Guys. Am I Missing something? Below is an extract from a shareholder notice posted by Dingyi on their website. It clearly says to me that Elemental have told Dingyi that they are paying back the $10m to Dingyi and cancelling this note? Do you guys read this in any other way? This is probably why they raised the money that they did this month?
“On 16 May 2014, the Board received an early redemption notice (the “Early Redemption Notice”) from Elemental in accordance with the Dingyi Convertible Note Facility, pursuant to which Elemental has given notice to the Company that after the expiration of 30 days from the date of the Early Redemption Notice, it will redeem 10,000,000 Elemental Convertible Notes and pay the amount outstanding on those notes (being an aggregate amount of AUD10 million, approximately HK$70.7 million) together with any interest accrued up to the date of the Early Redemption Notice.”
Source: http://www.dingyi.hk/ann_e.html
K2P Price at posting:
25.0¢ Sentiment: LT Buy Disclosure: Held
