They had two prospectuses online - it was in the more detailed one and has since been removed from the site.
Since the placement is only 30% and we own 64%, where is the other 6%?
A press release in Dec. of last year related to 2/3 of the insider shares (which they paid $.1 for and sold for $1.50 a week later):
"The board of directors (the ?Directors?) of T S Telecom Technologies Limited (the ?Company?)wishes to announce that the Company was informed by Mr. Hung Randy King Kuen and Mr. Kuong Kin Wa, both being executive Directors, that, on 2nd December, 1999, they sold 9,240,000 and 1,320,000 shares of HK$0.1 each in the share capital of the Company respectively at HK$1.5 per share (the ?Sale Price?) to Chow Tai Fook Nominee Ltd., an independent third party not connected
with the Directors, chief executive, substantial shareholder(s) or management shareholder(s) of the Company or/and an associate of any of them. The Sale Price was determined based on arm?s length negotiations and was equal to the issue price of the shares of the Company offered for subscription pursuant to the prospectus of the Company dated 23rd November, 1999. The aforesaid 0,560,000
shares of the Company in aggregate represented 4% of total issued share capital of the Company." |
