ITC CORPORATION<0372> - Announcement
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.
ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited liability)
Expiry of Subscription Rights Attaching to the 1999 Warrants
The subscription rights attaching to the Company's 1999 Warrants
will expire on 11th November, 1999. Holders of the 1999 Warrants who
wish to exercise the subscription rights attaching to the 1999
Warrants must lodge all relevant documents with the Registrars by
4:00 p.m. on Thursday, 11th November, 1999.
Trading in the 1999 Warrants will cease immediately after 4:00 p.m.
on Monday, 8th November, 1999 and the listing of the 1999 Warrants
will be withdrawn from the Stock Exchange immediately after 4:00 p.m.
on Thursday, 11th November, 1999, after which date the subscription
rights will lapse and the certificates for the 1999 Warrants will
cease to be valid for any purpose.
The directors of ITC Corporation Limited (`Company') wish to remind
holders of the Company's 1999 Warrants (`1999 Warrants') carrying
rights to subscribe for ordinary shares of HK$0.10 each (`Shares') in
the Company on or before 11th November, 1999 at the current
subscription price of HK$2.00 per Share, subject to adjustment, that
the subscription rights attaching to the 1999 Warrants (`Subscription
Rights') will expire immediately after 4:00 p.m. on 11th November,
1999, after which date any Subscription Rights which have not been
exercised will lapse and the certificates for the 1999 Warrants will
cease to be valid for any purpose.
Trading in the 1999 Warrants on The Stock Exchange of Hong Kong
Limited (`Stock Exchange') will cease immediately after 4:00 p.m. on
Monday, 8th November, 1999 and the listing of the 1999 Warrants will
be withdrawn from the Stock Exchange immediately after 4:00 p.m. on
Thursday, 11th November, 1999. Application has been made to the Stock
Exchange for the withdrawal of listing of the 1999 Warrants with
effect from immediately after 4:00 p.m. on Thursday, 11th November,
1999.
Registered holders of the 1999 Warrants who wish to exercise in
whole or in part their Subscription Rights are required to lodge the
relevant warrant certificate(s) with the subscription form(s) duly
completed and signed, together with the requisite subscription
monies, with the Company's share registrars in Hong Kong, Secretaries
Limited at 5th Floor, Wing On Centre, 111 Connaught Road Central,
Hong Kong (`Registrars') by 4:00 p.m. on Thursday, 11th November,
1999.
Persons who have purchased but are not registered as holders of the
1999 Warrants and who wish to exercise the Subscription Rights are
required to lodge the relevant warrant certificate(s), together with
the duly executed and stamped form(s) of transfer and/or other
documents of title, the duly completed and signed subscription
form(s) (which can be obtained from the Registrars) and the requisite
subscription monies, with the Registrars by 4:00 p.m. on Thursday,
11th November, 1999.
Subscription forms for the 1999 Warrants lodged with the Registrars
later than 4:00 p.m. on Thursday, 11th November, 1999 will not be
accepted. Shares will be issued within 10 business days after the due
exercise of the Subscription Rights and sent to the relevant holders
of the 1999 Warrants by post at their own risk. The Shares issuable
under the 1999 Warrants will, upon issue, rank pari passu in all
respects with the Company's fully paid Shares in issue.
Holders of the 1999 Warrants may wish to note that the closing
prices of the Shares and the 1999 Warrants as quoted on the Stock
Exchange on 13th October, 1999 were HK$1.56 and HK$0.10
respectively.
A circular providing details of the expiry of the Subscription
Rights will be despatched to holders of the 1999 Warrants shortly.
By Order of the Board
Wong Lai Kin, Elsa
Company Secretary
Hong Kong, 13th October, 1999
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