China Resources Development announces conclusion of preferred stock conversions, private insider transactions.HONG KONG--(BUSINESS WIRE)--June 28, 1996--The board of directors of China Resources China Resources (Chinese: 華潤; HKSE: 0291 ) is a group of companies in wide variety of business in Hong Kong and mainland China. Some of its companies use the name the acronym CRC. Development Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHRB CHRB California Horse Racing Board CHRB Community Housing Resource Board (Montana) CHRB Commonwealth Health Research Board ), a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. with operations in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, announced Friday that all outstanding shares of its Series B Convertible Preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". have now been converted by the holders thereof into shares of common stock. On March 11, 1996, the company announced that it had raised gross proceeds of approximately $12,530,000.00 through a private offering of shares of its Series B Convertible Preferred stock, which offering was conducted outside of the United States in reliance on the registration exemption provided by Regulation S, promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. under the U.S. Securities Act of 1933, as amended (the "Act"). CHRB's Series B Convertible Preferred stock was convertible into common stock pursuant to a formula based upon the market value of CHRB's common stock. After the conversions, the company now has 41,528,000 shares of common stock outstanding. The shares of common stock resulting from the conversions of Series B Convertible Preferred stock have not been and will not be registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. CHRB also announced that several of its controlling shareholders have, among them, engaged in private transactions in the company's stock. On May 1, 1996, Hong Wah Investment Holdings Ltd. sold 1,512,000 of its 3,672,000 shares of common stock to Worlder International Co. Ltd., which now owns 3,510,000 shares of common stock. Also, on June 10, 1996, Everbright Finance & Investment Co. Ltd. purchased 2,432,000 shares of CHRB's Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. from Hong Wah Investment Holdings Ltd., 1,184,000 shares of Series A Preferred Stock from Worlder International Co. Ltd. and 1,600,000 shares of Series A Preferred Stock from Silverich Ltd., resulting in Everbright Finance & Investment Co. Ltd. owning all 6,400,000 outstanding shares of Series A Preferred Stock after the three transactions. China Resources Development Inc., through its majority-owned operating subsidiaries in the People's Republic of China, markets and distributes dry, natural rubber and liquid latex throughout China and procures production materials and supplies for the Hainan State Farms as well as other non-affiliated customers in Hainan Province. CONTACT: Corporate Relations Group Jim Spratt, 800/444-4980 or China Resources Development Inc., Hong Kong I.P. Zhang, 011-852-2537-6689 |
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