Weimob Inc. (02013.HK) announced on June 13th that the company's wholly-owned subsidiary's $300 million zero-coupon guaranteed convertible bonds ("bonds") due in 2026 are unconditionally and irrevocably guaranteed by the company. Pursuant to condition 8(d) (bondholders' put option) of the terms and conditions of the bonds set out in the circular dated June 2, 2021, bondholders have the right to require the issuer to redeem all or part of their bonds at $206,075.50 per $200,000 in principal amount on June 7, 2024 ("put option date") at their option. The redemption notice has been delivered to the company, requesting the company to redeem all outstanding bonds (with a total principal amount of approximately $5.39 million) on the put option date and has settled with cash of approximately $5,558,000 in accordance with the terms and conditions of the bonds ("early redemption"). The above redemption amount has been paid from the internal resources of the Group.
The directors believe that the early redemption can improve the company's asset-liability ratio and optimize the company's capital structure. Therefore, the directors believe that the early redemption is in the overall interests of the company and its shareholders. As of the announcement date, all unredeemed bonds have been redeemed and cancelled, and there are no bonds issued and unredeemed. Therefore, the company has applied to The Stock Exchange of Hong Kong Limited for the withdrawal of the listing status of the bonds. The expected withdrawal of the listing will take effect after the close of business on June 21, 2024.