TELEVISION MANUFACTURER MAKES PLACEMENT OF NEW SHARES
July 09, 2008 | BY
clpstaff &clp articles &China-based television manufacturer and distributor TCL Multimedia has completed its placement of new shares to TCL Corporation. The placement of new shares…
China-based television manufacturer and distributor TCL Multimedia has completed its placement of new shares to TCL Corporation. The placement of new shares is also to TCL Multimedia's A-share listed parent company and private investors, including the Chairman and CEO of Tencent and the ex-CEO of China Netcom.
Tom Chau, partner at Herbert Smith who led the deal said that one of the challenges was to complete the deal in such a tight time frame. “We only had two weeks to negotiate with various investors and draft documentation for approval by the Hong Kong Stock Exchange and the Securities and Futures Commission including a whitewash waiver,” he said.
The proceeds from the placement are estimated to be HK$1.21 billion (US$154 million). The subscription price equals a 15% discount on the average closing price per share for 10 trading days after the announcement of placement and is subject to a price range of HK$0.315 and HK$0.250.
The Herbert Smith team was led by partner Tom Chau, assisted by consultant Billy Au and associate Victor Pang. Cheung, Tong & Rosa acted as the legal counsel of the company.
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