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Non-Tech : Le coin des francophones -- Ignore unavailable to you. Want to Upgrade?

To: buenojac who wrote (15824)	4/3/2000 7:48:00 AM
From: AriKirA	Respond to of 77509

Capital Alliance Group Inc - Capital Alliance anticipates over-subscription Capital Alliance Group Inc CPT Shares issued 4,942,406 2000-03-31 close $4.2 Monday Apr 3 2000 Mr. Toby Chu reports Further to Stockwatch news of Feb. 14, 2000, Capital Alliance provides the following progress report on the recent developments on its subsidiary SE Global Equities Company (SEG). The company has previously announced its intention to sell 22 per cent of its equity interest in SEG through a pre-IPO subscription for $10-million (U.S.). As of today, the company has received an overwhelming response for the global investment communities to their pre-IPO subscription offering. Based both on subscription commitments already received, and firm expressions of interest from major financial institutions, the company fully expects that this offering will be over-subscribed. Of the initial $10-million (U.S.) offered, the company has received commitments of $8.68-million (U.S.) for two international institutional investors who have requested this action. All necessary documentation and formal share subscription agreements are now in circulation to all parties. The allocation of the pre-IPO funding is as follows: A total of $3.68-million (U.S.) has been fully subscribed by friends, family and associates of the company and current shareholders of the company. A total of $5-million (U.S.) has been committed from institutional investors including the following: SEG's Hong Kong listing Sponsor & Underwriter, ICEA Capital LImited, a subsidiary of Industrial Commercial Bank of China (ranked as the third largest bank in the world in 1998); Three technology and equity fund companies with headquarters in Malaysia, Europe and United States; Two private investment banks from Switzerland. A total of $2-million (U.S.) has been reserved for two other international institutional investors. These investors are two of the largest investment conglomerates in Asia, one being the largest Chinese investment conglomerate in Hong Kong with the headquarters in Beijing China, and another from Hong Kong. The investments are pending approval by the respective parties' legal counsel and their internal review process. To accommodate the requests by these institutions, and to facilitate the work in progress which includes the approval process by regulatory bodies and legal counsels from various international jurisdictions, the company's previously reported date of the pre-IPO closing for March 24, 2000, has been postponed until second week of April, 2000. As stated, the overwhelming response from the global investment communities will most likely cause SEG's pre-IPO subscription to be over-subscribed. However, the company confirms that despite the expressed interest in this offering, it has no intention to accept funds which will result in an over-subscription, nor will it allow any dilution of SEG's holding interest by more than 22 per cent as previously reported. In anticipation of the over-subscription, the company will take any steps necessary to proportionately scale back and refund portion of the monies received. Further reports will be provided in due course. The company's consolidated cash balance including the aforementioned pre-IPO placement by April 30, 2000, is projected to be $18.75-million (Canadian).