The 13 Holdings Limited has announced that convertible bonds with a principal value of HK$1,752,542,350 and convertible into 338,628,459 shares have been transferred from Ontario Teachers’ Pension Plan Board (OTPP) to a related party of Evolution Capital Management LLC.
The shares that would arise on conversion represent approximately 36.77% and 21.62% of the existing issued share capital of The 13 Holdings Limited and the enlarged issued share capital of the Company respectively.
Founded in 2002 by Michael Lerch, Evolution describes itself as, “an elite international alternative investment firm focused on delivering superior returns while prudently managing risk exposure.” It employs over 500 people and has offices in the US, Asia and Europe.
Mr Lerch said, “We are tremendously excited to be positioned as a major beneficiary of The 13’s future success and have great faith in the management team and their business plan. The property, nearing completion in Macau, is exceptional and truly sets a new standard in luxury hotels. We are fully committed to supporting management in bringing their vision of luxury to fruition whether it be through capital or financial expertise.”
Co-Chairman of The 13 Holdings Limited, Stephen Hung, added, “Evolution has shown a deep understanding of the business and market through its experience in investing in Asian gaming as well as tremendous insight into The 13’s market positioning and strategy. We are very excited that an investor of Evolution’s stature is becoming a major stakeholder as we take the final steps in realizing The 13 vision for all our shareholders and convertible bond investors.”
