20th Apr 2006 16:14
Cathay International Holdings Ld20 April 2006 Cathay International Holdings Limited 20 April 2006 CATHAY INTERNATIONAL HOLDINGS LIMITED (the "Company") Share Placement The Company announces that it has raised £1,500,000 by way of a privateplacement of 15,000,000 new common shares of US$0.05 each (the "New CommonShares") at an issue price of 10 pence per share (the "Placing"). The issueprice was at a discount of approximately 9.38% to the average closing price ofthe Company's common shares for 90 consecutive trading days immediately prior todate of this announcement. The principal purpose of the Placing is to ensure that at least 25% of theCompany's listed securities are in public hands, as required by the listingrules of the UK Listing Authority (the "UKLA") and to introduce some newinvestors to the Company. It is intended that the funds raised will be used forgeneral working capital. The Company has the authority to issue the New Common Shares under the Placingpursuant to resolutions passed by shareholders at the special general meeting ofthe Company held on 16 August 2005. The New Common Shares represent 5.75% of the existing issued share capital ofthe Company and will represent 5.44% of the issued share capital of the Companyas enlarged as a result of the Placing. The New Common Shares will rank pari passu in all respect with all existingcommon shares of the Company. Application will be made to the UKLA for the NewCommon Shares to be admitted to the Official List and application will be madeto the London Stock Exchange for the New Common Shares to be admitted to tradingon its market for listed securities (together "Admission"). The issue of the NewCommon Shares is subject to Admission becoming effective on or before 31 May2006. It is expected that Admission will become effective and that dealings willcommence in the New Common Shares at 8.00 a.m. on 26 April 2006. Following the completion of the Placing, the interests of each director of theCompany (including any person connected to him) and the persons known to theCompany to be interested in three per cent. or more of the Company's capital areexpected to be as follows: Directors' interests in the Company New Common Shares Shareholding following % of enlarged subscribed in the Placing share capital the Placing A Shares Common Shares James Buchanan - 119,999 1,585,009 0.62 Wu Zhen Tao - 8,249,276 172,376,874 65.48 Stephen Hunt - - - - Patrick Sung - - - - John Cosson - 726 8,629 0.00 Note: Mr. Wu Zhen Tao's interest arises as a result of his indirect beneficialinterest in Cathay International Enterprises Limited. Substantial interests New Common Shares Shareholding following % of enlarged subscribed in the Placing share capital the Placing A Shares Common SharesCathay InternationalEnterprises Limited(through its 100% owned subsidiaries) - 8,249,276 172,376,874 65.48 Simon Phillips 3,000,000 92,075 16,827,321 6.13 New CapitalInvestment (Hong Kong) Limited - 864,513 9,121,679 3.62 Note: Cathay International Enterprises Limited is indirectly owned by a trustthe beneficiaries of which are Mr. Wu Zhen Tao and members of his family. Following the completion of the Placing, approximately 27.77% of the Company'slisted securities will be in public hands, for the purposes of the Listing Rulesof the UKLA. Enquiries: Stephen HuntDirector, Cathay International Holdings LimitedTelephone: + 852 2828 9289 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CTI.L