DIGITAL WORLD<0109> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for
the contents of this announcement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
Digital World Holdings Limited
(incorporated in Bermuda with limited liability)
RESULTS OF THE RIGHTS ISSUE
The Directors announce that 391 valid acceptances and excess
applications have been received for a total of 40,150,830,286 Rights
Shares, (a) comprising acceptances of provisional allotments of
12,648,887,730 Rights Shares; and (b) excess applications for
27,501,942,556 Rights Shares. Accordingly, the Rights Issue was
approximately 216% over subscribed.
The Rights Issue has become unconditional at 4:00 p.m. on 28th
February, 2000.
Results of the Rights Issue
The Directors announce that as at 4:00 p.m. on Wednesday, 23rd
February, 2000, the latest time for acceptance of and payment for
Rights Shares, an aggregate of 391 valid acceptances and excess
applications have been received for a total of 40,150,830,286 Rights
Shares, comprising (a) acceptances of provisional allotments in
respect of 12,648,887,730 Rights Shares; and (b) excess applications
for 27,501,942,556 Rights Shares. The Rights Issue is therefore
approximately 216% over subscribed.
Mr. Chan and Mr. Lam have respectively taken up and paid for
1,405,023,680 and 1,500,000,000 Rights Shares representing
approximately 11.08% and 11.83% of total number of Rights Shares
under the Rights Issue. Immediately after completion of the Rights
Issue, the shareholdings of Mr. Chan and Mr. Lam in the Company
amounted to about 11.38% and 10.75% of the issued share capital of
the Company as enlarged by the Rights Issue.
The Directors have determined that 34,062,270 Rights Shares
available for excess applications have been allotted on the
following basis:
Number of excess Rights Number of valid
Shares applied for applications Approximate Allotment
Percentage
1-2,000 3 Fully
2,001-1,200,000 50 Allot 2,000 Shares plus odd Shares
1,200,001-600,000,000 128 Allot 2,000 Shares for every
1,200,000 Shares plus odd Shares
600,000,001-1,450,000,000 5 Allot odd Shares plus 0.12% for
the remaining
15,178,910,000 1 0.10%
Total 187 34,062,270 Shares
The Directors are of the opinion that the allocation of excess
Rights Shares has been made on a fair and reasonable basis.
Certificates for the Rights Shares and refund cheque for the
application of excess Rights Shares are expected to be despatched by
ordinary post to those entitled thereto at the their own risk on
Wednesday, 1st March, 2000. Dealings in the Rights Shares are
expected to commence on Friday, 3rd March, 2000.
Capitalized terms used in this announcement have the same meanings
as ascribed thereto in the prospectus of the Company dated 8th
February, 2000 unless the context requires otherwise.
By Order of the Board
Digital World Holdings Limited
Chan Tak Hung
Chairman
Hong Kong, 28th February, 2000
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