Kurzum: Aufkauf von 55% von SinoOnLine. Eine neue Chance für 1000% ;-)
i) The Board has noted the recent increase in the price and
turnover of the Shares of the Company and wishes to state that
save in respect of the proposed disposal by LSH of 825,000,000
Shares in the Company as part of the consideration for the
proposed acquisition by LSH of a 55% interest in SinoOnLine
Network Company Limited, it is not aware of any reasons for
such increase.
(ii) The Board also proposes to change its name from
``Leading Spirit Electric Company Limited'' to ``China
DigiContent Company Limited'' and to adopt the Chinese
translation of the new name as the Chinese name of the Company,
for the purpose of identification only.
The disposal of the Company's Shares by LSH is conditional on
the completion of the Transaction. As the Transaction may or
may not proceed, investors should exercise caution in dealing
in the securities of the Company in the meantime.
Recent increase in price and turnover of the Shares of the
Company
The board of directors (the ``Board'') of Leading Spirit
Electric Company Limited (the ``Company'') has noted the
recent increase in the price and turnover of the shares of the
Company and wishes to state that it is not aware of any reasons
for such increase. Save in respect of the proposed disposal
by the Company's holding company, Leading Spirit High-Tech
(Holdings) Company Limited (``LSH'') of 825,000,000 shares of
HK$0.10 each (the ``Shares'') in the Company, representing
4.96% of the issued share capital of the Company, as part of
the consideration for the proposed acquisition by LSH of a 55%
interest in SinoOnLine Network Company Limited (the
``Subsidiary'') (the ``Transaction''), the subject of a
separate announcement dated 9th February, 2000 issued by LSH,
the Board confirms that there are no other negotiations or
agreements relating to the intended acquisitions or
realisations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matters
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price-
sensitive nature.
The disposal of the Company's Shares by LSH is conditional on
the completion of the Transaction. As the Transaction may or
may not proceed, investors should exercise caution in dealing
in the securities of the Company in the meantime.
Change of company name
The Board also proposes a name change for the Company from
``Leading Spirit Electric Company Limited'' to ``China
DigiContent Company Limited'' and to adopt the Chinese
translation of the new name as the Chinese name of the Company,
for the purpose of identification only. The name change is
subject to the following conditions:
1. the passing of a special resolution in relation to the
name change of the Company at a special general meeting to be
held at 15th March, 2000; and
2. the Registrar of Companies in Bermuda granting approval
to the name change of the Company.
As announced by the Company in its 1999 annual report, the
Company and its subsidiaries (the ``Group'') are committed to
the research and development of high-tech visual appliances,
including digital television sets and TFT-LCD slim television
sets, so as to meet the market trend of the visual appliances.
In September 1999, the Group entered into three agreements and
three letters of intent with six companies in the People's
Republic of China (the ``PRC''), all of which are involved in
the provision of Internet related services, in particular,
Internet Content Providers (``ICP''). These agreements and
letters of intent were entered into by the Group as part of
the Group's business strategy to diversify its core business
to include not only the manufacturing and sale of electric home
appliances but also the provision of ICP business in the PRC.
The Board considers that the proposed new name accurately
reflects the nature and the proposed direction of the business
of the Group.
The existing share certificates of the Company in the name of
Leading Spirit Electric Company Limited will continue to be
effective documents of title to the issued Shares of the
Company.
The circular containing the proposal for the change of name
of the Company together with a notice of the special general
meeting and the related proxy form will be dispatched to
shareholders of the Company as soon as practicable.
Press clarification
Reference is made to a recent press report stating that the
Company has intention to raise funds through a share placement.
The Board wishes to clarify that the Company does not have
intention to raise equity funds currently.
Update on debt restructuring
Further to the joint announcement dated 13th January, 2000
issued by the Company and LSH, the Board wishes to advise that
the co-ordinator of the financial creditors of the Company has
on 2nd February, 2000 confirmed to the Company that 25 out of
28 financial creditors to which the Company and LSH owed about
94% of the total outstanding debts of approximately
HK$1,040,000,000 have in principle accepted, subject to formal
documentation, the indicative terms of the restructuring
proposal put forward by the Company and LSH. As announced
before, it is expected that the relevant debt restructuring
documents will be signed before the end of February 2000
whereupon the debt restructuring could be completed by the end
of March 2000.
General
Trading in the securities of the Company was suspended at 2:47
p.m. on 1st February, 2000 at the request of the Company pending
the issue of this announcement. Application has been made to
The Stock Exchange of Hong Kong Limited for resumption of
trading with effect from 10:00 a.m. on 10th February, 2000.
Made by the Board, the directors of which individually and
jointly accept responsibility for the accuracy of this
announcement.
