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AV Concept Holdings Ltd Announces Placing Of Existing Shares And Top-Up Subscription Of New Shares


Wednesday, 31 Jul 2013 08:50am EDT 

AV Concept Holdings Ltd announced that on July 31, 2013, (1) the Vendor and the Placing Agent entered into the Placing Agreement pursuant to which the Vendor agreed to place, through the Placing Agent, an aggregate of up to 72,600,000 existing Shares, on a best effort basis, to certain Placees at a price of HKD0.60 per Placing Share; and (2) the Company and the Vendor entered into the Top-up Subscription Agreement pursuant to which the Vendor conditionally agreed to subscribe for such number of new Shares equivalent to the number of Placing Shares actually placed by the Placing Agent. The maximum number of the Placing Shares (or the maximum number of Top-up Subscription Shares) represent (i) approximately 12.04% of the existing issued share capital of the Company; and (ii) approximately 10.74% of the issued share capital of the Company as enlarged by the Topup Subscription, assuming the Placing Shares are placed in full and no further new Shares will be issued or repurchased before the completion of the Top-up Subscription. Placing Shares are placed to the Placees in full, the maximum gross proceeds from the Top-up Subscription will be HKD43.6 million and the maximum net proceeds will be approximately HKD42.7 million. The Company intends to use such net proceeds as general working capital of the Group and for future development and acquisition where such business opportunity arises. 

Company Quote

0.48
-0.01 -2.04%
24 Dec 2014