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Southern Airlines offers 5 warrants per 10 tradable A-shares

(CE.net)
Updated: 2007-04-17 11:47

China Southern Airlines Co Ltd, the country's largest carrier by fleet size, said it will offer five put warrants for every 10 tradable shares held under its State share reform plan.

Listed companies typically offer bonus shares, warrants or cash to holders of tradable shares in exchange for the right to dispose of non-tradable state holdings.

The company said in a statement filed with the Shanghai stock exchange last night that the exercise price of the one-year put warrants was 7 yuan (91 US cents).

China Southern Airlines Group, the largest holder of non-tradable shares, has promised that it will not trade or transfer shares for one year after the reform plan is implemented.

After the 12-month lock-up period, China Southern Airlines Group agreed not to sell more than five percent of its holdings over the next 12 months and not more than 10 percent over the following year.

Shareholders will vote on the plan between May 15 and May 17.

Trading in the company's A-shares, suspended from March 23 on the Shanghai bourse, will resume on April 25 at the latest.

A-shares of China Southern Airlines last traded at 7.43 yuan, up 4.94 percent.