M Development issues clarification

M Development said it received not a draw-down but a conversion notice.

The clarification superseded an earlier announcement by the company.

The statement said, "The Board of Directors of M Development Ltd wishes to clarify that the Company did not receive the draw-down of the 23rd sub-tranche of the Tranche 1 Notes from Value Capital Asset Management Fund Ltd but a conversion notice."

The Board of Directors of M Development Ltd previously announced that it has received on 14 August 2012 the draw-down of the 23rd sub-tranche of the Tranche 1 Notes for a total amount of S$500,000 from Value Capital Asset Management Fund Ltd.

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