Key Developments: New Times Energy Corp Ltd (0166.HK)

0166.HK on Hong Kong Stock

0.43HKD
24 Jul 2014
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Latest Key Developments (Source: Significant Developments)

New Times Energy Corp Ltd does not recommend dividend
Monday, 31 Mar 2014 08:19pm EDT 

New Times Energy Corp Ltd:Says directors do not recommend the payment of any dividends in respect of the year ended Dec. 31, 2013 (2012: Nil).  Full Article

New Times Energy Corp Ltd updates on acquisition of participating interest in Palmar Largo UTE
Friday, 24 Jan 2014 06:23am EST 

New Times Energy Corp Ltd:Refers to the announcement made on Jan. 17, in relation to the acquisition of 38.15 pct participating interest in Palmar Largo UTE (the Acquisition) by High Luck Group Limited, a subsidiary of the Company, from Pluspetrol Sociedad Anónima, the Vendor.Says as the vendor requires additional time for preparation of legal documents and the transfer of Employees, the Vendor and the Purchaser agreed on Jan. 24 to further extend the closing to a date falling on or before Jan. 31 (the Further Postponement).  Full Article

New Times Energy Corp Ltd's High Luck Group Limited Announces Proposed Acquisition Participating Interest In JV
Monday, 18 Nov 2013 11:02pm EST 

New Times Energy Corp Ltd announced that High Luck Group Limited, a wholly owned subsidiary of the Company (the Purchaser) accepted the Offer on November 19, 2013 (Hong Kong time) for the acquisition of the Participating Interest from Pluspetrol Sociedad Anónima (the Vendor) for a total cash consideration of AR$101,043,645, adjustable with exchange rate variation or, at the option of Pluspetrol Sociedad Anónima (the Vendor), USD13 million (equivalent to about HKD100,750,000). Assets to be acquired: (i) A 38.15% participating interest in the JV, consisting of the Rights and the Assets attributable to the Vendor. The effective date for the Acquisition is June 30, 2013. Rights refer to (i) the 38.15% share that the Vendor has in all of the obligations and rights arising from the JV Contract together with all rights, title, interest, fixtures, benefits and privileges of the Vendor attributable to the JV Contract and, through it, to the Concession, (ii) all rights that the Vendor has regarding to JV Ancillary Contracts, (iii) all rights in and to the oil, gas, water and injectors wells located within the Concession, (iv) all rights in and to the property and other fixtures of the Concession used for the operation thereof, or for the production, processing, sale or disposal of hydrocarbons or water produced in the Concession, including but not limited to salt water disposal wells, pipelines, storage systems, facilities compression located within the Concession.  Full Article

New Times Energy Corp Ltd Does Not Recommend Interim Dividend
Thursday, 29 Aug 2013 06:15pm EDT 

New Times Energy Corp Ltd announced that the directors do not recommend any payment of an interim dividend for the six months ended June 30, 2013 (for the six months ended June 30, 2012: Nil).  Full Article

New Times Energy Corp Ltd gives H1 2013 net profit guidance
Tuesday, 27 Aug 2013 08:00am EDT 

New Times Energy Corp Ltd:Expects to record consolidated net profit for H1 2013, as compared to consolidated net loss for H1 2012.  Full Article

New Times Energy Corp Ltd Announces Supplemental Memorandum Of Understanding In Relation To The Proposed Disposal
Tuesday, 11 Jun 2013 06:00am EDT 

New Times Energy Corp Ltd announced that reference to the announcement made by the Company on February 8, 2013 in relation to the non legally binding memorandum of understanding dated February 7, 2013 (MOU’) entered into between the Vendor and the Purchaser in respect of the Proposed Disposal. Subsequent to further discussion between the Vendor and the Purchaser, on June 11, 2013, the Vendor and the Purchaser have entered into a supplemental memorandum of understanding (the Supplemental MOU) to make, among others, the following amendments to the terms of the MOU: The exclusivity period of the MOU shall be extended to December 31, 2013; The earnest money of HKD500,000,0 payable within 45 days after the expiry of the original exclusivity period under the MOU shall be paid as follows: An earnest money in the amount of HKD200,000,0 shall be payable by the Purchaser to the Vendor upon signing of the Supplemental MOU. If the transaction documents for the Proposed Disposal cannot be executed by the parties within the exclusivity period, which is in the reasonable opinion of the Vendor. A further earnest money in the amount of HKD300,000,0 shall be payable by the Purchaser to the Vendor upon the entering into of the transaction documents for the Proposed Disposal.  Full Article

