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Newocean Energy Holdings Ltd Announces Placing Of Existing Shares And Subscription Of New Shares

Wednesday, 17 Apr 2013 06:06pm EDT 

Newocean Energy Holdings Ltd announced that on April 17, 2013, the Company, Uniocean Investments Limited (the Vendor) and the Placing Agents entered into the Placing and Subscription Agreement, pursuant to which (i) the Vendor has conditionally agreed to sell, and the Placing Agents have conditionally agreed, each as agent for the Vendor, to procure on a best endeavours basis purchasers to purchase 166,500,000 Placing Shares at the Placing Price of HKD4.68 per Placing Share; and (ii) the Vendor has conditionally agreed to subscribe for such number of Subscription Shares as equals the number of Placing Shares sold by the Vendor under the Placing at the Subscription Price of HKD4.68 per Subscription Share. The net proceeds from the Subscription are estimated to be approximately HKD749.30 million and the net price per Subscription Share will be approximately HKD4.50. The Company intends to use the net proceeds from the Subscription of (i) approximately HKD388.13 million to upgrade and expand the handling capacity of its LPG facilities at the Group’s LPG terminal in Zhuhai, Guangdong Province, the PRC; (ii) approximately HKD62.10 million for funding of the Sinopec-NewOcean JV; (iii) approximately HKD62.10 million for the installation of LPG or LNG facilities in certain Sinopec gas stations; (iv) approximately HKD116.44 million to build two propylene tanks in Zhuhai Terminal to support the upgraded sea terminal in Zhuhai, Guangdong Province, the PRC. 

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0.09 +2.49%
21 Oct 2014