22-11-11 - Lodging Transfer of New Shares of Paul Y. Engineering
Paul Y. Engineering Group Limited (“PYE” or “the Group”, 0577.HK) reminds shareholders that the latest time for lodging transfer of new shares to be entitled to the distribution in specie, cash alternative and cash dividend will be 4:00 pm on Wednesday, 23 November 2011.
The new shares ex-entitlement to the distribution in specie, cash alternative and cash dividend which commenced dealing today will continue to trade on an ex-entitlement basis before the placing agreements are completed. The long stop date for the completion of the placing is 31 December 2011.
Although the US$220.5 million investment in Legendary East Ltd. and the related transactions were obtained the approvals from shareholders, there is no assurance that the transactions will complete. If owing to volatile market conditions or for any other reason, the placing of 3,100 million placing shares at HK$0.65 per share cannot be achieved, the distribution in specie with the cash alternative, and the cash dividend with the scrip alternative will not be made. In that case, PYE will remain in its present form and, other things being equal, is likely to trade on the same basis as it did before the transactions announcement.
As the various transactions are subject to the fulfillment of a number of condition precedent and are effectively inter-conditional, completion of the transactions may or may not proceed. Shareholders and potential investors should exercise caution when dealing in the new shares.