Brief: Shun Cheong Holdings applies for resumption of trading

Productive Technologies

27/10/2015 22:16

Oct 28 (Reuters) - Shun Cheong Holdings Ltd  0650.HK : 
* Sellers, Mo and the offeror, entered into the S&P agreement on 22 June 2015 
* Seller 1 has conditionally agreed to sell the sale shares, being 175 million ordinary shares 
* Seller 2 agreed to sell the sale bonds, being part of the convertible bonds, with an aggregate principal amount of hk$96.8 million 
* Application has been made by company for resumption of trading in the ordinary shares with effect from 9:00 a.m. on 28 October 2015 
* Consideration for the sale shares is hk$117.2 million 
* Consideration for the sale bonds is hk$175.5 million 
* Intends that co shall use approximately hk$200 million of net proceeds from CN subscription to expand restructured group's business 
* Intends that co shall use remaining hk$50 million of the net proceeds to finance the operations of the prc target 
 
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