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
The Subscription has been completed today. Accordingly, the
subscription and conversion prices of the outstanding securities of
Paul Y. - ITC Construction Holdings Limited (the `Company') are
adjusted with effect from 20th August, 1999.
Completion of the Subscription
The boards of directors of ITC Corporation Limited (`ITC') and the
Company refer to the two joint announcements dated 27th July and 10th
August, 1999 (the `Announcements'). Terms defined in the
Announcements have the same meanings when used herein unless the
context otherwise requires.
The listing of, and permission to deal in, the New Shares and the
waiver to Hollyfield from its obligation to make a general offer for
the securities of the Company as a result of the Subscription under
the Code have respectively been obtained from the Stock Exchange and
the SFC today. Accordingly, completion of the Subscription took place
today.
Adjustments of the subscription and conversion prices of the
outstanding securities
Following completion of the Subscription, the subscription and
conversion prices of the outstanding securities of the Company are
adjusted with effect from 20th August, 1999 as follows:
Subscription/conversion price per share
Securities before adjustment after adjustment
Share options
- 36 million HK$3.9600 HK$3.3042
granted on 27th
August, 1997
- 32 million HK$0.7248 HK$0.6048
granted on 18th
December, 1998
Warrants HK$1.0000 HK$0.9700
Convertible note HK$9.1700 HK$8.9030
5% convertible HK$11.0000 HK$10.7000
bonds due in 2001
5.5% convertible HK$7.4000 HK$7.2000
bonds due in 2001
The above adjustments have been reviewed and confirmed by the
auditors of the Company to have been properly calculated.
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, 20th 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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