13 Jul 2015 14:26
For immediate release 13 July 2015
Asian Citrus Holdings Limited
("Asian Citrus" or the "Company")
Holding in Company and Director Dealing
The board of directors (the "Board") has been informed on 13 July 2015 that Changjiang Tyling Management Company Limited ("Changjiang Tyling") had completed the off-market purchase of 179,252,394 ordinary shares ("Shares") in the Company (the "Share Purchase"), representing approximately 14.34% of the total issued share capital of the Company, from Market Ahead Investments Limited ("Market Ahead1 "), the single largest shareholder of the Company immediately prior to the Share Purchase. The total consideration for the Share Purchase is HK$200,000,000.
Changjiang Tyling is a company established under the laws of the British Virgin Islands and owned as to 50% by Mr. Ng Ong Nee ("Mr. Ng"), the Company's executive director and chief executive officer, and 50% by a third party independent to the Company and its connected persons. Changjiang Tyling did not hold any Shares immediately prior to the Share Purchase. As at the date of this announcement, Mr. Ng also has options entitling him to subscribe for a further 1,600,000 ordinary shares of the Company at the exercise price of HK$1.47 per share during the period from 21 May 2016 to 20 May 2019.
Resumption of Trading
At the request of the Company, trading in the Shares on The Stock Exchange of Hong Kong Limited (the "HK Stock Exchange") was halted from 9:00 a.m. on 13 July 2015 Hong Kong time pending the release of a similar announcement in Hong Kong. An application has been made by the Company to the HK Stock Exchange for resumption of trading in the Shares on the HK Stock Exchange with effect from 9:00 a.m. on 14 July 2015 Hong Kong time.
1 Market Ahead is a company incorporated in the British Virgin Islands, the entire issued share capital of which is beneficially owned by the following persons:
Mr. Tong Wang Chow (resigned as an Executive Director of Asian Citrus on 3 March 2014) 76%
Mr. Tong Hung Wai, Tommy 6% (Executive Director of the Company)
Mrs. Tong Lee Fung Kiu 6%
Ms. Tong Mei Lin 6%
Mr. Lee Kun Chung 6%
For further enquiries please contact:
Asian Citrus +852 2559 0323
Mark Ng, Executive Director and Chief Financial Officer
Cantor Fitzgerald Europe (NOMAD and Broker) +44 (0) 20 7894 7000 Rick Thompson, David Foreman (Corporate Finance)
Richard Redmayne (Corporate Broking)
Weber Shandwick Financial +44 (0) 20 7067 0700 Nick Oborne, Stephanie Badjonat, Tom Jenkins