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Singapore-based firm starts fund to buy 'death spiral' convertibles

13 Jun 2016 09:00

By Kenneth Lim

A FINANCIER that specialises in a controversial form of convertible financing has launched its first fund to public clients, hoping to benefit from tight capital raising conditions for smaller companies.

Advance Capital Partners is marketing its Advance Opportunities Fund I to high net worth individuals and institutional investors.

The firm and its fund specialises in convertible bonds that have been called "death spiral convertibles" because of their dilutive impact on the underlying shares. Under Advance Capital's programme, a listed company that is in need of funds will issue to Advance Capital convertible notes that are convertible into new shares of the company at a fixed discount to the current market price. Because the notes set the conversion discount, and not the price, some notes have the potential to create a runaway negative impact on the underlying stock as each round of conversion gets even more dilutive.

Advance Capital has previously made such deals with Attilan Group (the former Asiasons Capital), Elektromotive Group, Yuuzoo Corp, Cacola Furniture International and OLS Enterprise. Other firms that are active in such programmes include Value Capital Asset Management, which has made deals with Annica Holdings, ISR Capital, Magnus Energy Group and LionGold Corp.


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Source: Business Times
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