China Medical Technologies Adjusts Conversion Rates of its US$150 Million Convertible Notes and US$276 Million Convertible Notes
September 30 2009 - 7:00AM
PR Newswire (US)
BEIJING, Sept. 30 /PRNewswire-Asia-FirstCall/ -- China Medical
Technologies, Inc. (the "Company") (NASDAQ:CMED), a leading
China-based medical device company that develops, manufactures and
markets advanced in-vitro diagnostic products, today announced
adjustments to conversion rates of the Company's US$150 million
outstanding 3.5% Convertible Senior Subordinated Notes due November
2011 (the "US$150 million Convertible Notes") and the Company's
US$276 million outstanding 4.0% Convertible Senior Notes due August
2013 (the "US$276 million Convertible Notes"). The adjustments are
required, in accordance with the terms of the respective indentures
governing the US$150 million Convertible Notes and US$276 million
Convertible Notes, as a result of the Company's declaration of cash
dividend of US$0.055 per ordinary share, equivalent to US$0.55 per
ADS for the fiscal year ended March 31, 2009. US$150 million
Convertible Notes Conversion rate of the US$150 million Convertible
Notes is adjusted from 31.7378 American Depositary Shares ("ADSs")
to 32.8322 ADSs for each US$1,000 original principal amount of the
US$150 million Convertible Notes with reference to the closing
market price of the Company's ADSs on September 29, 2009. The
resulting conversion price for the US$150 million Convertible Notes
is reduced from US$31.51 to US$30.46. Assuming full conversion of
the US$150 million Convertible Notes, additional 1,641,600 ordinary
shares, equivalent to 164,160 ADSs will be issued by the Company as
a result of the adjustment to conversion rate. The adjustment
became effective immediately prior to the opening of business on
September 30, 2009. US$276 million Convertible Notes Conversion
rate of the US$276 million Convertible Notes is adjusted from
17.0068 ADSs to 17.5899 ADSs for each US$1,000 original principal
amount of the US$276 million Convertible Notes with reference to
the average closing market price of the Company's ADSs over a 10
consecutive trading day period from September 14, 2009 to September
25, 2009. The resulting conversion price for the US$276 million
Convertible Notes is reduced from US$58.80 to US$56.85. Assuming
full conversion of the US$276 million Convertible Notes, additional
1,609,360 ordinary shares, equivalent to 160,936 ADSs will be
issued by the Company as a result of the adjustment to conversion
rate. The adjustment became effective immediately prior to the
opening of business on September 28, 2009. About China Medical
Technologies, Inc. China Medical Technologies is a leading
China-based medical device company that develops, manufactures and
markets advanced in-vitro diagnostic products using Enhanced
Chemiluminescence (ECLIA) technology, Fluorescent in situ
Hybridization (FISH) technology and Surface Plasmon Resonance (SPR)
technology to detect and monitor various diseases and disorders.
For more information, please visit http://www.chinameditech.com/ .
For more information, please contact: Winnie Yam Tel:
+852-2511-9808 Email: DATASOURCE: China Medical Technologies, Inc.
CONTACT: Winnie Yam, +852-2511-9808, or Web site:
http://www.chinameditech.com/
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