Jade Road Investments Flags Potential Provision in 2021 Accounts Over Convertible Bond; Shares Fall – MarketWatch
By Sabela Ojea
Shares in Jade Road Investments Ltd. on Friday fell after the company said it believes it will likely book either a partial or full provision in its 2021 accounts in relation to a $26.5 million convertible bond.
The London-listed investment vehicle said that it holds the bond in restaurant company Fook Lam Moon Holdings. The bond has a maturity of five years ending November 2023 and pays a coupon of 5.0% a year, it said.
“The company will also explore all legal options available to it under the convertible bond documentation if its rights to knowledge of and possible consents to a disposal of a controlling stake in the restaurant group have been breached and will consider all courses of action to protect its interest as more information comes to light,” Jade Road Investments said.
Shares at 0836 GMT were down 4.00 pence, or 28%, at 10.50 pence.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix