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 28th March, 2000, 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$60,000,000 Convertible Notes. Completion of the placing of
the Additional Convertible Notes is expected to take place on
or around 30th March, 2000.
The board of directors (the "Board") of ITC Corporation
Limited (the "Company" and together with its subsidiaries, the
"Group") refers to the circular of the Company dated 8th
February, 2000 (the "Circular") in relation to, inter alia,
the subscription and placing of convertible notes (the
"Convertible Notes") of the Company (the "Convertible Notes
Issue") and wishes to advise that completion of the
Convertible Notes Issue took place on 29th February, 2000.
On 28th March, 2000, Tai Fook Securities Company Limited ("Tai
Fook") exercised the over-allotment option under the
Convertible Notes Placing Agreement in full to require the
Company to issue a further amount of HK$60,000,000 Convertible
Notes (the "Additional Convertible Notes"). Completion of the
placing of the Additional Convertible Notes is expected to
take place on or around 30th March, 2000.
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 (as defined
under the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited).
The principal terms of the Additional Convertible Notes will
be the same as those of the Convertible Notes issued on 29th
February, 2000.
Assuming full conversion of the Additional Convertible Notes
at the initial conversion price of HK$1.75 per share, the
Company will issue a total of 34,285,714 ordinary shares of
HK$0.10 each in the Company, representing about 6.5 per cent.
of the existing issued ordinary share capital of the Company
and about 6.1 per cent. of the issued ordinary share capital
of the Company as enlarged by such conversion.
Net proceeds from the issue of the Additional Convertible
Notes are estimated to be about HK$58.5 million. It is
intended that such net proceeds will be used to reduce the
short term borrowings of the Group and the balance for general
corporate purpose of the Group.
By Order of the Board
Chau Mei Wah, Rosanna
Managing Director
Hong Kong, 28th March, 2000
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