控股有限公司pps.com
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HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimitedtakenoresponsibilityforthecontentsofthisannouncement,makenorepresentationastotheaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisannouncement.
Thisannouncementisforinformationpurposesonlyanddoesnotconstituteaninvitationoroffertoacquire,purchase,orsubscribeforanysecuritiesoftheCompany.
PPSInternational(Holdings)Limited寶聯控股有限公司(IncorporatedintheCaymanIslandswithlimitedliability)(StockCode:8201)PROPOSEDOPENOFFERONTHEBASISOFONE(1)OFFERSHAREFOREVERYTWO(2)EXISTINGSHARESHELDONTHERECORDDATEFinancialadvisertotheCompanyUnderwritertotheOpenOfferPROPOSEDOPENOFFERTheCompanyproposestoraisenotlessthanapproximatelyHK$65millionandnotmorethanapproximatelyHK$78millionbeforeexpensesbyissuingnotlessthan5,000,000,000OfferSharesandnotmorethan6,000,000,000OfferSharesattheSubscriptionPriceofHK$0.
013perOfferShareonthebasisofone(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDateandpayableinfulluponapplication.
–1–AssumingthatthereisnochangeintheissuedsharecapitaloftheCompanyfromthedateofthisannouncementuptotheRecordDate,the5,000,000,000OfferSharesproposedtobeallottedandissuedrepresentsapproximately50%oftheissuedsharecapitaloftheCompanyasatthedateofthisannouncementandapproximately33.
33%oftheenlargedissuedsharecapitaloftheCompanyasenlargedbytheallotmentandissueof5,000,000,000OfferSharesimmediatelyaftercompletionoftheOpenOffer.
TheOpenOfferisonlyavailabletotheQualifyingShareholders.
ToqualifyfortheOpenOffer,alltransfersofSharesmustbelodgedforregistrationwiththeRegistrarby4:30p.
m.
onThursday,19November2015.
TheregisterofmembersoftheCompanywillbeclosedfromFriday,20November2015toMonday,23November2015,bothdaysinclusive,todeterminetheeligibilityoftheOpenOffer.
TheRecordDatewillbeonMonday,23November2015.
ThelastdayofdealingsintheSharesoncum-entitlementbasiswillbeonTuesday,17November2015.
TheShareswillbedealtinonex-entitlementbasisfromWednesday,18November2015.
ToqualifyfortheOpenOffer,theShareholdersmustberegisteredasamemberoftheCompanyatthecloseofbusinessontheRecordDateandnotbeanExcludedShareholder.
TheBoardispleasedtoannouncethaton6November2015(aftertradinghoursoftheStockExchange),theCompanyenteredintotheUnderwritingAgreementwiththeUnderwriterinrelationtotheunderwritingandtherelevantarrangementsinrespectoftheOpenOffer.
TheOpenOfferwillbefullyunderwrittenbytheUnderwriter,subjecttothetermsandconditionsoftheUnderwritingAgreement.
GEMLISTINGRULESIMPLICATIONSAstheOpenOfferwouldnotincreaseeithertheissuedsharecapitalorthemarketcapitalisationoftheCompanybymorethan50%withinthe12monthperiodimmediatelyprecedingthedateofthisannouncement,theOpenOfferisnotsubjecttotheShareholders'approvalundertheGEMListingRules.
GENERALTheProspectusDocumentssettingoutdetailsoftheOpenOfferwillbedespatchedtotheQualifyingShareholdersonthePostingDate.
SubjecttotheadviceoftheCompany'slegaladvisersintherelevantjurisdictionsandtotheextentreasonablypracticable,theProspectuswillbedespatchedtotheExcludedShareholdersforinformationonlyandnoApplicationForm(s)willbesenttothem.
–2–WARNINGOFTHERISKOFDEALINGSINSHARESShareholdersandpotentialinvestorsshouldnotethattheOpenOfferissubjecttothesatisfactionofcertainconditionsasdescribedunderthesectionheaded"ConditionsoftheOpenOffer"ofthisannouncement.
Inparticular,itissubjecttotheUnderwriternotterminatingtheUnderwritingAgreement(seethesectionheaded"TerminationoftheUnderwritingAgreement"ofthisannouncement)onorbeforetheLatestTimeforTermination.
Accordingly,theOpenOffermayormaynotproceed.
ShareholdersandpotentialinvestorsshouldexercisecautionwhendealingintheShares,andiftheyareinanydoubtabouttheirposition,theyshouldconsulttheirprofessionaladvisers.
ShareholdersshouldnotethattheShareswillbedealtinonanex-entitlementbasiscommencingfromWednesday,18November2015.
AnyShareholderorotherpersondealinginSharesuptothedateonwhichallconditionstowhichtheOpenOfferaresubjectarefulfilled(whichisexpectedtobeonWednesday,9December2015),willaccordinglybeartheriskthattheOpenOffermaynotbecomeunconditionalandmaynotproceed.
AnyShareholdersorotherpersonscontemplatinganydealingsintheSharesareadvisedtoconsulttheirownprofessionaladviser.
PROPOSEDOPENOFFERTheCompanyproposestoraisenotlessthanapproximatelyHK$65millionandnotmorethanapproximatelyHK$78millionbeforeexpensesbywayofOpenOfferanddetailsaresetoutasfollows:IssuestatisticsBasisoftheOpenOffer:one(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDateSubscriptionPrice:HK$0.
013perOfferShareNumberofSharesinissueasatthedateofthisannouncement:10,000,000,000Shares–3–NumberofOfferShares:notlessthan5,000,000,000OfferShares(assumingnosubscriptionrightsattachingtotheoutstandingWarrantsareexercisedonorbeforetheRecordDate);notmorethan6,000,000,000OfferShares(assumingfullexerciseofthesubscriptionrightsattachingtotheoutstandingWarrantsonorbeforetheRecordDate);andTheaggregatenominalvalueoftheOfferShareswillbenotlessthanHK$500,000andnotmorethanHK$600,000NumberofSharesinissueuponcompletionoftheOpenOffer:notlessthan15,000,000,000Shares(assumingnosubscriptionrightsattachingtotheoutstandingWarrantsareexercisedonorbeforetheRecordDate)andnotmorethan16,000,000,000Shares(assumingfullexerciseofthesubscriptionrightsattachingtotheoutstandingWarrantsonorbeforetheRecordDate)Amountraisedbeforeexpenses:notlessthanapproximatelyHK$65millionandnotmorethanapproximatelyHK$78millionAsatthedateofthisannouncement,theCompanyhasoutstandingWarrantswhichinaggregateentitleholdersthereoftosubscribefor2,000,000,000Shares.
SavefortheWarrants,therearenootheroutstandingconvertiblesecurities,optionsorwarrantsinissuewhichconferanyrighttosubscribefor,convertibleorexchangeableintoSharesasatthedateofthisannouncement.
AssumingthatthereisnochangeintheissuedsharecapitaloftheCompanyfromthedateofthisannouncementuptotheRecordDate,the5,000,000,000OfferSharesproposedtobeallottedandissuedrepresentsapproximately50%oftheissuedsharecapitaloftheCompanyasatthedateofthisannouncementandapproximately33.
33%oftheenlargedissuedsharecapitaloftheCompanyasenlargedbytheallotmentandissueof5,000,000,000OfferSharesimmediatelyaftercompletionoftheOpenOffer.
–4–SubscriptionPriceTheSubscriptionPriceisHK$0.
013perOfferShare,whichwillbepayableinfulluponacceptanceoftheprovisionalallotmentoftheOfferSharesundertheOpenOffer.
TheSubscriptionPricerepresents:(a)adiscountofapproximately58.
06%totheclosingpriceofHK$0.
031perShareasquotedontheStockExchangeonthedateoftheUnderwritingAgreement;(b)adiscountofapproximately58.
06%totheaverageclosingpriceofapproximatelyHK$0.
031perSharequotedontheStockExchangeforthelastfiveconsecutivetradingdaysimmediatelypriortoandincludingthedateoftheUnderwritingAgreement;and(c)adiscountofapproximately48%tothetheoreticalex-entitlementpriceofapproximatelyHK$0.
025basedontheclosingpriceofHK$0.
031perShareasquotedontheStockExchangeonthedateoftheUnderwritingAgreement.
TheSubscriptionPricewasdeterminedafterarm'slengthnegotiationbetweentheCompanyandtheUnderwriterwithreferencetotheprevailingmarketpriceoftheSharesandfinancialpositionoftheGroup.
