Securities Limited Sample Clauses

Securities Limited. THE PLACING AGREEMENT On 1 December 2010 (after trading hours), the Placing Agreement was entered into between the Company and the Placing Agent, pursuant to which the Company conditionally agreed to place, through the Placing Agent, on a best effort basis, up to a maximum of 202,022,000 Placing Shares at HK$0.50 per Placing Share. The maximum number of 202,022,000 Placing Shares represent approximately 20% of the existing issued share capital of the Company and approximately 16.67% of the issued share capital of the Company as enlarged by the allotment and issue of the Placing Shares. The Placing Price of HK$0.50 represents (i) a discount of 36.70% to the closing price of HK$0.79 per Share as quoted on the Stock Exchange on 1 December 2010, being the date of the Placing Agreement; (ii) a discount of approximately 40.33% to the average closing price of approximately HK$0.838 per Share as quoted on the Stock Exchange for the last five trading days up to and including 30 November 2010; and (iii) a discount of approximately 32.80% to the average closing price of approximately HK$0.744 per Share as quoted on the Stock Exchange for the last ten trading days up to and including 30 November 2010. The Placing is conditional upon (i) passing of the resolution(s) in relation to the Placing and the transactions contemplated thereunder and the Specific Mandate by the Shareholders at the EGM; (ii) the Placing Agent successfully procuring Placee(s) to place the Placing Shares during the Placing Period and (iii) the Listing Committee of the Stock Exchange granting approval for the listing of, and permission to deal in, the Placing Shares. The maximum gross proceeds and net proceeds from the Placing will be approximately HK$101 million and HK$98 million respectively. The Company intends to use the net proceeds from the Placing for (i) general working capital of the Group and/or (ii) repayment of debts of the Group. GENERAL Application will be made by the Company to the Listing Committee of the Stock Exchange for the grant of approval for the listing of, and permission to deal in, the Placing Shares. The EGM will be convened and held for the Shareholders to consider and, if thought fit, pass the relevant resolution(s) to approve (i) the Placing Agreement and the transactions contemplated thereunder; and (ii) the Specific Mandate. A circular containing, among other things, (i) further details of the Placing Agreement and the transactions contemplated thereunder and the Spec...
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