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2008-2-20 11:07:00 a.m. HKT, XFNA
Hong Kong's Henry Group to acquire land in Shanghai for 321 mln hkd
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HONG KONG (XFN-ASIA) - Henry Group Holdings Ltd, a property investor and
developer, said it will acquire 100 pct of Uptodate Management Ltd for 321
mln hkd.
Uptodate Management is an investment holding company, whose only asset is
a plot of land in the Jingan district of Shanghai city.
The plot, with a site area of approximately 10,837 square meters, will be
developed into a shopping centre.
Henry Group will pay 115 mln hkd of the purchase price in cash, 171 mln
by issuing 105 mln shares at 1.63 hkd per share, and 35.7 mln by issuing
convertible notes.
The issue price of 1.63 hkd per share represents a premium of 63.0 pct to
Henry Group's last closing price of 1.0 hkd.
The convertible notes will have a conversion price of 1.90 hkd per share,
a premium of 90 pct to the last closing price.
Assuming full conversion, a total of 18.8 mln new Henry Group shares will
be issued.
Henry Group said the total number of shares to be issued, including the
consideration shares and conversion shares, will account for 19.7 pct of
enlarged issued share capital.
At 10:51 am, shares of Henry Group were trading up 0.29 hkd or 29 pct at
1.29.
(1 usd = 7.8 hkd)
george.ng@xfn.com xfngn/xfjamesa
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