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Quiet day for Amazon on ASX
- — 23 November, 1999 21:49
After a slow first day of trading yesterday, Amazon.com convertible notes closed 10 cents up on their original sale price on the ASX. The notes rose to a high $15.75 before closing at $15.70.
Paul Delange, financial products and sales manager for Salomon Smith Barney who issued the notes, said his company was "happy" with the closing price, which had been valued against Amazon's closing share price last Wednesday.
However, Delange said he was disappointed with the "very low" volume of trading of the notes. Only 1000 notes were traded before the market closed.
Public companies use convertible notes to raise funds without diluting their existing share base. Note holders can exchange 10 convertible notes for a single Amazon.com share.
Delange said historically convertible notes were not traded as frequently as normal shares as the process was more complex and the public didn't fully understand the concept. However, he expected this would change as more people became aware of the basics of trading.