Convertible Bond

RNS Number : 4020G

Green Dragon Gas Ltd

11 May 2011

 



11 May 2011

GREEN DRAGON GAS LTD

("Green Dragon" or "the Company")

Convertible Bond

Green Dragon Gas Ltd. (AIM:GDG), one of the largest independent companies involved in the production of CBM gas and the distribution and sale of wholesale gas in China, announces that from the US$50 million raised on 7 June 2010 via the sale of a US$50 million convertible bond to GLG Partners and its co-investors, US$11.3 million has converted into equity at a conversion price of US$8.00 per ordinary share of US$0.0001 each in the Company ("Ordinary Shares"). The price was recently adjusted to reflect the demerger of Greka Drilling which was implemented via a dividend in specie to Green Dragon shareholders. The bond carried a 7% coupon and had a final maturity date of 7 June 2015. Following this partial conversion the total number of Ordinary Shares in issue has increased by 1,412,500 Ordinary Shares.

Application has been made for the new Ordinary Shares, which will rank pari passu in all respects with the existing Ordinary Shares, to be admitted to trading on AIM and it is expected that this will become effective on 17 May 2011.  Following the issue of the new Ordinary Shares, Green Dragon will have 136,114,211 Ordinary Shares in issue and the same number of voting rights (no Ordinary Shares are held in Treasury).

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Stephen Hill / Betty Cheung Green Dragon Gas	[phone]
Dr Azhic Basirov / David Jones Smith &Williamson - Nomad & Broker	[phone]
Tim Redfern / Anu Tayal / Adam James Evolution Securities - Broker	[phone]
Paul Connolly / John Dwyer / Steve Baldwin Macquarie Capital (Europe) - Broker	[phone]
Judith Rawnsley CLSA - Broker	[phone]
James Henderson / Phillip Dennis Pelham Bell Pottinger - Investor Relations	[phone]

 

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