J'sco Holdings to Pursue Re-sale of 1st Round CB... "Extension of Conversion Request Period"
JSCO Holdings announced on the 3rd that it has extended the conversion request period for the 1st tranche of convertible bonds to the 25th.
JSCO Holdings had originally scheduled the conversion request period for the CB to be on the 4th, but extended it to resell part of the 24 billion KRW acquired through the call option exercise on the 27th. The proceeds from the resale will be used as funds for the Philippine nickel ore project. The remaining balance after the resale will be entirely canceled to enhance shareholder value.
Based on the secured funds, JSCO Holdings plans to acquire exclusive sales rights for the Philippine nickel mine. Upon signing the exclusive sales rights contract, the company will be guaranteed a certain percentage of sales revenue from nickel ore sales as operating profit. The company explained that due to the nature of the business with no fixed costs, high operating profits are expected.
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A company representative stated, “Of the remaining CB worth approximately 27 billion KRW excluding the already converted shares, part will be canceled to contribute to shareholder value enhancement, and part will be sold to strategic investors to acquire exclusive sales rights for the Philippine nickel project.”
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