Automated Systems Holdings Limited (SEHK:771) announced that it has entered into a placing agreement on best efforts basis for the private placement of convertible bonds for gross proceeds of up to HKD 350,000,000 on January 12, 2017. The bonds are convertible into 291,666,666 common shares of the company at a fixed conversion price of HKD 1.20 per share; representing approximately 83.1% of the existing issued share capital of the company and approximately 45.4% and 35.7% of the company's share capital as enlarged by the issue of the conversion shares . The company will receive net proceeds of HKD 345,968,000 in the transaction. The company will pay expenses of HKD 4,032,000 in the transaction. The transaction is subject to approval from shareholders at the special general meeting of the company. The bonds will have a maturity period of three years from the date of issue. The bonds will be issued at par and will not bear any interest. The bonds are redeemable on maturity. Any transfer of the securities will be subject to prior written consent of the company. The transaction will close on April 15, 2017.