Novaland Joint Stock Group Investment Corporation (Novaland, Stock Code: NVL, HoSE) has just announced the Resolution of the Board of Directors on approving July 4, 2025, as the record date for shareholders to attend an extraordinary General Meeting of Shareholders (GMS).
Specifically, Novaland plans to hold an extraordinary GMS on August 7, 2025. The venue and format of the meeting will be detailed in the invitation letter. The agenda is expected to include the approval of the share issuance plan for debt swap and other matters (if any).
In another development, Novaland has announced information related to the restructuring of its convertible bonds with an interest rate of 5.25% valued at over USD 320.9 million.
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Specifically, as of the deadline for obtaining the consent of the Bondholders, Novaland has received approval for the proposed waivers and amendments from Bondholders holding an aggregate principal amount of over USD 276.2 million, or approximately 86.07% of the First Replacement Bonds outstanding. Accordingly, the Company has obtained the required approval ratio.
After receiving the required approval ratio, the Company and the Trustee executed the Second Replacement Trust Deed to effect the Proposed Amendments.
All Bondholders, including non-consenting Bondholders, will be bound by the Second Replacement Trust Deed, provided that the Second Replacement Trust Deed shall only become effective and binding as of the Amendment Effective Date.
In any event, no later than August 31, 2025 (“Final Completion Date”), as detailed in the Company’s notice to Bondholders dated June 12, 2025 (“Results Notice”). The Final Completion Date may be extended if the required approval ratio is obtained from the Bondholders.
Previously, in 2024, Novaland also implemented a restructuring plan for the above bond issue. Specifically, this plan officially took effect on July 5, 2024, with a principal debt of over USD 320.9 million as of the Amendment Effective Date.
The initial conversion price as of the Amendment Effective Date is VND 40,000/share, according to the foreign exchange rate between VND and USD fixed at VND 24,960/USD. The conversion ratio is 134,135 shares/bond.
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