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Ginseng Maker Reports Share Conversion
RICHMOND - Dec 1/03 - SNS -- Chai-Na-Ta Corp.'s largest investor, Herb King International Limited, today converted 10,000,000 non-voting preferred shares into common shares, thereby raising its holdings of Chai-Na-Ta's common shares to 78% from 62%.
Herb King, a wholly owned subsidiary of Road King Infrastructure Limited of Hong Kong, retains 10,399,149 preferred shares, which are convertible into common shares on a one-for-one basis.
A total of 20,399,149 non-voting, convertible preferred shares were issued to John Hancock Life Insurance Company in April 2000 in settlement of certain secured debts owed to it by Chai-Na-Ta. Later that month, through a financial restructuring and change of control, Herb King took ownership of the shares.
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