aking account of current market sentiment, the Company does not intend to carry out a global offering in conjunction with the Proposed HK Dual Listing. The company will continue to evaluate future fund raising plans, carefully considering business development needs and shareholders' interests as a whole.
The company is currently aiming to complete the Proposed HK Dual Listing by year end. The company wishes to highlight that as the proposed HK Dual Listing is subject to, among others, the final approval of the SEHK and other relevant authorities, it may not occur in the absence of such approvals.
Melco also announced that the shareholders' loans initially provided in 2006 by wholly-owned subsidiaries of our major shareholders, Melco International Development Limited and Crown Limited, will be converted into ordinary shares of the company on or around November 29. Following the conversion, Melco and Crown will maintain their interests in the company in equal proportions.
The conversion price will be determined as one-third of the volume weighted average price of the company's American Depositary Shares as quoted on the Nasdaq Global Select Market, over the period of the five business days immediately preceding the date of conversion, as each ADS represents three Shares.