Issue of Equity
18 Dicembre 2007 - 8:01AM
UK Regulatory
RNS Number:0925K
ZTC Telecommunications plc
18 December 2007
Embargoed until 7am
18 December 2007
ZTC TELECOMMUNICATIONS PLC (AIM: ZTC)
("ZTC Telecommunications" or "the Group")
ISSUE OF SHARES AS DEFERRED CONSIDERATION
On 13 February 2007, Praise Ease Limited was acquired by ZTC Telecommunications
(which was at the time called Cassian Investments plc) for an initial
consideration of 70 million ordinary shares of 10p each ("Ordinary Shares"),
issued at 20p per Ordinary Share.
The acquisition agreement also provided for the issue of up to 15 million
Ordinary Shares by way of deferred consideration to the previous shareholders of
Praise Ease Limited, subject to the main operating subsidiary, Shenzhen Zhong
Tian Communication Equipments Co Ltd ("Zhong Tian") achieving a post tax profit
in excess of RMB 35 million in the 12 month period to 30 June 2007.
ZTC Telecommunications is pleased to advise that, as Zhong Tian achieved the
agreed level of profitability for the year ended 30 June 2007, an additional 15
million Ordinary Shares has now been issued to the vendors of Praise Ease
Limited.
The following shareholders therefore now hold the following number of shares:
Shareholder Shares issued as per Resulting total Percentage of issued
deferred number of Ordinary Ordinary Share
consideration Shares held capital
Tomorrow's Focus Ltd 12,000,000 68,000,000 62.6%
Pan-Europe Capital Ltd 2,250,000 12,750,000 11.7%
Higher Performance Team Ltd 750,000 4,250,000 3.9%
The shares in Tomorrow's Focus Ltd and in Pan-Europe Capital Ltd are
beneficially owned by Charles Huang to 100 per cent. Charles Huang is CEO of
ZTC Telecommunications.
The shares in Higher Performance Team Ltd are beneficially owned by Michael Liu
to 80 per cent. and by Mark Syropoulo to 10 per cent. Michael Liu is an
Executive Director of ZTC Telecommunications, and Mark Syropoulo is the Finance
Director of ZTC Telecommunications.
Following the issue of these shares, ZTC Telecommunications' capital consists of
108,682,516 ordinary shares of 10 pence each.
Application has been made for the admission of 15,000,000 Ordinary Shares to
trading on AIM. The shares will rank pari passu with existing Ordinary Shares
and it is expected that admission will occur at 8.00 am on 21 December 2007
For further information, please contact:
ZTC Telecommunications Plc +44 20 7429 6666
Mark Syropoulo, Finance Director
Frank Lewis, Chairman
Conduit PR +44 20 7429 6609
Christian Taylor-Wilkinson or Jos Simson
Blue Oar Securities +44 20 7448 4400
Shane Gallwey or Romil Patel
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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