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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Straight | LSE:STT | London | Ordinary Share | GB0033695486 | 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% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7598J StartIT.com PLC 11 September 2001 11th September 2001 startIT.com plc ("STT") Share restructuring in CFN(UK) Ltd ("CFN") STT has been pleased to facilitate the conditional acquisition of 30% of issued CFN shares by iAsia Technology Limited ("iAsia"). The Directors of STT believe that there will be considerable synergy between the two companies. From its UK base, CFN plans to offer broking-related services, specialising in Asian equities. iAsia provides online trading services to brokers and other financial institutions in the Far East and is listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange. The transaction is subject to certain conditions, including the approval of the Hong Kong Stock Exchange. STT's holding in CFN, following iAsia's acquisition, remains at 11%, but STT, as a result of the transaction, will hold 1,911,429 iAsia shares representing 0.39% of the enlarged share capital of iAsia. Once the transaction is completed, there will be a gross profit to STT of #8,471. Details of the transaction are set out in the notes attached to this announcement. ------------------------------------------------------------------------------ For further information, please contact: Phill Brown, Chief Executive Officer, startIT.com plc Tel: 01274 623 478 Peter Addison, Director, Corporate Finance, Insinger English Trust Tel: 020 7377 6161 Shane Dolan, Director, Biddicks Tel: 020 7448 1000 Notes 1. STT has entered into conditional sales agreements which would result in a shareholding restructuring ("Restructuring") in CFN and an investment in iAsia. 2. In July 2000, STT invested #300,000 in CFN, taking 10% of its equity which was adjusted to 11% (the "Original Investment") in June 2001 with no additional investment. 3. The Restructuring contemplated will involve STT's acquisition of 2% of CFN's equity from CFNasia Holdings Limited ("CFNasia") for #6,000 and the acquisition of 4% of CFN's equity from parties representing the interests of CFN's management and staff (the "Management"), for #10,000 in the form of shares ("iAsia Shares") in iAsia valued at a price of HK$0.70 per iAsia Share and an exchange rate of #1 = HK$11.15. 4. Simultaneously, STT will conditionally dispose of the whole of the above-mentioned newly acquired 6% equity interest in CFN to a subsidiary of iAsia, at a consideration of #120,000 in the form of iAsia Shares valued at the same price per iAsia Share and exchange rate. Part of these iAsia Shares acquired will be used to pay for the consideration due to the Management in the acquisition of their 4% equity interest in CFN. 5. In a series of conditional transactions similar to the above-mentioned transactions of STT, CFNasia's 8% equity interest in CFN and the Management's 16% equity interest in CFN will be sold to a subsidiary of iAsia, via enterpriseAsia.com plc, at the same share price and exchange rate. 6. As a result of these transactions, which are subject to certain conditions including, but not limited to, approval by the Hong Kong Stock Exchange, iAsia will beneficially own 30% of the equity interest of CFN. 7. It is expected that the Restructuring will bring to STT an aggregate profit of #8,471 before legal and other investment costs, based on the weighted average cost of all CFN shares acquired by STT, and result in an investment in 1,911,429 iAsia Shares which will represent approximately 0.39% of the enlarged share capital of iAsia. These iAsia Shares will be subject to lock up periods ranging from 6 months to 1 year. 8. After completion of the Restructuring, STT will continue to hold the Original Investment.
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