South Sea issues 106.5M shares for Team Concepts debt

South Sea Holding Company Limited (0680) announced that the scheme advanced with a proposed issuance of new shares and convertible debentures to settle the unsecured debts of Team Concepts Manufacturing Limited has been approved by the unsecured creditors of Team Concepts and sanctioned by the Court accordingly. Pursuant to the scheme, the company will issue to scheme creditors cheques having an aggregate value of approximately $116,500 and convertible debentures.

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