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Technology Stocks : Softbank Investment International (HK0648)
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To: ms.smartest.person who wrote (607)1/21/2004 11:51:52 PM
From: ms.smartest.person  Read Replies (1) of 615
 
07 Jan 2004 Softbank (0648) issues $48M CNs for acq of Zhongtian

(Infocast News) Softbank Investment International (Strategic) (0648) (SIIS) announced that it will issue convertible notes of aggregate principal amount up to a maximum of $48 million. Based on the conversion price of $0.10 per share, 480 million shares will fall to be allotted and issued upon full conversion of the whole of the notes, representing 11.7% of the company's enlarged issued share capital. Trading in the shares of the company has been resumed today.

The two-year notes bear interest at the rate of 5% per annum. The conversion price per share has a premium of 29.9% over $0.077, the price at which the stock was last traded before its share trading suspension.

Of the net proceeds of $46.5 million, approximately $30-40 million will be used to invest in Qingdao Zhongtian Information Technology Co Ltd (Zhongtian) and a developer of mobile computing technology (Company X), and approximately $6.5-16.5 million will be used as general working capital.

Zhongtian is one of the leading providers of financial-related software platforms and solutions to credit unions and other financial institutions in the PRC. SIIS and Company X intend to form an exclusive joint venture. SIIS does not intend to acquire controlling interests in Zhongtian and the joint venture. The percentages of SIIS' interests have not yet been finalised.


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