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Tak Sing Alliance Holdings Ltd Announces Closing Of Placing Of HKD80,000,000 Convertible Notes Under General Mandate

Monday, 18 Feb 2013 05:45am EST 

Tak Sing Alliance Holdings Ltd announced that as all conditions precedent under the Placing Agreement have been fulfilled, Closing has taken place on February 15, 2013 pursuant to which Convertible Notes in an aggregate principal amount of HKD80,000,000 have been successfully placed to not less than six Placees. To the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, the Placees and, if applicable, their ultimate beneficial owners are not connected persons of the Company and are independent of the Company and its connected persons and none of the Placees will become a Substantial Shareholder immediately following Closing and assuming full conversion of the Convertible Notes. Please refer to the Announcement for a summary of the principal terms of the Convertible Notes. Upon full conversion of the Convertible Notes at the initial Conversion Price of HKD1.15 per Conversion Share (subject to adjustments), an aggregate of 69,565,217 Conversion Shares will be issued under the General Mandate, representing approximately 6.04% of the existing issued share capital of the Company as at the date of this announcement and approximately 5.70% of the issued share capital of the Company as enlarged by the issue of the Conversion Shares. The net proceeds of approximately HKD78,000,000 from the Placing will be used by the Company as general working capital. 

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