In fact, Shangdian Power issued eight redemption announcements in the national media designated by the CSRC from July 13 to August 13, 2007. I don't know why the fund company didn't convert shares in time.
There is such a redemption clause in the prospectus of electrified convertible bonds:
During the conversion of convertible bonds, if the share price of "Shanghai Electric Power" is higher than 130% of the current conversion price for 30 consecutive trading days, the company has the right to redeem the unconverted convertible bonds. If the conversion price is adjusted during this period, it shall be calculated according to the conversion price before and after adjustment. When the redemption conditions are met for the first time, the company has the right to redeem all or part of the convertible bonds that have not been converted on the redemption date at the price of 10 1% of the face value of the convertible bonds plus the interest of the current year. If the redemption is not implemented for the first time, the redemption right will not be exercised within the interest-bearing year.
When the aforesaid redemption conditions are met and the board of directors of the company decides to execute the redemption right, the company will publish at least three redemption announcements in the national newspaper designated by the China Securities Regulatory Commission within five trading days after the redemption conditions are met, and notify the holders of various related matters of the redemption.
Publish the first redemption announcement within 2 trading days after meeting the redemption conditions, otherwise it means giving up the redemption right.
The redemption date is not less than 30 days but not more than 60 days from the date of the first redemption announcement.