Toscafund raises stake in Geely Auto to 17.92%

Geely Automobile Holdings Ltd said that Toscafund Asset Management LLP and an associate have increased their stake in the mainland Chinese automaker to 1.16 bln shares from 1.09 bln.
 
The UK-based hedge fund held 16.93 pct of Geely Automobile before acquiring the additional shares.

Its stake in the automaker will increase to 17.92 pct before conversion of Geely Automobile convertible bonds and exercise of share options.

Geely Automobile said it had 317.91 mln hkd of convertible bonds oustanding as of August 11, convertible into 365.41 mln new shares upon exercise in full at a conversion price of 0.87 hkd per share at any time up to March 10, 2011.

It also has options outstanding on 508.92 mln shares to which holders can subscribe at prices of 0.70 to 1.06 hkd per share. The options may be exercised from February 22, 2009 to June 4, 2013.

Geely Automobile did not say if Toscafund owned any of the convertible bonds or share options.