Annual Report 2007 - Hmdatalink.com hm datalink

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Notes to the consolidated financial statementsfor the year ended 31 December 200719. CONVERTIBLE BONDS (Continued)Conversion price resetIf the average of the closing prices (the “Average Market Price”) of the shares for the period of 20consecutive trading days immediately prior to 10 April 2007 and 10 April 2008 (each a reset date) is less thanthe conversion price on the reset date (after taking into account any adjustments in certain events which mayhave occurred prior to the reset date), the conversion price shall be adjusted on the relevant reset date sothat the Average Market Price will become the adjusted conversion price with effect from the relevant resetdate, provided that:(i)any such adjustment to the conversion price shall be limited such that the adjusted conversion pricein no event shall be less than 80% of the conversion price prevailing on the relevant reset date (aftertaking into account any adjustments as in certain events which may have occurred prior to the resetdate); and(ii)the conversion price shall not be reduced below the then par value (currently HK$0.02 per share) ofthe shares unless under applicable law then in effect the CB 2011 could be converted at such reducedconversion price into legally issued, fully-paid and non-assessable shares.The conversion price has not been reset for each reset date.RedemptionOn or at any time after 10 April 2008 and prior to 10 March 2011, the Company may redeem all, but not someonly, of the bonds at the early redemption amount if:(i)the closing price of the Company’s shares on the SEHK shall have been at least 130% of the applicableearly redemption amount divided by the conversion ratio for each of the 30 consecutive trading dayperiod; or(ii)at any time providing at least 90% of the principal amount of the CB 2011 has been converted,redeemed or purchased and cancelled.On 10 April 2009, the holder of each bond will have the right at such holder’s option, to require the Companyto redeem all or some of the bonds at 115.123% of their principal amount.Unless previously converted, redeemed or purchased and cancelled, the CB 2011 will be redeemed at126.456% of their outstanding principal amount on 10 April 2011.GEELY AUTOMOBILE HOLDINGS LIMITED89ANNUAL REPORT 2 0 0 7
Notes to the consolidated financial statementsfor the year ended 31 December 200719. CONVERTIBLE BONDS (Continued)The convertible bonds contain a liability component and the embedded derivatives (comprising a put option,a call option and conversion option), which are required to be accounted for separately. The movements ofthe convertible bonds for the year are set out below:2007 2006HK$’000HK$’000Liability componentCarrying amount brought forward/Fair value at inception 682,838 689,917Issuing costs – (13,632)Conversion during the year (408,667) (25,736)Accrued effective interest charges 35,103 32,289309,274 682,838Fair value of embedded derivative in respect of the putoption and conversion optionCarrying amount brought forward/Fair value at inception 169,782 192,714Conversion during the year (90,658) (10,694)Changes in fair value (22,345) (12,238)56,779 169,782Less: Fair value of embedded derivativein respect of the call optionCarrying amount brought forward/Fair value at inception 115,894 141,126Conversion during the year (61,884) (8,252)Changes in fair value (16,691) (16,980)37,319 115,89419,460 53,888GEELY AUTOMOBILE HOLDINGS LIMITED90ANNUAL REPORT 2 0 0 7
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