China Essence

China Essence: lifts trading halt this morning. Provides update on its ability to make timely payment for the Third Redemption due on 31 Dec 2012. This is associated with its HK$250m Zero Coupon Guaranteed Convertible Bonds due 2011. Bondholders reject the co’s proposal to postpone redeeming the HK$30m of CBs bonds to mid-Mar'13. Nevertheless, the co says it is still in discussion with the Bondholders and the Trustee on alternative proposals. Directors highlight that firm is "of going concern" as bondholders have not demanded immediate payment this 3rd redemption after its due date on 31 Dec'12.