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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prosperity | LSE:PMHL | London | Ordinary Share | GB00B145WP66 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 129.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPMHL
RNS Number : 0131X
Prosperity Minerals Holdings Ltd
04 February 2013
4 February 2012
Prosperity Minerals Holdings Limited
("Prosperity" or "the Company")
Granting of put options over Prosperity's shares by its majority shareholder
Prosperity notes the announcement made by its majority shareholder, Prosperity International Holdings (H.K.) Limited ("PIHL"), today on the Hong Kong Stock Exchange.
PIHL has granted put options (the "Put Options") to LIM Asian Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Limited (together "LIM Advisors") in relation to their entire aggregate interest in Prosperity, being 7,869,396 shares (the "Option Shares") held by LIM Advisors, representing 5.49% of the Company's issued share capital. At the same time, PIHL announced details of a proposed issue of convertible notes over PIHL shares to LIM Advisors (the "Convertible Notes").
Under the Put Options, LIM Advisors can require PIHL (or its nominee) to purchase all or part of their Option Shares (and any shares deriving from their Option Shares) at an initial exercise price of GBP1.30 per Option Share (the "Exercise Price"), subject to adjustments, at any time over a two year period commencing from the issue date of the Convertible Notes. PIHL has agreed to pay the Exercise Price by issuing PIHL shares at an initial issue price of HK$0.50 per PIHL share (subject to adjustments) equal to the aggregate Exercise Price payable for the Option Shares. If PIHL does not complete the issue of the Convertible Notes to LIM Advisors, the Put Options will terminate.
PIHL holds 91,865,324 shares in Prosperity, representing approximately 64.07% of the total issued share capital. If LIM Advisors require PIHL to purchase all their Option Shares, the percentage interest held by PIHL in Prosperity will increase from 64.07% to approximately 69.55%.
Shareholders can find the PIHL announcement in full on their website at http://www.pihl-hk.com/html/ir_announce.php.
Prosperity Minerals Holdings Limited Patrick Li Neelke Kruger-Logan +852 3187 2618 Citigate Dewe Rogerson Martin Jackson Priscilla Garcia +44 (0) 20 7638 9571 Daniel Stewart & Company plc Corporate Finance: Paul Shackleton, Antony Legge, Emma Earl Corporate Broking: Martin Lampshire +44 (0) 20 7776 6550
Notes to Editors:
Prosperity (AIM: PMHL) is:
- an iron ore trading business serving the PRC;
- a specialised real estate owner and developer in the same market; and
- an investor in two cement plants, also in the PRC.
Prosperity's iron ore trading business has been operating since 1992 and sources iron ore, for shipment and use in the PRC, from major international iron ore producers in South Africa, Brazil, Australia and South East Asia, Thailand and Malaysia in particular. The majority of the Company's iron ore is sold to large steel manufacturers in the PRC. In the fiscal years ended 31 March 2011 and 2012, Prosperity shipped 6.3 million tonnes and 4.8 million tonnes of iron ore respectively. In December 2010, Prosperity acquired a 35% effective interest in United Goalink Limited (UGL), a Brazilian mining operation which owns approximately 600 square kilometres of exploration rights and 3 square kilometres of mining concession in the State of Ceara. In the year ended 31 March 2012, UGL shipped 218,808 tonnes of iron ore.
Prosperity has operated a real estate investment and development division since February 2010 which is focused on creating a portfolio of PRC property and development assets with good upside potential and manageable risk. The Company has entered into a number of agreements with its partners to develop recreational, commercial and residential projects in Guangzhou City and Changzhou City in the southern PRC and Hangzhou City in the east. Prosperity also acquired interests in an existing commercial building in Guangzhou, which is a regional capital and is located in the Pearl River Delta, the foremost economic zone in the southern PRC.
Prosperity has two investment associates in the cement manufacturing industry in the PRC. The Company holds a 33.06% interest in Anhui Chaodong Cement Company Limited (ACC), located in Anhui Province in the eastern PRC. The designed sellable production capacity of ACC is 5.1 million tonnes of cement and clinker per annum. In addition, Prosperity owns 16.11% of TCC Liaoning Cement Company Limited which has a designed saleable production capacity of 2 million tonnes of cement and clinker per annum.
The PRC is the World's second largest economy (behind the US) and the biggest buyer of iron ore; it is also the largest producer and consumer of cement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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