ITC CORPORATION<0372> & PAUL Y-ITC<0498>-Joint Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for
the contents of this announcement, makes no representations as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited
liability)
PAUL Y. - ITC CONSTRUCTION HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
ANNOUNCEMENT
Completion of the Subscription has been delayed. ITC and the
Company entered into a letter agreement on 10th August, 1999 to
extend the deadline for completion of the Subscription to 20th
August, 1999.
The respective board of directors of ITC Corporation Limited (`ITC')
and Paul Y. - ITC Construction Holdings Limited (the `Company') refer
to the joint announcement dated 27th July, 1999 (the `Announcement').
Terms defined in the Announcement have the same meanings when used
herein unless the context otherwise requires.
The listing of, and permission to deal in, the New Shares (the
`Listing Approval') and the waiver from the obligation of Hollyfield
to make a general offer for the securities of the Company as a result
of the Subscription under the Code (the `Waiver') have not been
obtained by the Company from the Stock Exchange and the SFC
respectively by 10th August, 1999.
It was stated in the Announcement that completion of the
Subscription was expected to take place on or before 10th August,
1999. As completion of the Subscription is conditional upon the Stock
Exchange granting the Listing Approval and the SFC granting the
Waiver (being the only condition that remains outstanding as at the
date hereof), completion will not have taken place on or before 10th
August, 1999. ITC and the Company entered into a letter agreement on
10th August, 1999 to extend the deadline for completion of the
Subscription to 20th August, 1999.
Rule 14.24(6) of the Listing Rules provides that the Subscription is
not normally subject to disclosure or shareholders' approval
requirement as connected transaction if the Subscription is completed
within 14 days after completion of the Placing and in compliance with
the other requirements of the Listing Rules. An application has been
made by the Company to the Stock Exchange from strict compliance with
the requirements of Rule 14.24(6) of the Listing Rules for an
extension of the deadline for the completion of the Subscription on
or before 20th August, 1999.
A further announcement will be made upon completion of the
Subscription.
By Order of the Board of
ITC Corporation Limited
Sylvia Leung
Company Secretary
By Order of the Board of
Paul Y. - ITC Construction Holdings Limited
Sylvia Leung
Company Secretary
Hong Kong, 10th August, 1999
The directors of Paul Y. - ITC Construction Holdings Limited jointly
and severally accept full responsibility for the accuracy of the
information contained in this announcement (other than those related
to ITC Corporation Limited and its subsidiaries) and confirm, having
made all reasonable enquiries that to the best of their knowledge,
opinions expressed in this announcement have been arrived at after
due and careful consideration and there are no other facts not
contained in this announcement, the omission of which would make any
statement in this announcement misleading.
The directors of ITC Corporation Limited jointly and severally
accept full responsibility for the accuracy of the information
contained in this announcement (other than those related to Paul Y. -
ITC Construction Holdings Limited and its subsidiaries) and confirm,
having made all reasonable enquiries that to the best of their
knowledge, opinions expressed in this announcement have been arrived
at after due and careful consideration and there are no other facts
not contained in this announcement, the omission of which would make
any statement in this announcement misleading.
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