9th Jul 2008 07:00
China Real Estate Opportunities Limited
Issue of Equity
The Directors of China Real Estate Opportunities Limited ("CREO" or the "Company") announce that in respect of the period ended 31 December 2007, the manager is due a performance fee of £3.59 million. The manager, which is entitled to receive up to half of the performance fee in cash, has elected to accept the whole of the fee in new CREO shares. Accordingly 420,653 new ordinary shares of no par value were issued to Treasury Holdings China Limited ("THCL") on 3 July 2008 equating to the performance fee of £3.52 million divided by the year end net asset value per share of £8.37.
An application has been made to the London Stock Exchange for the admission to AIM of those shares.
THCL and other related shareholders are deemed to be acting in concert for the purposes of the City Code on Take-overs and Mergers. Following the issue of these shares the aggregate shareholdings of those parties amounts to 24,098,927 ordinary shares representing 47.47 per cent. of the enlarged share capital of the Company. Shareholders have previously approved a waiver granted by the Panel on Take-overs and Mergers of any requirement under rule 9 of the Take-over Code for the parties acting in concert to make a bid for the Company.
Enquiries to:
CREO
Ray Horney Tel: + 44 (0) 1273 775 225
Landsbanki Securities (UK) Limited Tel: + 44 (0) 20 7426 7736
Paul Fincham
Jonathan Becher
Bankside Consultants Ltd Tel: + 44 (0) 20 7367 8888
Simon Rothschild
Oliver Winters
Murray Consultants
Ed Micheau Tel: + 353 1 498 0300
Related Shares:
Creo Medical