Nippon Sheet Glass

Nippon Sheet Glass Co. announced 15 December 2006 that all of JPY 110 BN unsecured convertible bonds it issued in March 2006 have been converted into common stocks. The Japanese glass manufacturer issued the moving strike convertible bonds to finance part of the funds for the acquisition of UK glassmaker Pilkington. The completion of share conversion may somewhat ease investor concerns about the surplus of its shares.