OSIM

OSIM: shares are down 5.3% to $2.67, giving back most of the gains chalked up over the recent 3 mth rise. The share price move reflects a "sell on news" effect. This morning, OSIM announced that it has fully placed to institutional and accredited investors $170m in principal amount of zero-coupon unsecured convertible bonds (CB) due 2019. The CBs have a term of 5 yrs, with conversion price of $3.525 per new share (25% premium to last close). The CBs will not bear interest, but are redeemable at ~110 , and have a yield to maturity of 2% pa. On full conversion, the dilution is 6.2% of existing share base.