C&D Int'l to place shares & issue perpetual convertible bond

    C&D International Investment (01908) said it agreed to place, on a best effort basis, a maximum of 68 million new shares at HK$3.97 per share, representing a discount of about 19.8% to the closing price of HK$4.95.
  The placing shares represent around 15.89% of the enlarged issued share capital of C&D International.
  The estimated net proceeds of about HK$267 million will be applied as to HK$100 million for the repayment of loans from shareholders, and the remaining balance of the net proceeds for general working capital purposes.
  C&D International also agreed to issue perpetual convertible bond in an aggregate principal amount of HK$500 million to controlling shareholder Well Land International Limited. Upon full conversion of the perpetual convertible bond, the perpetual convertible bond will be convertible into 109 million shares, representing about 23.19% of the enlarged issued share capital of C&D International. The initial conversion price is HK$4.6 per share, representing a discount of about 7.07% to the closing price of HK$4.95.
  The estimated net proceeds of about HK$499.9 million will be applied to repay loans from shareholders. Immediately upon the full conversion of the perpetual convertible bond, Well Land will hold 69.16% stake in C&D International.