Learning Concepts to issue shares, debentures for unit debt repayment

HONG KONG (AFX-ASIA) - Learning Concepts Holdings Ltd said it proposes to issue 389.34 mln new shares at 0.10 hkd and 38.93 mln hkd worth of convertible debentures to the unsecured creditors of its wholly-owned unit Team Concepts Manufacturing Ltd.

	    The issue of share and debentures is to offset total debts of 389.64 mln hkd which Team Concepts owes its creditors, the company said,

	    The debentures, which will bear no interest, can be converted into shares in Learning Concepts at 0.10 hkd each, it said.

	    After this proposal, the outstanding liabilities of Team Concepts will drop by 334.10 mln hkd to 55.5 mln, it said.

	    Learning Concepts last traded at 0.057 hkd.

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