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2007-8-8 12:20:00 p.m. HKT, XFNA
HK-listed LeRoi Hldgs to raise 1.08 bln hkd net from shares sales, bond issue
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HONG KONG (XFN-ASIA) - LeRoi Holdings said it expects to raise up to 1.08
bln hkd net from two separate share placements and one convertible bond
issue, some of which is to be used for possible investments in the Vietnam
and China property markets.
It said it is currently in negotiations to undertake several residential
and commercial property development projects in Vietnam and is exploring
investment opportunities in China's property market.
Under the first share placement transaction, LeRoi substantial
shareholder Wai Yuen Tong Medicine (WYT) has agreed to place 161.9 mln
existing LeRoi shares to independent investors at a placing price of 0.265
hkd per share.
WYT has agreed to subscribe to an equivalent amount of new LeRoi shares
at the same price.
The placing price of 0.265 hkd represents a 10.17 pct discount to LeRoi's
last closing price of 0.295 hkd on July 27.
In a second share placement transaction, LeRoi has entered into an
agreement to place to independent parties up to 6.57 bln new LeRoi shares at
a price of 0.10 hkd per share.
The placing price of 0.10 hkd represents a discount of 66.10 pct to
LeRoi's closing price of 0.295 hkd on July 27.
Under the second deal, WYT has agreed to subscribe to 2.1 bln new LeRoi
shares at a price of 0.10 hkd per share.
In a third transaction, LeRoi said it will also issue convertible bonds
worth 190 mln hkd and WYT has agreed to subscribe to the full amount at a
conversion price of 0.12 hkd.
Upon completion of the two share placements and the full conversion of
the convertible bonds, WTY will hold 34.49 pct of LeRoi, up from its current
23.85 pct.
LeRoi said that of the expected 1.08 bln hkd net proceeds from the three
transactions, about 400 mln hkd will be used for proposed property
development projects in Vietnam and China and about 394.5 mln hkd will be
earmarked for the acquisition of other potential investment targets.
The remainder of the proceeds will be used for general working capital,
the company added.
(1 usd = 7.8 hkd)
emily.chow@xfn.com
ec/jc/kmq xfnjcc/xfnkm
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