Brief: National United Resources Proposes Share Consolidation, Debt Restructuring

National United Resources Holdings

24/06/2021 15:24

June 24 (Reuters) - National United Resources Holdings Ltd
 0254.HK :
    * NATIONAL UNITED RESOURCES PROPOSES SHARE CONSOLIDATION ON
BASIS
OF EVERY 10 SHARES BE CONSOLIDATED INTO 1 SHARE
    * TOTAL DEBT OF HK$498.8 MILLION WILL BE SETTLED BY HK$182.9
MILLION IN CASH AND HK$315.9 MILLION IN CREDITORS SHARES
    * EXPECTED THAT ABOUT 207.3 MILLION CREDITORS SHARES WILL BE
ISSUED UPON COMPLETION OF DEBT RESTRUCTURING
    * PROPOSED INITIAL AMOUNT OF HK$160 MILLION FOR DEBT
RESTRUCTURING
TO BE FUNDED OUT OF PROCEEDS FROM SUBSCRIPTION & OPEN OFFER
    * AFTER SUBSCRIPTION, THOUSAND JOY & HONTIN OCEAN RESOURCES
WILL
BE INTERESTED IN 71.2% OF CO
    * AFTER DEBT RESTRUCTURING, SUBSCRIBERS & PARTIES WILL BE
INTERESTED IN 52.8% OF ENLARGED TOTAL NUMBER OF CONSOL SHARES
    * SUBSCRIPTION WILL TRIGGER AN OBLIGATION FOR SUBSCRIBERS TO
MAKE
A MANDATORY GENERAL OFFER
    * SUBSCRIBERS WILL MAKE AN APPLICATION FOR GRANTING OF
WHITEWASH
WAIVER


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 (Reuters.Briefs@thomsonreuters.com)