TheDirectorsconsiderthatundertheOpenOffer,eachQualifyingShareholderisentitledtosubscribefortheOfferSharesatthesamepriceinproportiontohis/her/itsexistingshareholdingintheCompanyandthatthediscountoftheSubscriptionPricewilllowerthefurtherinvestmentcostoftheQualifyingShareholdersandencouragesthemtoparticipateintheOpenOffer.
TheDirectors(includingalltheindependentnon-executiveDirectors)considerthatthetermsoftheOpenOffer,includingtheSubscriptionPrice,arefairandreasonableandintheinterestsoftheCompanyandtheShareholdersasawhole.
BasisofentitlementThebasisoftheentitlementshallbeone(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDate.
AcceptanceforalloranypartentitlementofaQualifyingShareholdershouldbemadebycompletingtheApplicationFormandlodgingthesamewitharemittancefortheOfferSharesbeingacceptedfor.
–5–QualifyingShareholdersTheOpenOfferisonlyavailabletotheQualifyingShareholders.
ToqualifyfortheOpenOffer,theShareholdersmustberegisteredasamemberoftheCompanyatthecloseofbusinessontheRecordDateandnotbeanExcludedShareholder.
ShareholderswhoseShareareheldbynomineecompaniesshouldnotethattheBoardwillregardanomineecompanyasasingleShareholderaccordingtotheregisterofmembersoftheCompany.
ShareholderswiththeirSharesheldbynomineecompaniesareadvisedtoconsiderwhethertheywouldliketoarrangeforregistrationoftherelevantSharesinthenameofthebeneficialowner(s)priortotheRecordDate.
InordertoberegisteredasmembersoftheCompanypriortothecloseofbusinessontheRecordDate,ShareholdersmustlodgeanytransfersofShares(togetherwiththerelevantsharecertificates)forregistrationwiththeRegistraratLevel22,HopewellCentre,183Queen'sRoadEast,HongKong,nolaterthan4:30p.
m.
onThursday,19November2015.
ClosureofregisterofmembersfortheOpenOfferTheregisterofmembersoftheCompanywillbeclosedfromFriday,20November2015toMonday,23November2015,bothdaysinclusive,todeterminetheeligibilityoftheOpenOffer.
NotransferofShareswillberegisteredduringthebookclosureperiod.
OverseasShareholdersandExcludedShareholdersTheProspectusDocumentsarenotintendedtoberegisteredundertheapplicablesecuritieslegislationofanyjurisdictionotherthanHongKong.
IncompliancewiththenecessaryrequirementsoftheGEMListingRules,theCompanywillmakeenquiriesregardingthefeasibilityofextendingtheOpenOffertotheOverseasShareholders.
If,basedonlegalopinions,theDirectorsconsiderthatitisnecessaryorexpedientnottooffertheOfferSharestotheOverseasShareholdersonaccounteitherofthelegalrestrictionsunderthelawsoftherelevantplaceortherequirementsoftherelevantregulatorybodyorstockexchangeinthatplace,theOpenOfferwillnotbeavailabletosuchOverseasShareholders.
Accordingly,theOpenOfferwillnotbeextendedtotheExcludedShareholders.
TheOfferSharestowhichtheExcludedShareholderswouldhavebeenentitledwillbeunderwrittenandtakenupbytheUnderwriter.
–6–FurtherinformationinthisconnectionwillbesetoutintheProspectusDocumentscontaining,amongotherthings,detailsoftheOpenOffer,tobedespatchedtotheQualifyingShareholdersonthePostingDate.
TheCompanywillsendcopiesoftheProspectustotheExcludedShareholdersfortheirinformationonly,butnoApplicationFormwillbesenttothem.
OverseasShareholdersshouldnotethattheymayormaynotbeentitledtotheOpenOffer,subjecttotheresultsofenquiriesmadebytheDirectorspursuanttoRule17.
41(1)oftheGEMListingRules.
Accordingly,OverseasShareholdersshouldexercisecautionwhendealingintheShares.
StatusoftheOfferSharesTheOfferShares,whenallotted,issuedandfullypaid,willrankparipassuinallrespectswiththeSharestheninissue.
Holdersoffully-paidOfferShareswillbeentitledtoreceiveallfuturedividendsanddistributionswhicharedeclared,madeorpaidafterthedateofallotmentoftheOfferSharesintheirfully-paidform.
SharecertificatesandrefundchequesfortheOfferSharesSubjecttothefulfillmentoftheconditionssetoutintheparagraphheaded"ConditionsoftheOpenOffer"inthisannouncement,sharecertificatesforallfully-paidOfferSharesareexpectedtobepostedonorbeforeTuesday,15December2015tothoseentitledtheretobyordinarypostattheirownrisk.
IftheOpenOfferisterminated,refundchequeswillbedespatchedonorbeforeTuesday,15December2015byordinarypostattheirownrisk.
NoapplicationforexcessOfferSharesConsideringthattheOpenOfferwillgivetheQualifyingShareholdersanequalandfairopportunitytomaintaintheirrespectiveproratashareholdinginterestsintheCompany,ifapplicationforexcessOfferSharesisarranged,theCompanywillberequiredtoputinadditionaleffortandcoststoadministertheexcessapplicationprocedures.
Accordingly,noexcessOfferShareswillbeofferedtotheQualifyingShareholdersandanyOfferSharesnottakenupbytheQualifyingShareholderswillbeunderwrittenbytheUnderwriter.
FractionsoftheOfferSharesFractionalentitlementstotheOfferShareswillnotbeissuedtotheQualifyingShareholdersbutwillbeaggregated,underwrittenandtakenupbytheUnderwriter.
TheCompanywillnotallotanyfractionsoftheOfferShares.
–7–ApplicationforlistingTheCompanywillapplytotheGEMListingCommitteeforthelistingofandpermissiontodealin,theOfferShares.
DealingsintheOfferSharesontheStockExchangewillbesubjecttothepaymentofstampduty(ifany)inHongKongandanyotherapplicablefeesandchargesinHongKong.
Subjecttothegrantingoftheapprovalforthelistingof,andpermissiontodealin,theOfferSharesontheStockExchange,theOfferShareswillbeacceptedaseligiblesecuritiesbyHKSCCfordeposit,clearanceandsettlementinCCASSwitheffectfromtherespectivecommencementdateofdealingsintheOfferSharesontheStockExchangeorsuchotherdateasdeterminedbyHKSCC.
SettlementoftransactionsbetweenparticipantsoftheStockExchangeonanytradingdayisrequiredtotakeplaceinCCASSonthesecondtradingdaythereafter.
AllactivitiesunderCCASSaresubjecttotheGeneralRulesofCCASSandCCASSOperationalProceduresineffectfromtimetotime.
NopartofthesecuritiesoftheCompanyislistedordealtinoronwhichlistingorpermissiontodealisbeingorisproposedtobesoughtonanyotherstockexchange.
UNDERWRITINGAGREEMENTDate:6November2015(aftertradinghoursoftheStockExchange)Underwriter:OrientSecuritiesLimitedNumberofUnderwrittenShares:notlessthan5,000,000,000andnotmorethan6,000,000,000OfferSharesCommission:2.
5%ofthetotalSubscriptionPriceontheUnderwrittenSharesTothebestoftheDirectors'knowledge,informationandbeliefandhavingmadeallreasonableenquiries,theUnderwriterandtheirrespectiveultimatebeneficialownersareIndependentThirdParties.
AsatthedateoftheUnderwritingAgreement,theUnderwriterisnotinterestedinanyShares.
–8–TheCompanywillpaytheUnderwriteranunderwritingcommissionof2.
5%ofthetotalSubscriptionPriceontheUnderwrittenShares.
Thecommissionratewasdeterminedafterarm'slengthnegotiationbetweentheCompanyandtheUnderwriterbyreferencetothemarketrate,thesizeoftheOpenOfferandthecurrentandexpectedmarketcondition.
TheDirectorsareoftheviewthatthetermsoftheUnderwritingAgreement,includingthecommission,arefairandreasonablesofarastheCompanyandtheShareholdersareconcerned.
