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Dore Holdings Ltd Announces Acquisition Of 49% Remaining Interest In Ability Wealth Holdings Limited; Proposes Placing Of Shares


Monday, 28 Oct 2013 07:00pm EDT 

Dore Holdings Ltd announced that it has conditionally agreed to acquire and the Vendor has conditionally agreed to sell, the Sale Shares at a total consideration of HKD15,000,000 which shall be settled by the issue of 23,076,923 Consideration Shares by the Company to the Vendor at Completion. The Sale Shares represent the remaining 49% interest in the share capital of Ability Wealth. Upon Completion, Ability Wealth will become a direct wholly owned subsidiary of the Company. The Company also entered into the subscription agreement with each of the subscribers pursuant to which the subscribers have conditionally agreed to subscribe for and the Company has conditionally agreed to allot and issue an aggregate of 190,000,000 subscription shares. The Subscriptions comprise the Tranche 1 Subscription, the Tranche 2 Subscription and the Tranche 3 Subscription. The Company and the Placing Agent entered into the Placing Agreement, pursuant to which the placing agent has conditionally agreed to place, on a endeavor basis, not more than 110,000,000 new shares to not less than six independent Placees at a price of HKD0.65 per placing share. On the basis of the issue of a maximum 110,000,000 placing shares, the maximum gross proceeds from the placing and the subscriptions in aggregate will be HKD71.5 million and HKD137 million respectively. 

Company Quote

1.26
0.01 +0.80%
24 Apr 2014