CPIL Canton Prop

    RNS Number : 9531X
  Canton Property Investment Limited
  30 June 2008
   

    Canton Property Investment Limited
    (the "Company" or "Canton Properties")

    Completion of acquisition of Canton Finance Centre Project 
    and issue of new ordinary shares

    Further to the announcement dated 12 March 2008, Canton Properties' Board of Directors is pleased to announce that the acquisition of
the Canton Finance Centre Project was completed on 30 June 2008. In accordance with the terms of the acquisition agreement, a total of
54,295,606 new ordinary shares of no par value in Canton Properties ("Ordinary Shares") have been issued at 74p per share in equal
proportion to the nominees of the sellers, Mr Keng Wong and Ms Zhuansong Ye, as the non-cash portion of the purchase consideration.

    As a result of the transaction, Mr Wong now holds 200,902,247 Ordinary Shares, representing 43.0% of the enlarged issued share capital,
and Ms Ye holds 27,147,803 Ordinary Shares representing 5.8% of the enlarged issued share capital. Ms Mui Kwan Chan, the other significant
shareholder and an Executive Director of the Company, continues to hold 173,754,445 Ordinary Shares, representing 37.2% of the enlarged
issued share capital.

    The parties to the acquisition agreement have entered into a supplemental agreement whereby they have agreed that Canton Properties can
postpone the payment of the remaining balance of the cash portion of the purchase consideration until 30 June 2012 at the latest. The
remaining balance of the cash portion of the purchase consideration amounts to approximately US$227.7 million. The Company will pay interest
at a rate equivalent to LIBOR on the outstanding balance of the cash portion of the purchase consideration owed to the sellers.

    Application has been made for the new Ordinary Shares to be admitted to AIM and trading is expected to commence on or around 4 July
2008.

    The total number of Ordinary Shares in issue following the issue of the new Ordinary Shares will be 467,071,574 Ordinary Shares.  

    The Board considers that, having consulted with Libertas Capital Corporate Finance Limited, the Company's nominated adviser, the terms
of the supplemental agreement are fair and reasonable insofar as the shareholders are concerned.


    For further information please contact:

    Canton Property Investment Limited

    Dennis Yau                                                                                         +852 2219 9669


    Libertas Capital (Nominated Adviser)

    Jakob Kinde/Tim Murray                                                                    +44 20 7569 9650



This information is provided by RNS
The company news service from the London Stock Exchange
 
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