TerminationoftheUnderwritingAgreementIfatanytimeonorbeforetheLatestTimeforTermination:(A)theUnderwritershallbecomeawareofthefactthat,orshallhavereasonablecausetobelievethatanyoftherepresentations,warrantiesandundertakingsintheUnderwritingAgreementwasuntrue,inaccurate,misleadingorbreached,andineachcasethesameis(inthereasonableopinionoftheUnderwriter)materialinthecontextoftheOpenOffer;or(B)thereshallbe:(i)anynewlaworregulationisenacted,orthereisanychangeinexistinglawsorregulationsoranychangeintheinterpretationorapplicationthereofbyanycourtorothercompetentauthority,whetherinHongKongorelsewhere;(ii)anychangeinlocal,nationalorinternationalfinancial,political,industrialoreconomicconditions;(iii)anychangeofanexceptionalnatureinlocal,nationalorinternationalequitysecuritiesorcurrencymarkets;(iv)anylocal,nationalorinternationaloutbreakorescalationofhostilities,insurrectionorarmedconflict;(v)anymoratorium,suspensionormaterialrestrictionontradinginsecuritiesgenerallyontheStockExchange;(vi)anysuspensioninthetradingoftheSharesontheStockExchangeforacontinuousperiodof10tradingdays(asdefinedintheGEMListingRules);or(vii)anychangeordevelopmentinvolvingaprospectivechangeintaxationorexchangecontrolsinHongKongorelsewhere;–9–whichisorare,inthereasonableopinionoftheUnderwriter:-(a)likelytohaveamaterialadverseeffectonthebusiness,financialpositionorprospectsoftheGrouptakenasawhole;or(b)likelytohaveamaterialadverseeffectonthesuccessoftheOpenOfferorthelevelofOfferSharestobetakenup;or(c)somaterialastomakeitinappropriate,inadvisableorinexpedienttoproceedfurtherwiththeOpenOffer,thentheUnderwritermay,bynoticeinwritinggiventotheCompanyrescindtheUnderwritingAgreementandthereuponallobligationsoftheUnderwriterthereundershallceaseanddetermineandnopartyshallhaveanyclaimagainstanyotherpartyinrespectofanymatterorthingarisingoutoforinconnectionwiththeUnderwritingAgreement(saveforanyantecedentbreachesthereof)andtheOpenOffershallnotproceed.
ConditionsoftheOpenOfferTheOpenOfferissubjecttotheUnderwritingAgreementhavingbecomeunconditionalandnotbeingterminatedinaccordancewithitsterms.
Inaddition,theOpenOfferisconditionaluponthefollowingconditionsbeingfulfilled:(a)thedeliverytotheStockExchangeandregistrationwiththeRegistrarofCompaniesinHongKongrespectivelyonedulycertifiedcopyofeachoftheProspectusDocuments(andallotherdocumentsrequiredtobeattachedthereto)notlaterthanthePostingDateandincompliancewiththeGEMListingRulesandtheCompaniesOrdinance;(b)thepostingoftheProspectusDocumentstotheQualifyingShareholders;(c)theListingCommitteeoftheStockExchangegrantingoragreeingtogrant(subjecttoallotment),andnothavingrevoked,listingof,andpermissiontodealintheOfferShares;and(d)compliancewithandperformanceofalltheundertakingsandobligationsbytheCompanyunderthetermsoftheUnderwritingAgreement.
–10–NoneoftheCompanyandtheUnderwritermaywaiveconditions(a)to(d)above.
Intheeventthatanyofconditions(a)to(d)abovehasnotbeensatisfiedbytheLatestTerminationDate(orsuchothertimeand/ordateastheCompanyandtheUnderwritermaydetermineinwriting),theUnderwritingAgreementshallterminate(saveinrespectofanyrightsandobligationswhichmayaccrueundertheUnderwritingAgreement)andnopartytheretoshallhaveanyclaimagainsttheotherpartiesforcosts,damages,compensationorotherwisesaveforanyantecedentbreachoftheUnderwritingAgreement.
IftheUnderwritingAgreementisterminated,theOpenOfferwillnotproceed.
SHAREHOLDINGSTRUCTUREOFTHECOMPANYTheshareholdingstructureoftheCompanyimmediatelybeforeandaftercompletionoftheOpenOffer(assumingnooutstandingWarrantswillbeexercisedfromthedateofthisannouncementtotheRecordDate)issetoutbelow(forillustrationpurposesonly):AsatthedateofthisannouncementUponcompletionoftheOpenOffer(assumingallofOfferSharesaretakenupbytheQualifyingShareholders)UponcompletionoftheOpenOffer(assumingnoneoftheOfferSharesaretakenupbytheQualifyingShareholders)No.
ofSharesApproximate%No.
ofSharesApproximate%No.
ofSharesApproximate%ZhaoHan1,200,000,00012.
001,800,000,00012.
001,200,000,0008.
00PublicShareholders8,800,000,00088.
0013,200,000,00088.
008,800,000,00058.
67Underwriter––––5,000,000,00033.
33Total10,000,000,000100.
0015,000,000,000100.
0015,000,000,000100.
00FUNDRAISINGACTIVITYDURINGTHEPASTTWELVEMONTHSTheCompanyhasnotconductedanyfundraisingactivitiesduringthepasttwelvemonthsimmediatelybeforethedateofthisannouncement.
–11–REASONSFORTHEOPENOFFERANDUSEOFPROCEEDSTheGroupisprincipallyengagedintheprovisionofenvironmentalservices.
BasedontheSubscriptionPriceofHK$0.
013perOfferShareandassumingnochangeintheshareholdingstructureoftheCompanyfromthedateofthisannouncementtotheRecordDate,thegrossproceedstoberaisedbytheCompanyfromtheOpenOfferwillamounttoapproximatelyHK$65million(beforeexpenses).
ThenetproceedstoberaisedbytheCompanyfromtheOpenOfferwillamounttoapproximatelyHK$62.
5million(afterexpenses).
ThenetpriceraisedperOfferShareisestimatedatapproximatelyHK$0.
0125.
TheGroupintendstoapplythenetproceedsfromtheOpenOffer(assumingnochangeintheshareholdingstructureoftheCompanyfromthedateofthisannouncementtotheRecordDate)asto(i)approximatelyHK$28million,willbeutilizedfortheexpansionofthecleaningandautobeautyservicesinthePRCregion;(ii)approximatelyHK$15.
5million,willbeutilizedfortheexpansionoftheoperationinHongKongincludingbutnotlimitedtoexpandingthecontractingdepartmentsoastoenhancethecapabilitytoobtainmorehigh-valuepublictenderswhichtheCompanyislackofresourcesinthepast,andalsoemployingmorecleaningstaffinHongKongsoastoprovidemorecomprehensiveservicestothecurrentandnewcustomers;(iii)approximatelyHK$9.
5million,willbeutilizedfortherenewalandpurchaseofnewmachinerysoastoimprovetheeffectivenessoftheservices;and(iv)approximatelyHK$9.
5million,willbeutilizedforthegeneralworkingcapitaloftheCompany.
Furthermore,theBoardconsidersthattheOpenOfferisintheinterestoftheCompanyandtheShareholdersasawholeasitoffersalltheQualifyingShareholdersanequalopportunitytoparticipateintheenlargementofthecapitalbaseoftheCompanyandtoallowQualifyingShareholdersanequalopportunitytomaintaintheirproportionateinterestsintheCompanyandcontinuetoparticipateinthefuturedevelopmentoftheGroupshouldtheywishtodoso.
–12–EXPECTEDTIMETABLESetoutbelowistheexpectedtimetableinrelationtotheOpenOffer:LastdayofdealingsintheSharesonacum-entitlementbasisTuesday,17November2015FirstdayofdealingsintheSharesonanex-entitlementbasisWednesday,18November2015LatesttimeforlodgingtransferofSharesinordertobequalifiedfortheOpenOffer4:30p.
m.
onThursday,19November2015RegisterofmembersoftheCompanyclosedFriday,20November2015toMonday,23November2015RecordDateMonday,23November2015RegisterofmembersoftheCompanyre-opensTuesday,24November2015DespatchoftheProspectusDocumentsTuesday,24November2015Latesttimeforacceptanceof,andpaymentfortheOfferShares4:00p.
m.
onTuesday,8December2015LatesttimefortheOpenOffertobecomeunconditional4:00p.
m.
onWednesday,9December2015AnnouncementofresultsofacceptanceoftheOfferSharesMonday,14December2015Despatchofcertificatesforfully-paidOfferSharesonorbeforeTuesday,15December2015DespatchofrefundchequesiftheOpenOfferisterminatedTuesday,15December2015Dealingsinfully-paidOfferSharescommence9:00a.
m.
onWednesday,16December2015–13–AlltimesstatedinthisannouncementrefertoHongKongtimes.
Datesstatedinthisannouncementforeventsinthetimetableareindicativeonlyandmaybeextendedorvaried.
AnychangestotheanticipatedtimetablefortheOpenOfferwillbeannouncedasappropriate.
GEMLISTINGRULESIMPLICATIONSAstheOpenOfferwouldnotincreaseeithertheissuedsharecapitalorthemarketcapitalisationoftheCompanybymorethan50%withinthe12monthperiodimmediatelyprecedingthedateofthisannouncement,theOpenOfferisnotsubjecttotheShareholders'approvalundertheGEMListingRules.
