HANNY Magnetics (Holdings) has completed its US$36.38 million convertible note issue and related share subscription, after gaining shareholder approval at Monday's special general meeting. It was announced on September 26 that a wholly owned subsidiary of Hutchison Whampoa had conditionally agreed to subscribe to a $36.38 million convertible note issue by Hanny. The group also had announced a placement of new shares, organised by Peregrine, amounting to 24.7 per cent of share capital or 19.8 per cent of the enlarged capital. Two Peregrine units had each agreed to subscribe to, or find buyers for, shares amounting to 9.9 per cent of the enlarged capital. Hutchison will second two executives to Hanny, with Joseph Li becoming executive director and chief financial officer, and Fergus Wilmer executive director and chief executive. Peregrine Investments Holdings managing director Francis Leung Pak-to and Peregrine Direct Investments senior investment adviser John Nicholls will be appointed non-executive directors. Two Hanny employees, Alex Lee and Frank Lam, will be appointed executive directors. The stock exchange has granted conditional listing of shares to be issued on exercise of the conversion rights attached to the notes and the shares, subject to the share subscription.
