DC FINANCE<0198> & ITC CORPORATION<0372> - Joint Announcement & Resumption
The Stock Exchange of Hong Kong Limited takes no responsibility for the
contents of this announcement, makes no representation 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.
DC FINANCE (HOLDINGS) LIMITED
(Incorporated in Bermuda with limited liability)
ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited liability)
Announcement on the explanation of the increase in the turnover volume
and price of the shares in DC Finance (Holdings) Limited and the
securities of ITC Corporation Limited and clarification on the content
of a press article.
This statement is made at the request of The Stock Exchange of Hong Kong
Limited.
The boards of directors of DC Finance (Holdings) Limited and ITC
Corporation Limited have noted the recent increase in the turnover
volume and price of the shares in DC Finance and the securities of ITC.
The boards have also noted that a press article in relation to a possible
share exchange with Pacific Century Cyberworks Limited for the shares
in Star East Information Technology Corp., presently a 27% and 45% owned
associated company of DC Finance and ITC respectively. ITC holds about
10.3% shareholding interest in DC Finance. Details of the shareholding
structure of Star East Information were set out in the joint
announcement dated 23rd August, 1999.
The boards of directors of DC Finance and ITC wish to state that, save
as disclosed herein, they are not aware of any reason for the increase.
The acquisition of Star East (B.V.I.) Limited and its subsidiaries and
associated company, Star East Information by DC Finance and the issue
of the consideration shares and placement shares were completed on 2nd
September, 1999. The offer document for the proposed general offer to
repurchase DC Finance's preference shares as set out in the announcement
of DC Finance dated 15th July, 1999 and the circular of DC Finance dated
14th August, 1999 is expected to be despatched shortly.
It is the understanding of the common director of DC Finance, ITC and
Star East Information that Star East Information has been discussing
business opportunities with three independent third parties, being
Pacific Century Cyberworks, Yahoo Inc. and China.com Corporation, in
different ways of co-operation with or investment in Star East
Information. Negotiations with such parties are at preliminary stage
only and no terms of any co-operation with or investment in Star East
Information have been agreed by the parties. Investors and potential
investors are advised to exercise extreme caution in dealing in the
shares of DC Finance and the securities of ITC. Further announcement
will be made by the respective companies to update the respective
shareholders if there is any material developments.
The respective boards also confirm that there are no negotiations or
agreements relating to intended acquisitions or realisations which are
discloseable under paragraph 3 of the Listing Agreement, neither is the
respective board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement, which is
or may be of a price-sensitive nature for DC Finance and ITC
respectively.
Suspension and resumption of trading
Following the enquiries from the Stock Exchange, trading in the shares
of DC Finance and the securities of ITC was suspended at the request
of DC Finance and ITC respectively on the Stock Exchange from 10:00 a.m.
on 6th September, 1999 pending the publication of this announcement.
Separate application has been made by DC Finance and ITC respectively
to request for the resumption of trading in the shares of DC Finance
and the securities of ITC from 10:00 a.m. on 7th September, 1999.
By Order of the Board
DC Finance (Holdings) Limited
Leung Man Fai
Company Secretary
By Order of the Board
ITC Corporation Limited
Elsa Wong
Company Secretary
Hong Kong, 6th September, 1999
The directors of DC Finance jointly and severally accept full
responsibility for the accuracy of the information contained in this
announcement relating to DC Finance and confirm, having made all
reasonable enquiries, that to the best of their knowledge and belief,
the opinions expressed by them relating to DC Finance have been arrived
at after due and careful consideration, and there are no other facts
relating to DC Finance not contained in this announcement, the omission
of which would make any statement relating to DC Finance in this
announcement misleading. The directors of DC Finance jointly and
severally accept responsibility for the contents of this announcement
accordingly.
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