GENERALTheProspectusDocumentssettingoutdetailsoftheOpenOfferwillbedespatchedtotheQualifyingShareholdersonthePostingDate.
SubjecttotheadviceoftheCompany'slegaladvisersintherelevantjurisdictionsandtotheextentreasonablypracticable,theProspectuswillbedespatchedtotheExcludedShareholdersforinformationonlyandnoApplicationForm(s)willbesenttothem.
WARNINGOFTHERISKOFDEALINGSINSHARESShareholdersandpotentialinvestorsshouldnotethattheOpenOfferissubjecttothesatisfactionofcertainconditionsasdescribedunderthesectionheaded"ConditionsoftheOpenOffer"ofthisannouncement.
Inparticular,itissubjecttotheUnderwriternotterminatingtheUnderwritingAgreement(seethesectionheaded"TerminationoftheUnderwritingAgreement"ofthisannouncement)onorbeforetheLatestTimeforTermination.
Accordingly,theOpenOffermayormaynotproceed.
ShareholdersandpotentialinvestorsshouldexercisecautionwhendealingintheShares,andiftheyareinanydoubtabouttheirposition,theyshouldconsulttheirprofessionaladvisers.
ShareholdersshouldnotethattheShareswillbedealtinonanex-entitlementbasiscommencingfromWednesday,18November2015.
AnyShareholderorotherpersondealinginSharesuptothedateonwhichallconditionstowhichtheOpenOfferaresubjectarefulfilled(whichisexpectedtobeonWednesday,9December2015),willaccordinglybeartheriskthattheOpenOffermaynotbecomeunconditionalandmaynotproceed.
AnyShareholdersorotherpersonscontemplatinganydealingsintheSharesareadvisedtoconsulttheirownprofessionaladviser.
–14–DEFINITIONSInthisannouncement,thefollowingexpressionsshallhavethefollowingmeaningsunlessthecontextotherwiserequires:"ApplicationForm"theformofapplicationtobeusedbytheQualifyingShareholderstoapplyfortheOfferSharesintheformagreedbytheCompanyandtheUnderwriter"Board"theboardofDirectors"BusinessDay"aday(otherthanaSaturday,Sundayorpublicholiday)onwhichlicensedbanksaregenerallyopenforbusinessinHongKongthroughouttheirnormalbusinesshours"CCASS"theCentralClearingandSettlementSystemestablishedandoperatedbyHKSCC"Company"PPSInternational(Holdings)Limited,acompanyincorporatedintheCaymanIslandswithlimitedliability,whoseSharesarelistedontheGEM(StockCode:8201)"Director(s)"thedirector(s)oftheCompany"ExcludedShareholder(s)"theOverseasShareholder(s)whoseaddressis/areinaplace(s)outsideHongKongwhere,theDirectors,basedonlegalopinionsprovidedbylegaladvisersoftheCompany,consideritisnecessaryorexpedientonaccounteitherofthelegalrestrictionsunderthelawsoftherelevantplaceortherequirementsoftherelevantregulatorybodyorstockexchangeinthatplacenottooffertheOfferSharestosuchOverseasShareholders"GEM"theGrowthEnterpriseMarketoftheStockExchange"GEMListingCommittee"hasthemeaningascribedtheretoundertheGEMListingRules"GEMListingRules"theRulesGoverningtheListingofSecuritiesontheGEM–15–"Group"theCompanyanditssubsidiaries"HK$"HongKongdollars,thelawfulcurrencyofHongKong"HKSCC"theHongKongSecuritiesClearingCompanyLimited"HongKong"TheHongKongSpecialAdministrativeRegionofthePeople'sRepublicofChina"IndependentThirdParty(ies)"athirdpartyindependentoftheCompanyandtheconnectedpersonsoftheCompany"LatestTimeforAcceptance"thelatesttimeforacceptancefortheOfferSharesat4:00p.
m.
,onTuesday,8December2015orsuchothertimeasmaybeagreedbetweentheCompanyandtheUnderwriter"LatestTimeforTermination"thelatesttimeforterminatingtheUnderwritingAgreementat4:00p.
m.
,onWednesday,9December2015,beingtheoneBusinessDayaftertheLatestTimeforAcceptanceorsuchlatertimeordateasmaybeagreedbetweentheCompanyandtheUnderwriter"OfferShares"notlessthan5,000,000,000newSharesandnotmorethan6,000,000,000newSharestobeallottedandissuedpursuanttotheOpenOffer"OpenOffer"theproposedissuebywayofOpenOffertotheQualifyingShareholdersonthebasisofone(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDateattheSubscriptionPriceonthetermsandsubjecttotheconditionssetoutintheUnderwritingAgreementandtheProspectusDocuments"OverseasShareholder(s)"theShareholder(s)withregisteredaddress(es)(asshownintheregisterofmembersoftheCompanyontheRecordDate)areoutsideofHongKong"Prospectus"thedocumentcontainingdetailsoftheOpenOffertobedespatchedtotheQualifyingShareholders–16–"ProspectusDocuments"theProspectusandtheApplicationForm"PostingDate"Tuesday,24November2015orsuchlaterdateasmaybeagreedbetweentheUnderwriterandtheCompanyforthedespatchoftheProspectusDocumentstotheQualifyingShareholders(ortheProspectusonlyincaseofExcludedShareholder(s))"QualifyingShareholders"ShareholderswhosenamesappearontheregisterofmembersoftheCompanyontheRecordDate,otherthantheExcludedShareholders"RecordDate"Monday,23November2015,orsuchotherdateasmaybeagreedbetweentheCompanyandtheUnderwriterfordeterminingentitlementstotheOpenOffer"Registrar"TricorInvestorServicesLimited,atLevel22,HopewellCentre,183Queen'sRoadEast,HongKong,theHongKongbranchshareregistrarsoftheCompany"Share(s)"ordinaryshare(s)ofHK$0.
0001eachinthesharecapitaloftheCompany"Shareholder(s)"theholder(s)oftheShare(s)"StockExchange"TheStockExchangeofHongKongLimited"SubscriptionPrice"HK$0.
013perOfferShare"Underwriter"OrientSecuritiesLimited,alicensedcorporationtocarryonType1(dealinginsecurities)andType4(advisingonsecurities)regulatedactivitiesundertheSFO,beingunderwritertotheOpenOffer"UnderwritingAgreement"theunderwritingagreementdated6November2015enteredintoamongtheCompanyandtheUnderwriterinrelationtotheunderwritingarrangementinrespectoftheOpenOffer–17–"UnderwrittenShares"notlessthan5,000,000,000OfferSharesandnotmorethan6,000,000,000OfferSharesunderwrittenbytheUnderwriterpursuanttothetermsoftheUnderwritingAgreement"Warrants"outstandingunlistedwarrantswiththesubscriptionpriceofHK$0.
02perwarrantwhichentitleholdersthereoftosubscribefor2,000,000,000SharesattheexercisepriceofHK$0.
166perShare(subjecttoadjustment)"%"percentByorderoftheBoardPPSInternational(Holdings)LimitedChanWaiKitChairmanandExecutiveDirectorHongKong,6November2015Asatthedateofthisannouncement,theBoardcomprisesthreeexecutiveDirectors,Mr.
ChanWaiKit,Mr.
ZhangXiaozhengandMs.
WongChiYan,anon-executiveDirector,Mr.
XuXiaopingandfourindependentnon-executiveDirectors,Mr.
ChuiChiYun,Robert,Mr.
ChanChiTong,Kenny,Mr.
ChenKwokWangandMr.
ChowChunHin,Leslie.
Thisannouncement,forwhichtheDirectorscollectivelyandindividuallyacceptfullresponsibility,includesparticularsgivenincompliancewiththeRulesGoverningtheListingofSecuritiesontheGEMofTheStockExchangeofHongKongLimited(the"GEMListingRules")forthepurposeofgivinginformationwithregardtotheCompany.
TheDirectors,havingmadeallreasonableenquiries,confirmthattothebestoftheirknowledgeandbelieftheinformationcontainedinthisannouncementisaccurateandcompleteinallmaterialrespectsandnotmisleadingordeceptive,andtherearenoothermatterstheomissionofwhichwouldmakeanystatementhereinorthisannouncementmisleading.
Thisannouncementwillremainonthe"LatestCompanyAnnouncements"pageoftheinternetwebsiteoperatedbytheStockExchangeforthepurposesoftheGrowthEnterpriseMarketatwww.
hkgem.
comforatleastsevendaysfromthedayofitspostingandwillbepublishedonthewebsiteoftheCompanyatwww.
hkpps.
com.
hk.
