i.e. 5 Feb 2016), just a few minutes after market opens:
Sino Grandness announced yesterday night that it is calling for an EGM to seek shareholders’ approval for the proposed disposal and / or the proposed material dilution of 20% or more of the company’s shareholding interest in Garden Fresh, pursuant to the proposed listing of Garden Fresh (its subsidiary) on an internationally recognised stock exchange. The EGM will be held on 23 Feb, 10am. Please see the link here for the notice of EGM.
My personal takeaway is
This is a good piece of news. In my opinion, it signifies that the IPO stage has (finally) reached the end stage. If the IPO can progress, the concerns on its convertible bonds are likely to be alleviated as they are tied to the IPO. ......