Key Developments: Power Assets Holdings Ltd (0006.HK)

0006.HK on Hong Kong Stock

70.10HKD
23 Jul 2014
Price Change (% chg)

HK$0.60 (+0.86%)
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HK$69.50
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Latest Key Developments (Source: Significant Developments)

Envestra Ltd announces shareholding interest of CK ENV Investments Pty Ltd, Cheung Kong (Holdings) Ltd, Cheung Kong Infrastructure Holdings Ltd, Power assets Holdings Ltd, CK ENV UK Ltd
Monday, 2 Jun 2014 11:26pm EDT 

Envestra Ltd:Says CK ENV Investments Pty Ltd, Cheung Kong (Holdings) Ltd, Cheung Kong Infrastructure Holdings Ltd, Power assets Holdings Ltd, CK ENV UK Ltd has become substantial holder of the company and now hold 17.48 pct in the company.  Full Article

Envestra Ltd's director unanimously recommends cash offer of A$1.32 per share from Power assets Holdings Ltd and Cheung Kong Group Consortium
Thursday, 29 May 2014 08:00pm EDT 

Envestra Ltd:Entered into bid implementation agreement with the consortium comprising Cheung Kong (Holdings) Ltd, Cheung Kong Infrastructure Holdings Ltd and Power assets Holdings Ltd (together the Consortium) and CK ENV Investments Pty Ltd, an entity jointly owned by the Consortium (Consortium Bidco).Consortium Bidco has agreed to make a conditional off-market takeover bid to acquire all of Envestra's shares for cash consideration os A$1.32 per Envestra share.Goldman Sachs is acting as financial adviser.Johnson Winter & Slattery is acting as legal adviser to Envestra.  Full Article

Envestra Ltd receives proposal for takeover from consortium
Thursday, 8 May 2014 02:53am EDT 

Envestra Ltd:Receives indicative non binding and conditional Off market takeover proposal to acquire all of Envestra's shares.From consortium comprising Cheung Kong (Holdings) LTD, Cheung Kong Infrastructure Holdings LTD and Power Assets Holdings Ltd (consortium).For consideration of A$1.32 per share.  Full Article

Power Assets Holdings Ltd's board declares final dividend
Monday, 24 Feb 2014 11:01pm EST 

Power Assets Holdings Ltd:To recommend a final dividend of HK$1.9 per share.Payment May 30, record date May 21.  Full Article

Power Assets Holdings Ltd announces proposed spin-off and separate listing its Hong Kong Electricity Business on main board of stock exchange of Hong Kong Ltd
Tuesday, 21 Jan 2014 06:53pm EST 

Power Assets Holdings Ltd:Says the final offer price in respect of the offer share stapled units to be issued under the global offering is HK$5.45 per offer share stapled unit, exclusive of brokerage, SFC transaction levy and stock exchange trading fee.Says on Jan. 22, the Trustee-Manager, HKEIL, the company and Quickview entered into an underwriting agreement relating to the International offering with the joint global coordinators and the international underwriters.  Full Article

Power Assets Holdings Ltd seeks up to $5.7 bln IPO in Jan - Reuters
Monday, 16 Dec 2013 01:42am EST 

Power Assets Holdings Ltd:Power Assets Holdings Ltd expects to list its Hong Kong electricity business next month, providing the group with a cash injection of up to $5.7 billion for overseas takeovers - Reuters.Power Assets will spin off the business into HK Electric Investments, a single-investment trust, with the listing slated for Jan. 29.  Full Article

Power Assets Holdings Ltd updated on proposed spin-off
Sunday, 15 Dec 2013 05:48am EST 

Power Assets Holdings Ltd:Says the proposed spin-off involves the spin-off and separate listing of the Group’s Hong Kong Electricity Business, which is operated by HEC, by way of the listing of the share stapled Units to be jointly issued by HK Electric Investments and HKEIL on the Main Board of the Stock Exchange.Says the proposed spin-off includes a global offering and it is anticipated that the total number of Share Stapled Units to be offered pursuant to the global offering will represent between about 50.1 pct and 70 pct of the share stapled units.Says it is intended that immediately following the completion of the Proposed Spin-off ,the Company will have an interest in not more than 49.9 pct and at least 30 pct of the Share Stapled Units in issue, thereby providing the Company with exposure to a steady dividend stream.Says accordingly, HEC will cease to be a subsidiary of the Company, and the Trust Group will be classified by the Company as an associate and accounted for in the Group’s financial statements using the equity method of accounting.  Full Article

Power Assets Holdings Ltd Raises $4.84 Billion Loan For HKE Spinoff - Reuters
Friday, 4 Oct 2013 06:59am EDT 

Reuters reported that Hong Kong conglomerate Hutchison Whampoa Ltd's utility Power Assets Holdings Ltd is raising a HKD37.5 billion ($4.84 billion) loan to back the spinoff of Hongkong Electric (HKE). Power Assets said on September 27 that it planned to reduce its 100% shareholding in HKE to between 30% and 49.9% through a spinoff and a separate Initial Public Offering (IPO). Hutchison has an indirect interest in Power Assets through a 76.4% stake in Cheung Kong Infrastructure Holdings Ltd (CKI), which owns a 38.9% stake in Power Assets. Hutchison has invited the 17-bank group that signed a $3.6 billion loan for Hutchison Port Holdings Ltd in September to join the new three-year term loan, along with banks involved in HKE's planned IPO. The 17 banks are: ANZ, Bank of America Merrill Lynch, Bank of China Hong Kong, Bank of Tokyo-Mitsubishi UFJ, Citigroup, Commonwealth Bank of Australia, Credit Agricole CIB, DBS Bank, Deutsche Bank, HSBC, Mizuho Bank, OCBC Bank, RBS, Scotiabank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and UOB. The spinoff will be in the form of a business trust which will be called Hong Kong Electric Investments.  Full Article

Power Assets Holdings Ltd Announces Interim Dividend
Monday, 12 Aug 2013 03:34am EDT 

Power Assets Holdings Ltd announced that the Board of Directors has declared an interim dividend of HKD0.65 (2012: HKD0.62) per share, payable on September 4, 2013 to shareholders whose names appear in the Company’s Register of Members on August 26, 2013.  Full Article

Power Assets Holdings Ltd Declares Interim Dividend
Wednesday, 24 Jul 2013 12:06am EDT 

Power Assets Holdings Ltd announced that the Board of Directors has declared an interim dividend of HKD0.65 (2012: HKD0.62) per share, payable on September 4, 2013 to shareholders whose names appear in the Company’s Register of Members on August 26, 2013, being the record date for determination of entitlement to the interim dividend.  Full Article

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