China Cablecom Announces Reverse Share Split
19 Fevereiro 2010 - 11:00AM
PR Newswire (US)
Share consolidation enables Company to maintain its qualification
for listing on the NASDAQ Stock Market SHANGHAI, Feb. 19
/PRNewswire-FirstCall/ -- China Cablecom Holdings, Ltd. ("China
Cablecom" or the "Company") (NASDAQ:CABL) (NASDAQ:CABLW) (NASDAQ:
CABLU), a joint-venture provider of cable television services in
the People's Republic of China ("PRC"), today announced that its
Board of Directors have approved a one-for-three reverse share
split of its ordinary shares, effective on March 1, 2010 at the
close of the business day. As a result of the reverse share split,
every three shares of issued and outstanding China Cablecom
ordinary shares will be automatically combined into one issued and
outstanding ordinary share. The par value of the combined ordinary
share is US $0.0015, being the aggregate par value of the three
ordinary shares combined into one. The number of authorized
ordinary shares of the Company will also be proportionately
reduced. China Cablecom ordinary shares will start trading on a
reverse share split-adjusted basis on or about market open on March
1, 2010, under the new CUSIP number G21176303. About China Cablecom
China Cablecom is a joint-venture provider of cable television
services in the People's Republic of China, operating in
partnership with a local state-owned enterprise ("SOE") authorized
by the PRC government to control the distribution of cable TV
services through the deployment of analog and digital cable
services. China Cablecom has consummated the acquisition of a 55
percent economic interest in a cable network in Hubei province with
paying subscribers exceeding 1,100,000. The Company originally
acquired operating rights of the Binzhou Broadcasting network in
Binzhou, Shandong Province in September 2007 by entering into a
series of asset purchase and services agreements with a company
organized by SOEs, owned directly or indirectly by local branches
of State Administration of Radio, Film and Television in five
different municipalities to serve as a holding company of the
relevant businesses. China Cablecom now operates 28 cable networks
with over 1.67 million paying subscribers. China Cablecom's
strategy is to replicate the acquisitions by operating partnership
models in other municipalities and provinces in the PRC and then
introducing operating efficiencies and increasing service offerings
in the networks in which it operates. Safe Harbor Statement The
matters discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to
numerous risks, uncertainties and assumptions, Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity.. The
forward-looking statements herein speak only as of the date stated
herein and might not occur or the actual results may differ
materially in light of these risks, uncertainties, and assumptions.
The Company undertakes no obligation and disclaims any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. You should carefully consider these factors, as well as
the additional risk factors outlined in the filings that the
Company makes with the U.S. Securities and Exchange Commission,
including the Annual Report on Form 20-F filed on July 15, 2009.
China Cablecom Holdings, Ltd. http://www.chinacablecom.net/
CONTACT: China Cablecom Holdings, Ltd. Debra Chen Phone:
917.499.8129 Email: DATASOURCE: China Cablecom Holdings, Ltd.
CONTACT: China Cablecom Holdings, Ltd., Debra Chen,
+1-917-499-8129, Web Site: http://www.chinacablecom.net/
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