China Cord Blood Corporation Commences Warrant Exchange Offer
HONG KONG, Nov. 10, 2010 /PRNewswire-Asia-FirstCall/ -- China Cord Blood Corporation (NYSE: CO) ("CCBC" or "the Company"), the first and largest cord blood bank operator in China, today commenced its previously announced warrant exchange offer, and provided warrant holders with participation details. The Company will offer to exchange one ordinary share for every eight warrants. As agreed with the underwriter of the Company's recent public offering, persons receiving ordinary shares in the exchange offer agree not to offer or sell such shares until the 46th day after the consummation of the exchange offer. The warrant exchange tender offer will continue for a period of at least 20 business days starting from November 10, 2010, and is scheduled to expire on December 10, 2010, at 5:00pm United States Eastern Time.
Ms. Ting Zheng, Chairperson and CEO of China Cord Blood Corporation commented, "Our warrant exchange offer is being implemented to significantly simplify our corporate structure, reduce the potential dilutive impact of the warrants, and further align the interest among management, shareholders and warrantholders."
China Cord Blood Corporation had approximately 13,206,231 warrants and 73,746,350 ordinary shares issued and outstanding as of November 10, 2010. The company expects to issue 1,650,778 ordinary shares in exchange for 13,206,231 warrants, representing approximately 2.2% of the total ordinary shares issued and outstanding. To participate in the exchange program, warrantholders must tender their warrants in accordance with the instructions included in the Offer Letter, no later than 5:00pm United States Eastern Time on December 10, 2010.
Ms. Ting Zheng concluded, "The past nine months marked several important milestones in our corporate development history. We are excited as our operations in Beijing and Guangdong continue to bea