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| Takeover Offers Become Unconditional in All Respects |
HONG KONG, July 10, 2013 - (ACN Newswire) - BELMONT HONG KONG LTD. ("Belmont"), a wholly-owned subsidiary of Beijing Wangfujing International Commercial Development Co., Ltd. ("WFJ International"), announced that it is holding 50.40% of the issued share capital of PCD Stores (Group) Limited ("PCD Stores"; SEHK: 331) on 9 July 2013 and the Share Offer to acquire all of the issued share capital of PCD Stores (the "Offers") have become unconditional in all respects.
As at 28 June 2013, WFJ International held 1,664,139,851 Shares, representing approximately 39.53% of the issued share capital of PCD Stores. The valid acceptances of 457,711,823 Shares (representing approximately 10.87% of the issued share capital) that WFJ International received as at 4:00 pm on 9 July 2013 increased its aggregate holdings to approximately 50.40% of the issued share capital of PCD Stores. Accordingly, the condition of the Offers has been satisfied and the Offers have become unconditional in all respects as at 9 July 2013.
The latest time and date for acceptance of the Offers will be 4:00 pm on 23 July 2013 or such later time and/or date as the Offeror may determine and announce in accordance with the Takeovers Code. The Share Offer Price will remain at HK$1.20 per share and a cheque for the amount due to each of the accepting Shareholders will be despatched within seven Business Days following the later of 9 July 2013 and the receipt of their acceptances by PCD Stores' share registrar.
WFJ International believes that the Offers are attractive to the Shareholders and provide a good opportunity for them to realise their investment in their Shares in return for cash, and it has decided that the Share Offer Price is not to be increased. WFJ International intends to privatise PCD Stores should Belmont receive sufficient acceptances under the Offers.
Beijing Wangfujing International Commercial Development Co., Ltd.
Beijing Wangfujing International Commercial Development Co., Ltd. ("WFJ International") is an investment holding company controlled by Beijing Wangfujing Dongan Group Co., Ltd. WFJ International is the controlling shareholder of Beijing Wangfujing Department Store (Group) Co., Ltd, a listed company on the Shanghai Stock Exchange.
Contact:
Strategic Financial Relations Limited
Heidi So
(852) 2864 4826 / 9461 7088
heidi.so@sprg.com.hk
Vanessa Zhang
(852) 2114 4981 / 6208 1156
vanessa.zhang@srpg.com.hk
Topic: Press release summary
Source: PCD Stores (Group) Limited
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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