Electrical appliance-maker Anex International yesterday said it would place a $40 million convertible note with Heng Fung Holdings. The three-year note carries a coupon of 7 per cent and is exchangeable into 61.5 million new shares at 65 cents per share. The new shares will represent about 15 per cent of Anex's enlarged share capital. Anex shares closed at 71 cents, before trading was suspended yesterday morning.