Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Taiwan Stock Exchange  >  Shin Kong Financial Holding Co., Ltd.    2888   TW0002888005

SHIN KONG FINANCIAL HOLDING CO., LTD.

(2888)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Shin Kong Financial : SKFH announces the change of funds utilization plan of the fourth issue of domestic unsecured convertible corporate bonds

share with twitter share with LinkedIn share with facebook
09/22/2017 | 06:10am EDT

SKFH announces the change of funds utilization plan of the fourth issue of domestic unsecured convertible corporate bonds

2017-09-22

1.Date of the board of directors resolution for the change: 2017/09/22
2.Dates of effective registration of the original plan: 2017/05/26
3.Reason or the change:
(1)The funds raised was planned to repay principal when the bondholders of SKFH 2014 third issue of domestic unsecured convertible corporate bonds exercise the put option. But until 2017/08/27, the record date to exercise
the put option of the third issue of domestic unsecured convertible corporate bonds, the amount of put option exercised was only NT$41,500,000, leaving NT$3,958,500,000 from the raised amount unused.
(2)Considering the original plan was to repay debt obligation and to effectively utilize funds, the Company plans to change part of the funds utilization items to repaying bank loans. This will save interest expense and
ease financial stress.
4.Content of each and every successive past changed plan for raising of funds before and after change:
(1)Before change:
Item Required amount
=====================================================================
a.To repay the third issue of domestic NT$4,000,000,000
unsecured convertible corporate bonds
(2)After change:
Item Required amount
=====================================================================
a.To repay the third issue of domestic NT$1,300,000,000
unsecured convertible corporate bonds
b.To repay bank loans NT$2,700,000,000
5.Anticipated timetable for execution:
(1)To repay the third issue of domestic unsecured convertible corporate bonds:
a.To repay NT$41,500,000: Execution to be completed in the third quarter of 2017.
b.To repay NT$1,258,500,000: Execution to be completed in the third quarter of 2019.
(2)To repay bank loans: Execution completed in the fourth quarter of 2017.
6.Anticipated completion date:
(1)To repay the third issue of domestic unsecured convertible corporate bonds:
a.To repay NT$41,500,000: Expect to complete by the third quarter of 2017.
b.To repay NT$1,258,500,000: Expect to complete by the third quarter of 2019.
(2)To repay bank loans: Expect to complete by the fourth quarter of 2017.
7.Anticipated possible benefits:
(1)To repay the third issue of domestic unsecured convertible corporate bonds: Expect to save interest expense by NT$5,417,000 in 2017.
(2)To repay bank loans: Expect to save interest expense by NT$4,483,000 in 2017.
8.Difference with original anticipated benefits:
(1)To repay the third issue of domestic unsecured convertible corporate bonds: The amount of interest expense which can be saved decreases NT$11,250,000.
(2)To repay bank loans: The amount of interest expense which can be saved increases NT$4,483,000.
9.Effect of the current change on shareholder equity:
The Company changes the funds utilization plan to retain credit line and remain stable revolving capacity, so as to meet the needs for economic changes and financial plans, which will help increase funds utilization and flexibility, as well as improve financial structure.
In the long run, the change of plan has no significant effect on shareholder equity.
10.Abstract of the original lead underwriter's appraisal opinion:
The change of plan is because the majority of bondholders of the third issue of domestic unsecured convertible corporate bonds did not exercise the put option, leaving some raised amount unused. Considering the plan was
to repay debt and improve fund utilization, the Company planned to use the unused fund to repay bank loans to increase effectiveness of funds utilization and improve financial structure, so the change of plan is reasonable and necessary.
11.Any other matters that need to be specified: None

Shin Kong Financial Holding Co. Ltd. published this content on 22 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 September 2017 10:09:01 UTC.

share with twitter share with LinkedIn share with facebook
All news about SHIN KONG FINANCIAL HOLDIN
08/05SHIN KONG FINANCIAL HOLDING CO., LTD : Ex-dividend day for final dividend
FA
07/29SHIN KONG FINANCIAL : SKFH announces terms and subscription record date of capit..
PU
07/21SHIN KONG FINANCIAL : SKFH announces adjustment of conversion prices of the four..
PU
04/17SHIN KONG FINANCIAL HOLDING CO., LTD : RIGHTS ISSUE: 24.919067 new shares @ 7.8 ..
FA
2019SHIN KONG FINANCIAL HOLDING CO., LTD : RIGHTS ISSUE: 20.857323 new shares @ 8.6 ..
FA
2019SHIN KONG FINANCIAL HOLDING CO., LTD : Ex-dividend day for
FA
2018SHIN KONG FINANCIAL : SKFH set up the internet-only bank preparatory office with..
PU
2018SHIN KONG FINANCIAL HOLDING CO., LTD : 1.440115% Stock Dividend
FA
2018SHIN KONG FINANCIAL HOLDING CO., LTD : Ex-dividend day for final dividend
FA
2018SHIN KONG FINANCIAL : SKFH announces adjustment of the conversion price of the f..
PU
More news
Financials
Sales 2020 278 B 9 459 M 9 459 M
Net income 2020 15 691 M 533 M 533 M
Net Debt 2020 - - -
P/E ratio 2020 6,92x
Yield 2020 3,38%
Capitalization 110 B 3 740 M 3 741 M
Capi. / Sales 2020 0,40x
Capi. / Sales 2021 0,38x
Nbr of Employees 17 470
Free-Float 81,0%
Chart SHIN KONG FINANCIAL HOLDING CO., LTD.
Duration : Period :
Shin Kong Financial Holding Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SHIN KONG FINANCIAL HOLDIN
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 8,31 TWD
Last Close Price 8,43 TWD
Spread / Highest target 11,5%
Spread / Average Target -1,43%
Spread / Lowest Target -25,9%
EPS Revisions
Managers
NameTitle
Jih-Chu Lee Vice Chairman & General Manager
Min Yi Huang President
Tung Chin Wu Chairman
K. T. Chang Chief Information Officer
Yun Wan Yeh Director
Sector and Competitors
1st jan.Capitalization (M$)
SHIN KONG FINANCIAL HOLDING CO., LTD.-18.55%3 750
AXA-28.53%50 442
PRUDENTIAL PLC-11.08%43 680
METLIFE, INC.-21.44%36 343
MANULIFE FINANCIAL CORPORATION-22.42%30 065
PRUDENTIAL FINANCIAL, INC.-25.42%27 586