E-COMMODITIES Swinging to Profit May Trigger Contingent Value Rights
2017/03/31 17:32
 
 
 
 
 
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E-COMMODITIES (01733.HK)  +0.010 (+1.266%)   issued a notice of triggering event of the Contingent Value Rights (CVRs). Under the terms of the issuance of the CVRs, the contingent value rights are triggered when the company‚Äôs cash profit before taxation in any financial year exceeds US$100 million. The board announced that, the company on 28 March 2017, as a result of the occurrence of the triggering event, a notice will be issued by the company to each participating bondholder indicating that the company will settle the CVRs in full on the settlement date at the face value recorded on each CVR certificate by the issue of new shares of the company. In accordance with the terms of the CVRs, the settlement date of the CVRs has been scheduled on 30 April 2017 and the settlement price will be determined on the settlement date. all CVRs which are settled in full by the company will forthwith be cancelled and such CVRs may not be reissued or resold.

After close on 28 March, E-COMMODITIES announced the results for the year ended 2016. Net profit was $2.874 billion, against the loss of $1.723 billion in the year-ago period. It fell 3.3%, 17.9% and 7.6% on 29, 30 and 31 March respectively.
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