4 Dec 2009 07:06
CATHAY INTERNATIONAL HOLDINGS LTD.
Results of £26.8 million (net) Placing and Open Offer
Final allocation of shares made to existing shareholders and new investors
FOR PUBLICATION IN THE UNITED KINGDOM ONLY. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA AND JAPAN, OR INTO ANY OTHER JURISDICTION WHERE THE EXTENSION OR AVAILABILITY OF THE PLACING AND OPEN OFFER WOULD BREACH ANY APPLICABLE LAW.
4 December 2009: Cathay International Holdings Ltd. (LSE: CTI.L) ("Cathay" or the "Company"), a company investing primarily in the growing pharmaceutical and healthcare sectors in the People's Republic of China, announces today the results of the Placing and Open Offer announced on 18 November 2009.
Cathay announced on 18 November 2009 that it was proposing to raise approximately £26.8 million (US$45.0 million) net of expenses through a Placing and Open Offer of 101,632,670 New Common Shares at a price of 27.5 pence per New Common Share.
The Open Offer closed at 11.00 am on 3 December 2009. Valid applications have been received from Qualifying Shareholders in respect of 54,467,441 New Common Shares (representing approximately 53.6 per cent. of the 101,632,670 New Common Shares available under the Placing and Open Offer). The remaining 47,165,229 New Common Shares have been placed with shareholders and new investors at a price of 27.5 pence per New Common Share.
The remaining steps in the process to complete the Placing and Open Offer are:
passing of the Resolutions without material amendment at the Special General Meeting to be held later today (4 December 2009); and
admission of the New Common Shares to trading on the London Stock Exchange and to listing on the Official List of the UK Listing Authority, which is expected to become effective at 8.00 a.m. on 7 December 2009.
The New Common Shares, when issued and fully paid, will rank pari passu with the Existing Common Shares in all respects.
Capitalised terms used (but not defined) in this announcement have the same meanings as in the Prospectus sent to shareholders on 18 November 2009 unless the context requires otherwise.
Enquiries
| Cathay International Holdings Ltd. | + 852 2828 9289 |
| Stephen Hunt / Patrick Sung / Eric Siu | |
| | |
| Piper Jaffray Ltd. | +44 (0)20 3142 8700 |
| Jamie Adams / Tom Rider | |
| | |
| Brunswick | +44 (0)20 7404 5959 |
| Jon Coles | |
Piper Jaffray Ltd., which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as financial adviser, sponsor and broker in connection with the Placing and Open Offer and not for any other person and will not be responsible to any other person for providing the protections afforded to its customers or for providing advice in relation to the Placing and Open Offer or any other transaction or arrangement referred to in the Prospectus, the contents of the Prospectus and, if relevant, the accompanying documents or any arrangements referred to therein.
This news release has been issued by Cathay International Holdings Ltd. and is the sole responsibility of Cathay International Holdings Ltd.
The Placing and Open Offer remains conditional upon the Placing Agreement becoming unconditional in all respects (save for the condition relating to Admission) and upon Admission.
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities and should not be relied upon in connection with any decision to subscribe for or acquire any New Common Shares.
The distribution of this announcement in certain jurisdictions may be restricted by law and such distribution could result in violation of the laws of such jurisdictions. In particular, this announcement is not for distribution in the United States, Australia, Canada, Japan or South Africa.
This announcement is not an offer of securities for sale in the United States. The New Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state or other jurisdiction of the United States or qualified for distribution under any applicable securities laws in Canada, Australia, South Africa or Japan. The New Common Shares may not be offered or sold, directly or indirectly, within the United States absent registration or an exemption from registration under the Securities Act and in compliance with any applicable securities laws of the states of the United States. No public offering of the securities discussed herein is being made in the United States and the information contained herein does not constitute an offering of securities for sale in the United States, Australia, Canada, Japan or South Africa. This announcement is not for distribution directly or indirectly in or into the United States, Australia, Canada, Japan or South Africa.
Neither the New Common Shares, the related Prospectus, this announcement nor any other document connected with the Placing and Open Offer have been or will be approved or disapproved by the United States Securities and Exchange Commission or by the securities commissions of any state or other jurisdiction of the United States or any other regulatory authority, nor have any of the foregoing authorities or any securities commission passed upon or endorsed the merits of the offering of the New Common Shares. Any representation to the contrary is a criminal offence.
The delivery of this announcement shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company since the date of this announcement nor that the information in it is correct as of any subsequent time.