By Order of the Board
Ling Yun Biao
Executive Director
Hong Kong, 9th February, 2000
i) The Board has noted the recent increase in the price and
turnover of the Shares of the Company and wishes to state that
save in respect of the proposed disposal by LSH of 825,000,000
Shares in the Company as part of the consideration for the
proposed acquisition by LSH of a 55% interest in SinoOnLine
Network Company Limited, it is not aware of any reasons for
such increase.
(ii) The Board also proposes to change its name from
``Leading Spirit Electric Company Limited'' to ``China
DigiContent Company Limited'' and to adopt the Chinese
translation of the new name as the Chinese name of the Company,
for the purpose of identification only.
The disposal of the Company's Shares by LSH is conditional on
the completion of the Transaction. As the Transaction may or
may not proceed, investors should exercise caution in dealing
in the securities of the Company in the meantime.
Recent increase in price and turnover of the Shares of the
Company
The board of directors (the ``Board'') of Leading Spirit
Electric Company Limited (the ``Company'') has noted the
recent increase in the price and turnover of the shares of the
Company and wishes to state that it is not aware of any reasons
for such increase. Save in respect of the proposed disposal
by the Company's holding company, Leading Spirit High-Tech
(Holdings) Company Limited (``LSH'') of 825,000,000 shares of
HK$0.10 each (the ``Shares'') in the Company, representing
4.96% of the issued share capital of the Company, as part of
the consideration for the proposed acquisition by LSH of a 55%
interest in SinoOnLine Network Company Limited (the
``Subsidiary'') (the ``Transaction''), the subject of a
separate announcement dated 9th February, 2000 issued by LSH,
the Board confirms that there are no other negotiations or
agreements relating to the intended acquisitions or
realisations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matters
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price-
sensitive nature.
The disposal of the Company's Shares by LSH is conditional on
the completion of the Transaction. As the Transaction may or
may not proceed, investors should exercise caution in dealing
in the securities of the Company in the meantime.
Change of company name
The Board also proposes a name change for the Company from
``Leading Spirit Electric Company Limited'' to ``China
DigiContent Company Limited'' and to adopt the Chinese
translation of the new name as the Chinese name of the Company,
for the purpose of identification only. The name change is
subject to the following conditions:
1. the passing of a special resolution in relation to the
name change of the Company at a special general meeting to be
held at 15th March, 2000; and
2. the Registrar of Companies in Bermuda granting approval
to the name change of the Company.
As announced by the Company in its 1999 annual report, the
Company and its subsidiaries (the ``Group'') are committed to
the research and development of high-tech visual appliances,
including digital television sets and TFT-LCD slim television
sets, so as to meet the market trend of the visual appliances.
In September 1999, the Group entered into three agreements and
three letters of intent with six companies in the People's
Republic of China (the ``PRC''), all of which are involved in
the provision of Internet related services, in particular,
Internet Content Providers (``ICP''). These agreements and
letters of intent were entered into by the Group as part of
the Group's business strategy to diversify its core business
to include not only the manufacturing and sale of electric home
appliances but also the provision of ICP business in the PRC.
The Board considers that the proposed new name accurately
reflects the nature and the proposed direction of the business
of the Group.
The existing share certificates of the Company in the name of
Leading Spirit Electric Company Limited will continue to be
effective documents of title to the issued Shares of the
Company.
The circular containing the proposal for the change of name
of the Company together with a notice of the special general
meeting and the related proxy form will be dispatched to
shareholders of the Company as soon as practicable.
Press clarification
Reference is made to a recent press report stating that the
Company has intention to raise funds through a share placement.
The Board wishes to clarify that the Company does not have
intention to raise equity funds currently.
Update on debt restructuring
Further to the joint announcement dated 13th January, 2000
issued by the Company and LSH, the Board wishes to advise that
the co-ordinator of the financial creditors of the Company has
on 2nd February, 2000 confirmed to the Company that 25 out of
28 financial creditors to which the Company and LSH owed about
94% of the total outstanding debts of approximately
HK$1,040,000,000 have in principle accepted, subject to formal
documentation, the indicative terms of the restructuring
proposal put forward by the Company and LSH. As announced
before, it is expected that the relevant debt restructuring
documents will be signed before the end of February 2000
whereupon the debt restructuring could be completed by the end
of March 2000.
General
Trading in the securities of the Company was suspended at 2:47
p.m. on 1st February, 2000 at the request of the Company pending
the issue of this announcement. Application has been made to
The Stock Exchange of Hong Kong Limited for resumption of
trading with effect from 10:00 a.m. on 10th February, 2000.
Made by the Board, the directors of which individually and
jointly accept responsibility for the accuracy of this
announcement.
By Order of the Board
Ling Yun Biao
Executive Director
Hong Kong, 9th February, 2000