–18–
Thisannouncementisforinformationpurposesonlyanddoesnotconstituteaninvitationoroffertoacquire,purchase,orsubscribeforanysecuritiesoftheCompany.
PPSInternational(Holdings)Limited寶聯控股有限公司(IncorporatedintheCaymanIslandswithlimitedliability)(StockCode:8201)PROPOSEDOPENOFFERONTHEBASISOFONE(1)OFFERSHAREFOREVERYTWO(2)EXISTINGSHARESHELDONTHERECORDDATEFinancialadvisertotheCompanyUnderwritertotheOpenOfferPROPOSEDOPENOFFERTheCompanyproposestoraisenotlessthanapproximatelyHK$65millionandnotmorethanapproximatelyHK$78millionbeforeexpensesbyissuingnotlessthan5,000,000,000OfferSharesandnotmorethan6,000,000,000OfferSharesattheSubscriptionPriceofHK$0.
013perOfferShareonthebasisofone(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDateandpayableinfulluponapplication.
–1–AssumingthatthereisnochangeintheissuedsharecapitaloftheCompanyfromthedateofthisannouncementuptotheRecordDate,the5,000,000,000OfferSharesproposedtobeallottedandissuedrepresentsapproximately50%oftheissuedsharecapitaloftheCompanyasatthedateofthisannouncementandapproximately33.
33%oftheenlargedissuedsharecapitaloftheCompanyasenlargedbytheallotmentandissueof5,000,000,000OfferSharesimmediatelyaftercompletionoftheOpenOffer.
TheOpenOfferisonlyavailabletotheQualifyingShareholders.
ToqualifyfortheOpenOffer,alltransfersofSharesmustbelodgedforregistrationwiththeRegistrarby4:30p.
m.
onThursday,19November2015.
TheregisterofmembersoftheCompanywillbeclosedfromFriday,20November2015toMonday,23November2015,bothdaysinclusive,todeterminetheeligibilityoftheOpenOffer.
TheRecordDatewillbeonMonday,23November2015.
ThelastdayofdealingsintheSharesoncum-entitlementbasiswillbeonTuesday,17November2015.
TheShareswillbedealtinonex-entitlementbasisfromWednesday,18November2015.
ToqualifyfortheOpenOffer,theShareholdersmustberegisteredasamemberoftheCompanyatthecloseofbusinessontheRecordDateandnotbeanExcludedShareholder.
TheBoardispleasedtoannouncethaton6November2015(aftertradinghoursoftheStockExchange),theCompanyenteredintotheUnderwritingAgreementwiththeUnderwriterinrelationtotheunderwritingandtherelevantarrangementsinrespectoftheOpenOffer.
TheOpenOfferwillbefullyunderwrittenbytheUnderwriter,subjecttothetermsandconditionsoftheUnderwritingAgreement.
GEMLISTINGRULESIMPLICATIONSAstheOpenOfferwouldnotincreaseeithertheissuedsharecapitalorthemarketcapitalisationoftheCompanybymorethan50%withinthe12monthperiodimmediatelyprecedingthedateofthisannouncement,theOpenOfferisnotsubjecttotheShareholders'approvalundertheGEMListingRules.
GENERALTheProspectusDocumentssettingoutdetailsoftheOpenOfferwillbedespatchedtotheQualifyingShareholdersonthePostingDate.
SubjecttotheadviceoftheCompany'slegaladvisersintherelevantjurisdictionsandtotheextentreasonablypracticable,theProspectuswillbedespatchedtotheExcludedShareholdersforinformationonlyandnoApplicationForm(s)willbesenttothem.
–2–WARNINGOFTHERISKOFDEALINGSINSHARESShareholdersandpotentialinvestorsshouldnotethattheOpenOfferissubjecttothesatisfactionofcertainconditionsasdescribedunderthesectionheaded"ConditionsoftheOpenOffer"ofthisannouncement.
Inparticular,itissubjecttotheUnderwriternotterminatingtheUnderwritingAgreement(seethesectionheaded"TerminationoftheUnderwritingAgreement"ofthisannouncement)onorbeforetheLatestTimeforTermination.
Accordingly,theOpenOffermayormaynotproceed.
ShareholdersandpotentialinvestorsshouldexercisecautionwhendealingintheShares,andiftheyareinanydoubtabouttheirposition,theyshouldconsulttheirprofessionaladvisers.
ShareholdersshouldnotethattheShareswillbedealtinonanex-entitlementbasiscommencingfromWednesday,18November2015.
AnyShareholderorotherpersondealinginSharesuptothedateonwhichallconditionstowhichtheOpenOfferaresubjectarefulfilled(whichisexpectedtobeonWednesday,9December2015),willaccordinglybeartheriskthattheOpenOffermaynotbecomeunconditionalandmaynotproceed.
AnyShareholdersorotherpersonscontemplatinganydealingsintheSharesareadvisedtoconsulttheirownprofessionaladviser.
PROPOSEDOPENOFFERTheCompanyproposestoraisenotlessthanapproximatelyHK$65millionandnotmorethanapproximatelyHK$78millionbeforeexpensesbywayofOpenOfferanddetailsaresetoutasfollows:IssuestatisticsBasisoftheOpenOffer:one(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDateSubscriptionPrice:HK$0.
013perOfferShareNumberofSharesinissueasatthedateofthisannouncement:10,000,000,000Shares–3–NumberofOfferShares:notlessthan5,000,000,000OfferShares(assumingnosubscriptionrightsattachingtotheoutstandingWarrantsareexercisedonorbeforetheRecordDate);notmorethan6,000,000,000OfferShares(assumingfullexerciseofthesubscriptionrightsattachingtotheoutstandingWarrantsonorbeforetheRecordDate);andTheaggregatenominalvalueoftheOfferShareswillbenotlessthanHK$500,000andnotmorethanHK$600,000NumberofSharesinissueuponcompletionoftheOpenOffer:notlessthan15,000,000,000Shares(assumingnosubscriptionrightsattachingtotheoutstandingWarrantsareexercisedonorbeforetheRecordDate)andnotmorethan16,000,000,000Shares(assumingfullexerciseofthesubscriptionrightsattachingtotheoutstandingWarrantsonorbeforetheRecordDate)Amountraisedbeforeexpenses:notlessthanapproximatelyHK$65millionandnotmorethanapproximatelyHK$78millionAsatthedateofthisannouncement,theCompanyhasoutstandingWarrantswhichinaggregateentitleholdersthereoftosubscribefor2,000,000,000Shares.
SavefortheWarrants,therearenootheroutstandingconvertiblesecurities,optionsorwarrantsinissuewhichconferanyrighttosubscribefor,convertibleorexchangeableintoSharesasatthedateofthisannouncement.
AssumingthatthereisnochangeintheissuedsharecapitaloftheCompanyfromthedateofthisannouncementuptotheRecordDate,the5,000,000,000OfferSharesproposedtobeallottedandissuedrepresentsapproximately50%oftheissuedsharecapitaloftheCompanyasatthedateofthisannouncementandapproximately33.
33%oftheenlargedissuedsharecapitaloftheCompanyasenlargedbytheallotmentandissueof5,000,000,000OfferSharesimmediatelyaftercompletionoftheOpenOffer.
–4–SubscriptionPriceTheSubscriptionPriceisHK$0.
013perOfferShare,whichwillbepayableinfulluponacceptanceoftheprovisionalallotmentoftheOfferSharesundertheOpenOffer.
TheSubscriptionPricerepresents:(a)adiscountofapproximately58.
06%totheclosingpriceofHK$0.
031perShareasquotedontheStockExchangeonthedateoftheUnderwritingAgreement;(b)adiscountofapproximately58.
06%totheaverageclosingpriceofapproximatelyHK$0.
031perSharequotedontheStockExchangeforthelastfiveconsecutivetradingdaysimmediatelypriortoandincludingthedateoftheUnderwritingAgreement;and(c)adiscountofapproximately48%tothetheoreticalex-entitlementpriceofapproximatelyHK$0.
025basedontheclosingpriceofHK$0.
031perShareasquotedontheStockExchangeonthedateoftheUnderwritingAgreement.
TheSubscriptionPricewasdeterminedafterarm'slengthnegotiationbetweentheCompanyandtheUnderwriterwithreferencetotheprevailingmarketpriceoftheSharesandfinancialpositionoftheGroup.
TheDirectorsconsiderthatundertheOpenOffer,eachQualifyingShareholderisentitledtosubscribefortheOfferSharesatthesamepriceinproportiontohis/her/itsexistingshareholdingintheCompanyandthatthediscountoftheSubscriptionPricewilllowerthefurtherinvestmentcostoftheQualifyingShareholdersandencouragesthemtoparticipateintheOpenOffer.
