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Legend Places 50 Million Shares At HK$33.75
To Raise About HK$1,651 Million
To Develop Internet Related Business
(Hong Kong, February 29, 2000) - Legend Holdings Limited ("Legend" or the "Company") (stock code: 992) today announced a share placing. Legend's major shareholder will sell 85 million existing shares to institutional investors and subscribe 50 million new shares from the Company, both at HK$33.75 per share. The placing price compared to today's closing price of the Company's shares at HK$36 represents a discount of 6.25 per cent.
Through the placing, Legend will raise approximately HK$1,651 million. From the proceeds, Legend will utilise approximately 45 per cent for the investment in and acquisition of Internet content providers, or acquisition of the rights to use their content. Approximately 20 per cent will be used to develop advanced Internet access devices, Internet technology and services. About 20 per cent will be used for the research and development and marketing of e-commerce solutions, and the remaining 15 per cent for Company's working capital.
Legend's holding company will also raise approximately HK$1,156 million after the sales and subscription of shares. The proceeds will be used for medium to long term high technology development projects and venture capital investment in high-tech area.
The 50 million new shares issued and sold by Legend in this placing exercise equal approximately 2.78 per cent and 2.70 per cent of the Company's existing issued and enlarged share capital respectively. Upon completion of the placing, the stake held by Legend's holding company will reduce from approximately 60.72 per cent to 57.19 per cent.
Legend's Chairman Mr Liu Chuanzhi said, "The Internet market is developing rapidly, and Legend must take the opportunities to leverage on its advantages to swiftly expand into the Internet area when the industry is still in its initial stage in the PRC market. The placing will provide the Company with sufficient funding to expand aggressively into the Internet market full of business opportunities."
"We are also happy to see the generous support of the institutional investors. The overwhelming response in the subscription of our shares demonstrates their confidence in the Group and their approval of the Group's future development direction," Mr Liu continued.
Goldman Sachs (Asia) L.L.C. is the sole book-runner for this placing. Completion of the placing is expected to be on or before March 13, 2000.
- End -
Gruß
Nico ; )
Legend Places 50 Million Shares At HK$33.75
To Raise About HK$1,651 Million
To Develop Internet Related Business
(Hong Kong, February 29, 2000) - Legend Holdings Limited ("Legend" or the "Company") (stock code: 992) today announced a share placing. Legend's major shareholder will sell 85 million existing shares to institutional investors and subscribe 50 million new shares from the Company, both at HK$33.75 per share. The placing price compared to today's closing price of the Company's shares at HK$36 represents a discount of 6.25 per cent.
Through the placing, Legend will raise approximately HK$1,651 million. From the proceeds, Legend will utilise approximately 45 per cent for the investment in and acquisition of Internet content providers, or acquisition of the rights to use their content. Approximately 20 per cent will be used to develop advanced Internet access devices, Internet technology and services. About 20 per cent will be used for the research and development and marketing of e-commerce solutions, and the remaining 15 per cent for Company's working capital.
Legend's holding company will also raise approximately HK$1,156 million after the sales and subscription of shares. The proceeds will be used for medium to long term high technology development projects and venture capital investment in high-tech area.
The 50 million new shares issued and sold by Legend in this placing exercise equal approximately 2.78 per cent and 2.70 per cent of the Company's existing issued and enlarged share capital respectively. Upon completion of the placing, the stake held by Legend's holding company will reduce from approximately 60.72 per cent to 57.19 per cent.
Legend's Chairman Mr Liu Chuanzhi said, "The Internet market is developing rapidly, and Legend must take the opportunities to leverage on its advantages to swiftly expand into the Internet area when the industry is still in its initial stage in the PRC market. The placing will provide the Company with sufficient funding to expand aggressively into the Internet market full of business opportunities."
"We are also happy to see the generous support of the institutional investors. The overwhelming response in the subscription of our shares demonstrates their confidence in the Group and their approval of the Group's future development direction," Mr Liu continued.
Goldman Sachs (Asia) L.L.C. is the sole book-runner for this placing. Completion of the placing is expected to be on or before March 13, 2000.
- End -
Gruß
Nico ; )
