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Far East Holdings International Ltd Updates On Proposed Open Offer On Basis Of One Offer Share For Every Two Shares Held On Record Date


Tuesday, 8 Jan 2013 03:58am EST 

Far East Holdings International Ltd announced that with reference to the announcement dated december 14, 2012, the Company has entered into the Underwriting Agreement with the Underwriter, whereby the Board has proposed to raise approximately HKD30.3 million before expenses by way of the Open Offer of 151,418,943 Offer Shares at the Subscription Price of HKD0.2 per Offer Share on the basis of one Offer Share for every two Shares held by the Qualifying Shareholders on the Record Date and payable in full on acceptance. The Subscription Price represents a discount of approximately 39.39% to the closing price of HKD0.330 per Share as quoted on the Stock Exchange on December 14, 2012, being the Last Trading Day; a discount of approximately 30.24% to the theoretical ex-entitlements price of approximately HKD0.2867 per Share based on the closing price of HKD0.330 per Share as quoted on the Stock Exchange on the Last Trading Day; a discount of approximately 40.30% to the average closing price of approximately HKD0.335 per Share as quoted on the Stock Exchange for both the five consecutive trading days and ten consecutive days up to and including the Last Trading Day; and a discount of approximately 36.51% to the closing price of HKD0.315 per Share as quoted on the Stock Exchange on the Latest Practicable Date. 

Company Quote

0.77
0.05 +6.94%
3:58am EDT