Healthcare and Hospitals Industry News Sample

Jun 17, 2002 20:13:59

DAILYWIN GROUP: Updates Conditional Placing of Shares

CHINA (SunStream News) -- Dailywin Group Limited was advised by Wang On Group Limited and Town Health International Holdings Company that both have separately entered into the Placing Agreements with the Placing Agent on 13th June, 2002. Pursuant to the Placing Agreements, the Placing Agent conditionally agrees to, on or before the fifth Business Day following the completion of the Acquisition (or the Wang On Disposal assuming the Town Health Disposal does not proceed) or at such other date as may be agreed between the parties, place down, on a fully underwritten basis by the Placing Agent, various Shares then owned by Wang On and Town Health (if applicable) as follows: 1. Upon completion of both the Wang On Disposal and the Town Health Disposal, the Placing Agent undertakes to place an aggregate of 4,500,000,000 Shares and 1,500,000,000 Shares beneficially owned by Wang On and Town Health respectively, at a price of HK$0.01 per Share to the Independent Placees; or 2. Upon completion of the Wang On Disposal (but assuming the Town Health Disposal does not proceed), the Placing Agent undertakes to place an aggregate of 6,000,000,000 Shares beneficially owned by Wang On, at a price of HK$0.01 per Share, to the Independent Placees. Assuming both the Wang On Disposal and the Town Health Disposal are completed, upon completion of the Placing Agreements, the shareholding interest of Wang On and Town Health in the Company will be reduced (from approximately 75.04 and 23.86%) to approximately 42.40% and 12.99% respectively and the remaining balance of approximately 44.61% will be held by the public. If only the Wang On Disposal is completed, upon completion of the Wang On Placing Agreement, the shareholding interest of Wang On in the Company will be reduced (from approximately 98.56%) to approximately 41.41% and the remaining balance of approximately 58.59% will be held by the public. (TROUBLED COMPANY REPORTER - ASIA PACIFIC, Vol. No. 5, Issue No. 118, June 17, 2002)

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Source: M&A Reporter - Asia Pacific

Publication Date: 2002-06-18

 

NWS:	TNM

COY:	0897.HK
	1222.HK

IND:	HEA
	MTC

GEO:	a-cc
	a-cc-hk

 

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