Renren Media slumps 5% over issuing convertible bonds

Renren Media (0059) placed HK$12 mln one-year convertible bonds to independent third persons with dividend of 2.5%. The news weighed the stock down 5%, or HK$0.001 to stand at HK$0.019 with at turnover of HK$102,700, involving 5.4 mln shares. The price of the bonds was initially set at HK$0.022 each, 10% discount to the closing price of HK$0.02 of yesterday. If the converting rights were fully exercised, the company had to issue 1 bln shares, representing about 9.94% of the enlarged shares capital.

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