Sunwah International Announces Completion of Amendments to its Issued Convertible Debentures
TORONTO, Dec. 9, 2013 /CNW/ - Sunwah International Limited, TSX: SWH (the "Company"), an Asian based financial services firm, is pleased to announce that it has completed amendments to the terms and conditions of its convertible redeemable unsecured debentures, which were issued on September 19, 2008 ("Debentures"), after obtaining disinterested shareholders' approval at the Company's annual and special meeting held on December 6, 2013 for the additional shares issuable upon conversion or redemption.
The amendments to the Debentures were previously announced by the Company on September 23, 2013. The amendments include: (a) increase of interest rate from 1% to 8% per year; (b) extension of the maturity date from September 19, 2013 to September 19, 2014; (c) the Debentures convertible into shares at the option of the holder at a conversion price of $0.48 per share (reduced from $0.55 per share); (d) an arrangement fee equal to 1% of the aggregate principal amount on the Debentures will be payable on the maturity date, or such earlier date in the event of any full conversion or full redemption of the Debentures; (e) the Company will also have the right to redeem the Debentures at any time should the 20-day volume weighted average price of the Shares traded on the Toronto Stock Exchange (TSX) exceed $0.96 per Share (adjusted from $1.10 per share).
As a result of the amendments, up to 13,000,000 common shares of the Company may be issuable upon the conversion or redemption of the principal amount and any applicable accrued and unpaid interest of the Debentures.
About Sunwah International Limited
Sunwah International is a strategically positioned asset-based financial services provider, linking the global investment community with China's high growth economy. Leveraging a 20-year track record and significant relationships throughout Asia, Sunwah International is now positioned into three integrated divisions: Capital Markets Group, consisting of brokerage and financial services, including investment banking; Strategic Investment Group, a merchant bank focused on mining and natural resources; and our Asset Management Group specializing in private equity funds. The organization's primary subsidiary, Sunwah Kingsway Capital Holdings Limited is based in Hong Kong and listed on The Stock Exchange of Hong Kong. The Sunwah Kingsway group of companies comprises Sunwah International's primary operating subsidiaries and is licensed to provide a range of financial services. Sunwah International operates from six offices located in Hong Kong, Beijing, Shanghai, Shenzhen, Macau and Toronto.
China is widely recognized as an increasingly important player on the world's financial stage. As the country continues to grow, its greatest needs will lie in energy and resources. Following a recent restructuring, the Company is positioned as a middle tier provider of financial services in these sectors and an opportunistic investor in these and related sectors. Sunwah International's strategy is to use investment activities strategically to generate advisory services revenue while creating value for its shareholders through asset accumulation.
Founded in 1990, the Company is listed on the Toronto Stock Exchange under the symbol SWH.
SOURCE Sunwah International LimitedFor further information:
Kristen Humphrey, Sunwah International Group, (416) 888-2323, email@example.com .