BEIJING, Sept. 30 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the “Company”) , 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 .
SOURCE China Medical Technologies, Inc.
CONTACT: Winnie Yam, +852-2511-9808, or IR@chinameditech.com
Web site: http://www.chinameditech.com/
