Key Developments For ChinaCast Education Corporation
ChinaCast Education Corporation (CAST.O) (Consolidated Issue listed on NASDAQ Global Market)
Chinacast Education Corporation Prices $40,620,500 Public Offering of Common Stock
Chinacast Education Corporation announced that it has priced a public offering of 5,930,000 shares of its common stock, at $6.85 per share. ChinaCast has granted the underwriters an option to purchase up to an additional 889,500 shares to cover over-allotments, if any. The shares are being sold under the Company's previously filed shelf registration statement that was declared effective by the Securities and Exchange Commission on September 24, 2008, and under the Company's newly filed registration statement that was filed with the Securities and Exchange Commission and became automatically effective on December 1, 2009.
Chinacast Education Corporation Sees FY 2009 Guidance At High End Of Prior Range
Chinacast Education Corporation announced that it expects to achieve the high end of fiscal 2009 guidance for revenues of $49 to $51 million and adjusted net income (non-GAAP) of $14 to $16 million. According to Reuters Estimates, analysts on an average are expecting the Company to report net profit of $15 million on revenue of $51 million for the same period.
Chinacast Education Corporation Announces Joint Venture Agreement With China University of Petroleum
Chinacast Education Corporation announced the signing of a nationwide distance learning joint venture agreement with the China University of Petroleum (CUP). The partnership will be held 60% by Chinacast Education Corporation, which will invest $4.4 million, and 40% by China University of Petroleum, which will invest $2.9 million. The joint venture's distance learning programs will offer greater flexibility to current and new students by leveraging broad geographic distribution of existing and new content through Chinacast Education Corporation's nationwide e-learning platform. The joint venture will begin offering distance learning classes at remote classrooms throughout China by the fourth quarter of 2009 and expects to be profitable during the 2010 calendar year.
Chinacast Education Corporation Completes $19.9 Million Investment From Former Minority Shareholders Of FTBC Of Chongqing Normal University
Chinacast Education Corporation announced the closing of a $19.9 million direct investment with the former minority shareholders of The Foreign Trade and Business College of Chongqing Normal University (FTBC).
Chinacast Education Corporation Announces Acquisition of Remaining Interest in the Foreign Trade and Business College
Chinacast Education Corporation announced it has entered into a definitive agreement to purchase the remaining 20% interest in The Foreign Trade and Business College (FTBC) of Chongqing Normal University for $17.6 million. The Company will also pay an additional $2.3 million for a one-time profit distribution bringing the total purchase price to $19.9 million. On April 21, 2008, ChinaCast consummated the acquisition of 80% of Hai Lai Education Technology Limited (Hai Lai), the holding company which owns 100% of FTBC, for a total cash consideration of $65.8 million. Based on the terms of the agreement, ChinaCast will pay 50% of the consideration within 10 days of signing in return for 20% of the remaining interest of the holding company of FTBC. The balance of 50% of the consideration will be paid by ChinaCast within 5 days after the registration of the transfer of ownership with the authorities.
