Hi all
Just remember to have the the details from the Entitlement Offer information booklet in the back of your minds...
...now that Kam Lung’s interest in the Company has increased to 514,760,847 shares
representing 29.19%
We are now in the zone! Takeover by scheme of arrangement later this year?
Quoting the booklet...
'The Company does not expect any increase in voting power of Kam Lung to materially affect control of the Company given Kam Lung’s existing holding. Kam Lung has already nominated a director on the board, Mr Huihai Zhuang.
However:
(a)
if Kam Lung’s voting power increases to 25% or more, Shareholders should be aware that this will provide Kam Lung with an ability to block any special resolution proposed by the Company (including in connection with any scheme of arrangement) unless Kam Lung is excluded from the vote; and
(b) if Kam Lung’s voting power increases, particularly if it increases to
30.02%, depending on voting participation by other Shareholders, Kam Lung may have an ability to pass or block an ordinary resolution of Shareholders. At the Company’s annual general meeting in 2015, the maximum number of votes cast on any resolution represented 43.31% of the Shares If that level of participation or similar continues, Kam Lung would have an ability to determine the outcome of an ordinary resolution, unless Kam Lung is excluded from the vote.'
'The Company considers it highly unlikely Kam Lung will exercise its options before they expire'. @ 5cents!!
