ITC CORPORATION<0372> - 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)
ANNOUNCEMENT
The Board of the Company refers to the Circular.
On 1st November, 1999, Tai Fook exercised the over-allotment option
under the terms of the Convertible Notes Placing Agreement to require
the Company to issue a further amount of HK$20,000,000 Convertible Notes.
Completion of the placing and subscription of the Additional
Convertible Notes is expected to take place on or around 3rd
November, 1999.
The board of directors (the `Board') of ITC Corporation Limited (the
`Company') refers to the circular of the Company dated 15th
September, 1999 (`Circular') in relation to, inter alia, the
subscription and placing of convertible notes (`Convertible Notes')
of the Company (`Convertible Notes Issue') and wishes to advise that
completion of the Convertible Notes Issue took place on 5th October,
1999.
On 1st November, 1999, Tai Fook Securities Company Limited (`Tai
Fook') exercised the over-allotment option under the Convertible
Notes Placing Agreement to require the Company to issue a further
amount of HK$20,000,000 Convertible Notes (the `Additional
Convertible Notes'). Completion of the placing and subscription of
the Additional Convertible Notes is expected to take place on or
around 3rd November, 1999.
The placees of the Additional Convertible Notes are independent of,
and not connected with, the directors, chief executives or
substantial shareholders of the Company or any of its subsidiaries or
their respective associates.
The principal terms of the Additional Convertible Notes will be the
same as those of the Convertible Notes issued on 5th October, 1999.
Assuming full conversion of the Additional Convertible Notes at the
initial conversion price of HK$1.10 per share, the Company will issue
a total of 18,181,818 ordinary shares of HK$0.10 each in the Company,
representing about 3.6% of the existing issued ordinary share capital
of the Company.
Net proceeds from the issue of the Additional Convertible Notes are
estimated to be about HK$19.5 million. It is intended that such net
proceeds will be used to reduce the borrowing of the Company and its
subsidiaries.
By Order of the Board
Wong Lai Kin, Elsa
Company Secretary
Hong Kong, 1st November, 1999
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