TheDirectors(includingalltheindependentnon-executiveDirectors)considerthatthetermsoftheOpenOffer,includingtheSubscriptionPrice,arefairandreasonableandintheinterestsoftheCompanyandtheShareholdersasawhole.
BasisofentitlementThebasisoftheentitlementshallbeone(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDate.
AcceptanceforalloranypartentitlementofaQualifyingShareholdershouldbemadebycompletingtheApplicationFormandlodgingthesamewitharemittancefortheOfferSharesbeingacceptedfor.
–5–QualifyingShareholdersTheOpenOfferisonlyavailabletotheQualifyingShareholders.
ToqualifyfortheOpenOffer,theShareholdersmustberegisteredasamemberoftheCompanyatthecloseofbusinessontheRecordDateandnotbeanExcludedShareholder.
ShareholderswhoseShareareheldbynomineecompaniesshouldnotethattheBoardwillregardanomineecompanyasasingleShareholderaccordingtotheregisterofmembersoftheCompany.
ShareholderswiththeirSharesheldbynomineecompaniesareadvisedtoconsiderwhethertheywouldliketoarrangeforregistrationoftherelevantSharesinthenameofthebeneficialowner(s)priortotheRecordDate.
InordertoberegisteredasmembersoftheCompanypriortothecloseofbusinessontheRecordDate,ShareholdersmustlodgeanytransfersofShares(togetherwiththerelevantsharecertificates)forregistrationwiththeRegistraratLevel22,HopewellCentre,183Queen'sRoadEast,HongKong,nolaterthan4:30p.
m.
onThursday,19November2015.
ClosureofregisterofmembersfortheOpenOfferTheregisterofmembersoftheCompanywillbeclosedfromFriday,20November2015toMonday,23November2015,bothdaysinclusive,todeterminetheeligibilityoftheOpenOffer.
NotransferofShareswillberegisteredduringthebookclosureperiod.
OverseasShareholdersandExcludedShareholdersTheProspectusDocumentsarenotintendedtoberegisteredundertheapplicablesecuritieslegislationofanyjurisdictionotherthanHongKong.
IncompliancewiththenecessaryrequirementsoftheGEMListingRules,theCompanywillmakeenquiriesregardingthefeasibilityofextendingtheOpenOffertotheOverseasShareholders.
If,basedonlegalopinions,theDirectorsconsiderthatitisnecessaryorexpedientnottooffertheOfferSharestotheOverseasShareholdersonaccounteitherofthelegalrestrictionsunderthelawsoftherelevantplaceortherequirementsoftherelevantregulatorybodyorstockexchangeinthatplace,theOpenOfferwillnotbeavailabletosuchOverseasShareholders.
Accordingly,theOpenOfferwillnotbeextendedtotheExcludedShareholders.
TheOfferSharestowhichtheExcludedShareholderswouldhavebeenentitledwillbeunderwrittenandtakenupbytheUnderwriter.
–6–FurtherinformationinthisconnectionwillbesetoutintheProspectusDocumentscontaining,amongotherthings,detailsoftheOpenOffer,tobedespatchedtotheQualifyingShareholdersonthePostingDate.
TheCompanywillsendcopiesoftheProspectustotheExcludedShareholdersfortheirinformationonly,butnoApplicationFormwillbesenttothem.
OverseasShareholdersshouldnotethattheymayormaynotbeentitledtotheOpenOffer,subjecttotheresultsofenquiriesmadebytheDirectorspursuanttoRule17.
41(1)oftheGEMListingRules.
Accordingly,OverseasShareholdersshouldexercisecautionwhendealingintheShares.
StatusoftheOfferSharesTheOfferShares,whenallotted,issuedandfullypaid,willrankparipassuinallrespectswiththeSharestheninissue.
Holdersoffully-paidOfferShareswillbeentitledtoreceiveallfuturedividendsanddistributionswhicharedeclared,madeorpaidafterthedateofallotmentoftheOfferSharesintheirfully-paidform.
SharecertificatesandrefundchequesfortheOfferSharesSubjecttothefulfillmentoftheconditionssetoutintheparagraphheaded"ConditionsoftheOpenOffer"inthisannouncement,sharecertificatesforallfully-paidOfferSharesareexpectedtobepostedonorbeforeTuesday,15December2015tothoseentitledtheretobyordinarypostattheirownrisk.
IftheOpenOfferisterminated,refundchequeswillbedespatchedonorbeforeTuesday,15December2015byordinarypostattheirownrisk.
NoapplicationforexcessOfferSharesConsideringthattheOpenOfferwillgivetheQualifyingShareholdersanequalandfairopportunitytomaintaintheirrespectiveproratashareholdinginterestsintheCompany,ifapplicationforexcessOfferSharesisarranged,theCompanywillberequiredtoputinadditionaleffortandcoststoadministertheexcessapplicationprocedures.
Accordingly,noexcessOfferShareswillbeofferedtotheQualifyingShareholdersandanyOfferSharesnottakenupbytheQualifyingShareholderswillbeunderwrittenbytheUnderwriter.
FractionsoftheOfferSharesFractionalentitlementstotheOfferShareswillnotbeissuedtotheQualifyingShareholdersbutwillbeaggregated,underwrittenandtakenupbytheUnderwriter.
TheCompanywillnotallotanyfractionsoftheOfferShares.
–7–ApplicationforlistingTheCompanywillapplytotheGEMListingCommitteeforthelistingofandpermissiontodealin,theOfferShares.
DealingsintheOfferSharesontheStockExchangewillbesubjecttothepaymentofstampduty(ifany)inHongKongandanyotherapplicablefeesandchargesinHongKong.
Subjecttothegrantingoftheapprovalforthelistingof,andpermissiontodealin,theOfferSharesontheStockExchange,theOfferShareswillbeacceptedaseligiblesecuritiesbyHKSCCfordeposit,clearanceandsettlementinCCASSwitheffectfromtherespectivecommencementdateofdealingsintheOfferSharesontheStockExchangeorsuchotherdateasdeterminedbyHKSCC.
SettlementoftransactionsbetweenparticipantsoftheStockExchangeonanytradingdayisrequiredtotakeplaceinCCASSonthesecondtradingdaythereafter.
AllactivitiesunderCCASSaresubjecttotheGeneralRulesofCCASSandCCASSOperationalProceduresineffectfromtimetotime.
NopartofthesecuritiesoftheCompanyislistedordealtinoronwhichlistingorpermissiontodealisbeingorisproposedtobesoughtonanyotherstockexchange.
UNDERWRITINGAGREEMENTDate:6November2015(aftertradinghoursoftheStockExchange)Underwriter:OrientSecuritiesLimitedNumberofUnderwrittenShares:notlessthan5,000,000,000andnotmorethan6,000,000,000OfferSharesCommission:2.
5%ofthetotalSubscriptionPriceontheUnderwrittenSharesTothebestoftheDirectors'knowledge,informationandbeliefandhavingmadeallreasonableenquiries,theUnderwriterandtheirrespectiveultimatebeneficialownersareIndependentThirdParties.
AsatthedateoftheUnderwritingAgreement,theUnderwriterisnotinterestedinanyShares.
–8–TheCompanywillpaytheUnderwriteranunderwritingcommissionof2.
5%ofthetotalSubscriptionPriceontheUnderwrittenShares.
Thecommissionratewasdeterminedafterarm'slengthnegotiationbetweentheCompanyandtheUnderwriterbyreferencetothemarketrate,thesizeoftheOpenOfferandthecurrentandexpectedmarketcondition.
TheDirectorsareoftheviewthatthetermsoftheUnderwritingAgreement,includingthecommission,arefairandreasonablesofarastheCompanyandtheShareholdersareconcerned.
