Sound Global

Sound Global (SGL): Upsize Option of up to RMB 205m relating to convertible bonds issue has been exercised, bringing total size of CB issue to RMB 885m. Max potential dilution is 191m shares, or 14.8%, if all CBs were converted. Positive that capital raising appears well-received. Recall use of net proceeds of US$126m as follows - 60% for invmt in prospective BOT projects, 10% to repay debt, 5% R&D, 25% working capital…

Separately, SGL proposes implementation of an expedited process for the transfer of shares, ie the Batch Transfer, from Singapore to HK, by first day of trading on the HK Exchange (SEHK). Sh/h must submit a share removal request by 14 Sep. This is similar to what SGL did in the previous (failed) attempt at the HK dual-listing. It is curious how SGL always seems to be in such a rush to get their shares migrated to HK even before getting the listing approval from SEHK.