China Print Power Group Ltd's Goldlink Capital Limited Enters Into Non-Legally-Binding Memorandum Of Understanding With New Times Energy Corporation Limited's Total Belief Limited
Thursday, 7 Feb 2013 07:06pm EST 

China Print Power Group Ltd announced that on February 07, 2013 (after trading hours), Goldlink Capital Limited, a wholly-owned subsidiary of the Company (the Purchaser) and Total Belief Limited, a wholly-owned subsidiary of New Times Energy Corporation Limited (the Vendor) entered into a non-legally-binding memorandum of understanding (the MOU) in relation to the proposed acquisition of up to 100% of the issued share capital of Shine Great Investments Limited (Shine Great), a wholly-owned subsidiary of the Vendor which, through its subsidiaries in the People’s Republic of China (PRC), holds certain natural gas projects in the PRC (the Proposed Acquisition). The consideration of the Proposed Acquisition shall be determined by the Vendor and the Purchaser with reference to the valuation report to be prepared by an independent third party and shall be satisfied by one or a combination of the following modes: cash, newly issued ordinary shares of the Company; and/or newly issued convertible bonds of the Company. Shine Great, through its subsidiaries in the PRC, is engaged in businesses in relation to gas and gas related equipment, materials and pipelines; consultancy services in relation to the operation and management of natural gas refilling stations and related technologies; and development of natural gas integrated utilization technologies.  Full Article

New Times Energy Corp Ltd's High Luck Holding (Hong Kong) Limited Announces Acquisition Of Power Jet Group Limited
Wednesday, 6 Feb 2013 07:03pm EST 

New Times Energy Corp Ltd announced that on February 06, 2013, the Company, High Luck Holding (Hong Kong) Limited, an indirect wholly owned subsidiary of the Company (the Purchaser), Ms. Li Lianfang (the Vendor) and the Power Jet Group Limited (Target) entered into the Acquisition Agreement pursuant to which the Purchaser conditionally agreed to acquire, and the Vendor conditionally agreed to sell, the Sale Share for a total consideration of HKD150,000,000. The Sale Share represents the entire issued share capital of the Target, the principal asset of which is an approximately 9.25% beneficial interest in the Concessions. The Consideration of HKD150,000,000 shall be paid by the Purchaser and satisfied in the following manner: as to HKD5,000,000 shall be satisfied by applying the Deposit paid by the Purchaser to the Vendor upon signing of the LOI as part payment of the Consideration; as to HKD10,000,000 shall be satisfied by applying the Further Deposit paid by the Purchaser to the Vendor upon signing of the Acquisition Agreement as part payment of the Consideration; as to HK$105,000,000 shall be satisfied by way of the issue and delivery of the Convertible Notes by the Company in favour of the Vendor and/or her nominee(s), as the case may be, at Completion; and as to HKD30,000,000 shall be satisfied by way of the issue of the Promissory Note by the Company to the Vendor and/or her nominee(s), as the case may be, at Completion.  Full Article

New Times Energy Corp Ltd Announces Completion Of Placing Of New Shares
Tuesday, 29 Jan 2013 05:31am EST 

New Times Energy Corp Ltd announced that with Reference to the announcement dated January 18, 2013 with respect to, the Placing of new Shares, The Board announced that the Placing was completed on January 29, 2013. A total of 22,000,000 Placing Shares have been placed to not less than six Placees, who and whose ultimate beneficial owners are Independent Third Parties at the Placing Price of HKD0.91 per Placing Share.  Full Article

BCM Energy Partners Inc's BCM Energy Texas, LLC Acquires 22 Leases & 42 Wells in Deal Valued at $2.8 Million From Subsidiaries Of New Times Energy Corp
Wednesday, 23 Jan 2013 11:30am EST 

BCM Energy Partners Inc announced that through its subsidiary, BCM Energy Texas, LLC, has signed a Purchase and Sale Agreement to acquire leases, wellbores and existing production in East Texas from subsidiaries of New Times Energy Corp for total consideration of USD2,800,000. Closing is expected to occur by late February 2013, whereby BCM will pay $300,000 cash and $2,500,000 in the form of a convertible note, strike price of $2.90, in exchange for 22 primary leases including 42 wells and related equipment of which 10 are producing approximately 14 bopd (barrels of oil per day).  Full Article

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