TerminationoftheUnderwritingAgreementIfatanytimeonorbeforetheLatestTimeforTermination:(A)theUnderwritershallbecomeawareofthefactthat,orshallhavereasonablecausetobelievethatanyoftherepresentations,warrantiesandundertakingsintheUnderwritingAgreementwasuntrue,inaccurate,misleadingorbreached,andineachcasethesameis(inthereasonableopinionoftheUnderwriter)materialinthecontextoftheOpenOffer;or(B)thereshallbe:(i)anynewlaworregulationisenacted,orthereisanychangeinexistinglawsorregulationsoranychangeintheinterpretationorapplicationthereofbyanycourtorothercompetentauthority,whetherinHongKongorelsewhere;(ii)anychangeinlocal,nationalorinternationalfinancial,political,industrialoreconomicconditions;(iii)anychangeofanexceptionalnatureinlocal,nationalorinternationalequitysecuritiesorcurrencymarkets;(iv)anylocal,nationalorinternationaloutbreakorescalationofhostilities,insurrectionorarmedconflict;(v)anymoratorium,suspensionormaterialrestrictionontradinginsecuritiesgenerallyontheStockExchange;(vi)anysuspensioninthetradingoftheSharesontheStockExchangeforacontinuousperiodof10tradingdays(asdefinedintheGEMListingRules);or(vii)anychangeordevelopmentinvolvingaprospectivechangeintaxationorexchangecontrolsinHongKongorelsewhere;–9–whichisorare,inthereasonableopinionoftheUnderwriter:-(a)likelytohaveamaterialadverseeffectonthebusiness,financialpositionorprospectsoftheGrouptakenasawhole;or(b)likelytohaveamaterialadverseeffectonthesuccessoftheOpenOfferorthelevelofOfferSharestobetakenup;or(c)somaterialastomakeitinappropriate,inadvisableorinexpedienttoproceedfurtherwiththeOpenOffer,thentheUnderwritermay,bynoticeinwritinggiventotheCompanyrescindtheUnderwritingAgreementandthereuponallobligationsoftheUnderwriterthereundershallceaseanddetermineandnopartyshallhaveanyclaimagainstanyotherpartyinrespectofanymatterorthingarisingoutoforinconnectionwiththeUnderwritingAgreement(saveforanyantecedentbreachesthereof)andtheOpenOffershallnotproceed.
ConditionsoftheOpenOfferTheOpenOfferissubjecttotheUnderwritingAgreementhavingbecomeunconditionalandnotbeingterminatedinaccordancewithitsterms.
Inaddition,theOpenOfferisconditionaluponthefollowingconditionsbeingfulfilled:(a)thedeliverytotheStockExchangeandregistrationwiththeRegistrarofCompaniesinHongKongrespectivelyonedulycertifiedcopyofeachoftheProspectusDocuments(andallotherdocumentsrequiredtobeattachedthereto)notlaterthanthePostingDateandincompliancewiththeGEMListingRulesandtheCompaniesOrdinance;(b)thepostingoftheProspectusDocumentstotheQualifyingShareholders;(c)theListingCommitteeoftheStockExchangegrantingoragreeingtogrant(subjecttoallotment),andnothavingrevoked,listingof,andpermissiontodealintheOfferShares;and(d)compliancewithandperformanceofalltheundertakingsandobligationsbytheCompanyunderthetermsoftheUnderwritingAgreement.
–10–NoneoftheCompanyandtheUnderwritermaywaiveconditions(a)to(d)above.
Intheeventthatanyofconditions(a)to(d)abovehasnotbeensatisfiedbytheLatestTerminationDate(orsuchothertimeand/ordateastheCompanyandtheUnderwritermaydetermineinwriting),theUnderwritingAgreementshallterminate(saveinrespectofanyrightsandobligationswhichmayaccrueundertheUnderwritingAgreement)andnopartytheretoshallhaveanyclaimagainsttheotherpartiesforcosts,damages,compensationorotherwisesaveforanyantecedentbreachoftheUnderwritingAgreement.
IftheUnderwritingAgreementisterminated,theOpenOfferwillnotproceed.
SHAREHOLDINGSTRUCTUREOFTHECOMPANYTheshareholdingstructureoftheCompanyimmediatelybeforeandaftercompletionoftheOpenOffer(assumingnooutstandingWarrantswillbeexercisedfromthedateofthisannouncementtotheRecordDate)issetoutbelow(forillustrationpurposesonly):AsatthedateofthisannouncementUponcompletionoftheOpenOffer(assumingallofOfferSharesaretakenupbytheQualifyingShareholders)UponcompletionoftheOpenOffer(assumingnoneoftheOfferSharesaretakenupbytheQualifyingShareholders)No.
ofSharesApproximate%No.
ofSharesApproximate%No.
ofSharesApproximate%ZhaoHan1,200,000,00012.
001,800,000,00012.
001,200,000,0008.
00PublicShareholders8,800,000,00088.
0013,200,000,00088.
008,800,000,00058.
67Underwriter––––5,000,000,00033.
33Total10,000,000,000100.
0015,000,000,000100.
0015,000,000,000100.
00FUNDRAISINGACTIVITYDURINGTHEPASTTWELVEMONTHSTheCompanyhasnotconductedanyfundraisingactivitiesduringthepasttwelvemonthsimmediatelybeforethedateofthisannouncement.
–11–REASONSFORTHEOPENOFFERANDUSEOFPROCEEDSTheGroupisprincipallyengagedintheprovisionofenvironmentalservices.
BasedontheSubscriptionPriceofHK$0.
013perOfferShareandassumingnochangeintheshareholdingstructureoftheCompanyfromthedateofthisannouncementtotheRecordDate,thegrossproceedstoberaisedbytheCompanyfromtheOpenOfferwillamounttoapproximatelyHK$65million(beforeexpenses).
ThenetproceedstoberaisedbytheCompanyfromtheOpenOfferwillamounttoapproximatelyHK$62.
5million(afterexpenses).
ThenetpriceraisedperOfferShareisestimatedatapproximatelyHK$0.
0125.
TheGroupintendstoapplythenetproceedsfromtheOpenOffer(assumingnochangeintheshareholdingstructureoftheCompanyfromthedateofthisannouncementtotheRecordDate)asto(i)approximatelyHK$28million,willbeutilizedfortheexpansionofthecleaningandautobeautyservicesinthePRCregion;(ii)approximatelyHK$15.
5million,willbeutilizedfortheexpansionoftheoperationinHongKongincludingbutnotlimitedtoexpandingthecontractingdepartmentsoastoenhancethecapabilitytoobtainmorehigh-valuepublictenderswhichtheCompanyislackofresourcesinthepast,andalsoemployingmorecleaningstaffinHongKongsoastoprovidemorecomprehensiveservicestothecurrentandnewcustomers;(iii)approximatelyHK$9.
5million,willbeutilizedfortherenewalandpurchaseofnewmachinerysoastoimprovetheeffectivenessoftheservices;and(iv)approximatelyHK$9.
5million,willbeutilizedforthegeneralworkingcapitaloftheCompany.
Furthermore,theBoardconsidersthattheOpenOfferisintheinterestoftheCompanyandtheShareholdersasawholeasitoffersalltheQualifyingShareholdersanequalopportunitytoparticipateintheenlargementofthecapitalbaseoftheCompanyandtoallowQualifyingShareholdersanequalopportunitytomaintaintheirproportionateinterestsintheCompanyandcontinuetoparticipateinthefuturedevelopmentoftheGroupshouldtheywishtodoso.
–12–EXPECTEDTIMETABLESetoutbelowistheexpectedtimetableinrelationtotheOpenOffer:LastdayofdealingsintheSharesonacum-entitlementbasisTuesday,17November2015FirstdayofdealingsintheSharesonanex-entitlementbasisWednesday,18November2015LatesttimeforlodgingtransferofSharesinordertobequalifiedfortheOpenOffer4:30p.
m.
onThursday,19November2015RegisterofmembersoftheCompanyclosedFriday,20November2015toMonday,23November2015RecordDateMonday,23November2015RegisterofmembersoftheCompanyre-opensTuesday,24November2015DespatchoftheProspectusDocumentsTuesday,24November2015Latesttimeforacceptanceof,andpaymentfortheOfferShares4:00p.
m.
onTuesday,8December2015LatesttimefortheOpenOffertobecomeunconditional4:00p.
m.
onWednesday,9December2015AnnouncementofresultsofacceptanceoftheOfferSharesMonday,14December2015Despatchofcertificatesforfully-paidOfferSharesonorbeforeTuesday,15December2015DespatchofrefundchequesiftheOpenOfferisterminatedTuesday,15December2015Dealingsinfully-paidOfferSharescommence9:00a.
m.
onWednesday,16December2015–13–AlltimesstatedinthisannouncementrefertoHongKongtimes.
Datesstatedinthisannouncementforeventsinthetimetableareindicativeonlyandmaybeextendedorvaried.
AnychangestotheanticipatedtimetablefortheOpenOfferwillbeannouncedasappropriate.
GEMLISTINGRULESIMPLICATIONSAstheOpenOfferwouldnotincreaseeithertheissuedsharecapitalorthemarketcapitalisationoftheCompanybymorethan50%withinthe12monthperiodimmediatelyprecedingthedateofthisannouncement,theOpenOfferisnotsubjecttotheShareholders'approvalundertheGEMListingRules.
