Cathay International Holdings Ld Requisition Notice (4695A)
September 29 2020 - 7:14AM
UK Regulatory
TIDMCTI
RNS Number : 4695A
Cathay International Holdings Ld
29 September 2020
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Cathay International Holdings Limited
("Cathay" or the "Company")
Requisition Notice Received by the Company
Hong Kong, 29 September 2020 - Cathay International Holdings
Ltd. (LSE: CTI.L), an operator and investor in the healthcare
sector in the People's Republic of China (the "PRC"), announces
that on 28 September 2020 it received a notice from Circle Finance
Limited and Mega Worldwide Services Limited, the holders of in
aggregate 1,373,940,837 Common Shares of USD 0.01 each ("Common
Shares") and 8,249,276 A Shares of USD 0.01 each ("A Shares" and
together with the Common Shares, the "the "Shares"), requisitioning
a general meeting of the Company's shareholders (the "Requisition
Notice"). The Requisition Notice proposes resolutions (i): (a) to
approve of the cancellation of the Company's listing (i.e.
admission of its Common Shares to the official list of the FCA),
and the cancellation of the admission of the Common Shares to
trading on the main market of the London Stock Exchange, (the
"Listing Cancellation"); and (b) to direct the directors of the
Company (the "Directors") to take any and all actions required or
reasonably necessary to effect the Listing Cancellation, and to
make all associated notifications and announcements as may be
reasonably required to effect the Listing Cancellation; and (ii)
subject to the approval of resolution (i), to approve the adoption
of a set of amended and restated bye-laws of the Company. In
addition to the Requisition Notice, Circle Finance Limited has
provided a letter of undertaking ("Letter of Undertaking"), setting
out an irrevocable commitment, which is subject to the Listing
Cancellation being approved by shareholders of the Company and
becoming effective, to fund the payment for an exit opportunity
available for all shareholders of the Company who wish to offer to
sell their Shares for cash at a maximum price of 1.7p per Share on
certain terms and conditions.
The board of Directors is considering the contents of the
Requisition Notice and Letter of Undertaking and will make further
detailed announcements as appropriate.
Shareholders are advised that there is no certainty that the
proposed Listing Cancellation will proceed or that the Letter of
Undertaking will result in an exit opportunity being crystalised ,
or to the timing of such, and therefore to take precaution in
dealing in the Company's shares.
-Ends-
For further enquiries, please contact:
Cathay International Holdings Limited
Eric Siu (Finance Director) Tel: +852 2828 9289
Patrick Sung (Director and Controller)
SPARK Advisory Partners Limited (financial adviser)
Andrew Emmott / James Keeshan Tel: +44 (0) 20 3368 3555
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main
market listed investment holding company and an operator and
investor in the healthcare sector in the People's Republic of China
(the "PRC"). The Company and its subsidiaries (collectively the
"Group") aim to leverage on investment opportunities in the growing
domestic demand for high quality healthcare products in the PRC and
build portfolio companies into market sector leaders with
competitive edge. Cathay has already demonstrated a track record of
identifying investment opportunities in this area including:
Lansen, a leading specialty pharmaceutical company focused on
rheumatology and dermatology in the PRC; Haizi, a company engaged
in the manufacture, marketing and sale of inositol and its
by-product, di-calcium phosphate; Natural Dailyhealth, a company
engaged in production and sales of plant extracts for use as key
active ingredients in healthcare products; and Botai, a company
engaged in collagen products.
The Group employs approximately 1,300 people across the PRC,
including over 20 specialist corporate and business development
staff based at the holding company's offices in Hong Kong and
Shenzhen. Cathay also has a hotel investment. For more information
please visit the Company's website: www.cathay-intl.com.hk.
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