Core Viewpoint - Sunshine Oil Sands has entered into a subscription agreement to issue convertible bonds worth HKD 238 million to settle debts owed to its chairman's wholly-owned company, which will significantly impact the company's capital structure and debt management [1][2] Group 1: Convertible Bonds Issuance - The company has conditionally agreed to issue fixed-rate convertible bonds totaling HKD 238 million, which will be used for the complete and final settlement of debts owed to the subscriber [1] - The initial conversion price for the bonds is set at HKD 0.377 per share, potentially resulting in the issuance of up to 631 million new shares, representing approximately 110.49% of the existing issued share capital [1] Group 2: Debt Management and Financial Impact - The issuance of shares to settle debts will extend the company's obligations to the subscriber by two years and significantly reduce interest costs, as the current outstanding balance incurs an annual interest rate of 10.0% [2] - If the convertible bonds are converted into shares, the company's debt and capital leverage ratio will improve without requiring significant cash outflows [2] - The subscriber will regain control as the major shareholder, which is expected to facilitate financing transactions, as investors typically prefer or require major/controlling stakes for stability and support in long-term strategies [2]
阳光油砂(02012)拟向执行主席孙国平发行2.38亿港元可换股债券以清偿应付债务