GENERALTheProspectusDocumentssettingoutdetailsoftheOpenOfferwillbedespatchedtotheQualifyingShareholdersonthePostingDate.
SubjecttotheadviceoftheCompany'slegaladvisersintherelevantjurisdictionsandtotheextentreasonablypracticable,theProspectuswillbedespatchedtotheExcludedShareholdersforinformationonlyandnoApplicationForm(s)willbesenttothem.
WARNINGOFTHERISKOFDEALINGSINSHARESShareholdersandpotentialinvestorsshouldnotethattheOpenOfferissubjecttothesatisfactionofcertainconditionsasdescribedunderthesectionheaded"ConditionsoftheOpenOffer"ofthisannouncement.
Inparticular,itissubjecttotheUnderwriternotterminatingtheUnderwritingAgreement(seethesectionheaded"TerminationoftheUnderwritingAgreement"ofthisannouncement)onorbeforetheLatestTimeforTermination.
Accordingly,theOpenOffermayormaynotproceed.
ShareholdersandpotentialinvestorsshouldexercisecautionwhendealingintheShares,andiftheyareinanydoubtabouttheirposition,theyshouldconsulttheirprofessionaladvisers.
ShareholdersshouldnotethattheShareswillbedealtinonanex-entitlementbasiscommencingfromWednesday,18November2015.
AnyShareholderorotherpersondealinginSharesuptothedateonwhichallconditionstowhichtheOpenOfferaresubjectarefulfilled(whichisexpectedtobeonWednesday,9December2015),willaccordinglybeartheriskthattheOpenOffermaynotbecomeunconditionalandmaynotproceed.
AnyShareholdersorotherpersonscontemplatinganydealingsintheSharesareadvisedtoconsulttheirownprofessionaladviser.
–14–DEFINITIONSInthisannouncement,thefollowingexpressionsshallhavethefollowingmeaningsunlessthecontextotherwiserequires:"ApplicationForm"theformofapplicationtobeusedbytheQualifyingShareholderstoapplyfortheOfferSharesintheformagreedbytheCompanyandtheUnderwriter"Board"theboardofDirectors"BusinessDay"aday(otherthanaSaturday,Sundayorpublicholiday)onwhichlicensedbanksaregenerallyopenforbusinessinHongKongthroughouttheirnormalbusinesshours"CCASS"theCentralClearingandSettlementSystemestablishedandoperatedbyHKSCC"Company"PPSInternational(Holdings)Limited,acompanyincorporatedintheCaymanIslandswithlimitedliability,whoseSharesarelistedontheGEM(StockCode:8201)"Director(s)"thedirector(s)oftheCompany"ExcludedShareholder(s)"theOverseasShareholder(s)whoseaddressis/areinaplace(s)outsideHongKongwhere,theDirectors,basedonlegalopinionsprovidedbylegaladvisersoftheCompany,consideritisnecessaryorexpedientonaccounteitherofthelegalrestrictionsunderthelawsoftherelevantplaceortherequirementsoftherelevantregulatorybodyorstockexchangeinthatplacenottooffertheOfferSharestosuchOverseasShareholders"GEM"theGrowthEnterpriseMarketoftheStockExchange"GEMListingCommittee"hasthemeaningascribedtheretoundertheGEMListingRules"GEMListingRules"theRulesGoverningtheListingofSecuritiesontheGEM–15–"Group"theCompanyanditssubsidiaries"HK$"HongKongdollars,thelawfulcurrencyofHongKong"HKSCC"theHongKongSecuritiesClearingCompanyLimited"HongKong"TheHongKongSpecialAdministrativeRegionofthePeople'sRepublicofChina"IndependentThirdParty(ies)"athirdpartyindependentoftheCompanyandtheconnectedpersonsoftheCompany"LatestTimeforAcceptance"thelatesttimeforacceptancefortheOfferSharesat4:00p.
m.
,onTuesday,8December2015orsuchothertimeasmaybeagreedbetweentheCompanyandtheUnderwriter"LatestTimeforTermination"thelatesttimeforterminatingtheUnderwritingAgreementat4:00p.
m.
,onWednesday,9December2015,beingtheoneBusinessDayaftertheLatestTimeforAcceptanceorsuchlatertimeordateasmaybeagreedbetweentheCompanyandtheUnderwriter"OfferShares"notlessthan5,000,000,000newSharesandnotmorethan6,000,000,000newSharestobeallottedandissuedpursuanttotheOpenOffer"OpenOffer"theproposedissuebywayofOpenOffertotheQualifyingShareholdersonthebasisofone(1)OfferShareforeverytwo(2)existingSharesheldontheRecordDateattheSubscriptionPriceonthetermsandsubjecttotheconditionssetoutintheUnderwritingAgreementandtheProspectusDocuments"OverseasShareholder(s)"theShareholder(s)withregisteredaddress(es)(asshownintheregisterofmembersoftheCompanyontheRecordDate)areoutsideofHongKong"Prospectus"thedocumentcontainingdetailsoftheOpenOffertobedespatchedtotheQualifyingShareholders–16–"ProspectusDocuments"theProspectusandtheApplicationForm"PostingDate"Tuesday,24November2015orsuchlaterdateasmaybeagreedbetweentheUnderwriterandtheCompanyforthedespatchoftheProspectusDocumentstotheQualifyingShareholders(ortheProspectusonlyincaseofExcludedShareholder(s))"QualifyingShareholders"ShareholderswhosenamesappearontheregisterofmembersoftheCompanyontheRecordDate,otherthantheExcludedShareholders"RecordDate"Monday,23November2015,orsuchotherdateasmaybeagreedbetweentheCompanyandtheUnderwriterfordeterminingentitlementstotheOpenOffer"Registrar"TricorInvestorServicesLimited,atLevel22,HopewellCentre,183Queen'sRoadEast,HongKong,theHongKongbranchshareregistrarsoftheCompany"Share(s)"ordinaryshare(s)ofHK$0.
0001eachinthesharecapitaloftheCompany"Shareholder(s)"theholder(s)oftheShare(s)"StockExchange"TheStockExchangeofHongKongLimited"SubscriptionPrice"HK$0.
013perOfferShare"Underwriter"OrientSecuritiesLimited,alicensedcorporationtocarryonType1(dealinginsecurities)andType4(advisingonsecurities)regulatedactivitiesundertheSFO,beingunderwritertotheOpenOffer"UnderwritingAgreement"theunderwritingagreementdated6November2015enteredintoamongtheCompanyandtheUnderwriterinrelationtotheunderwritingarrangementinrespectoftheOpenOffer–17–"UnderwrittenShares"notlessthan5,000,000,000OfferSharesandnotmorethan6,000,000,000OfferSharesunderwrittenbytheUnderwriterpursuanttothetermsoftheUnderwritingAgreement"Warrants"outstandingunlistedwarrantswiththesubscriptionpriceofHK$0.
02perwarrantwhichentitleholdersthereoftosubscribefor2,000,000,000SharesattheexercisepriceofHK$0.
166perShare(subjecttoadjustment)"%"percentByorderoftheBoardPPSInternational(Holdings)LimitedChanWaiKitChairmanandExecutiveDirectorHongKong,6November2015Asatthedateofthisannouncement,theBoardcomprisesthreeexecutiveDirectors,Mr.
ChanWaiKit,Mr.
ZhangXiaozhengandMs.
WongChiYan,anon-executiveDirector,Mr.
XuXiaopingandfourindependentnon-executiveDirectors,Mr.
ChuiChiYun,Robert,Mr.
ChanChiTong,Kenny,Mr.
ChenKwokWangandMr.
ChowChunHin,Leslie.
Thisannouncement,forwhichtheDirectorscollectivelyandindividuallyacceptfullresponsibility,includesparticularsgivenincompliancewiththeRulesGoverningtheListingofSecuritiesontheGEMofTheStockExchangeofHongKongLimited(the"GEMListingRules")forthepurposeofgivinginformationwithregardtotheCompany.
TheDirectors,havingmadeallreasonableenquiries,confirmthattothebestoftheirknowledgeandbelieftheinformationcontainedinthisannouncementisaccurateandcompleteinallmaterialrespectsandnotmisleadingordeceptive,andtherearenoothermatterstheomissionofwhichwouldmakeanystatementhereinorthisannouncementmisleading.
Thisannouncementwillremainonthe"LatestCompanyAnnouncements"pageoftheinternetwebsiteoperatedbytheStockExchangeforthepurposesoftheGrowthEnterpriseMarketatwww.
hkgem.
comforatleastsevendaysfromthedayofitspostingandwillbepublishedonthewebsiteoftheCompanyatwww.
hkpps.
com.
hk.
–18–
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