Brief: New Sports updates on acquisition of share capital in Yue Jin Asia

Glory Sun Land

20/09/2016 24:05

Sept 20 (Reuters) - New Sports Group:  
    * Announces acquisition in relation to acquisition of the 
entire issued share capital in Yue Jin Asia involving the issue 
of consideration shares under specific mandate, issue of new 
shares under specific mandate, placing of new shares under 
specific mandate, proposed increase in authorised share capital  
    * Company and direct wholly-owned subsidiary of company, 
entered into sale and purchase agreement 
    * Conditionally agreed to allot and issue, a total of 12.18 
billion subscription shares at subscription price of HK$0.062 
per subscription share 
    * Each of Origin Development , Crystal Fount Investments , 
Ai Qing and Zheng Kuanjian entered into a separate subscription 
agreements with co 
    * Co and placing agent entered placing agreement to place 
total of up to 4.09 billion placing shares to not less than six 
placees at placing price 
    * Gross and net proceeds from placing are approximately 
HK$253.5 million and approximately HK$250.9 million respectively 
    * Consideration shall be initially HK$1 billion subject to 
retained consideration adjustments 
    * Company intends to use net proceeds from subscriptions to 
finance acquisition 
    * Placing price of HK$0.062 per placing share 
 
Source text for Eikon:  ID:nHKS2RqyWV  
Further company coverage:  0299.HK  
 
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