Result of Tender Offer
28 Junio 2010 - 3:56AM
UK Regulatory
TIDMCBI
RNS Number : 3251O
China Biodiesel International Hold
28 June 2010
China Biodiesel International Holding Co., Ltd.
("China Biodiesel" or "the
Company")
Result of Tender Offer
The Board of China Biodiesel is pleased to announce the result of the Tender
Offer referred to in the circular sent to Shareholders of the Company dated 11
June 2010. This Tender Offer closed on 25 June 2010 in accordance with its
timetable.
A total of 8,796,852 Ordinary Shares were validly tendered pursuant to the
Tender Offer, representing approximately 19.37 per cent. of the current issued
share capital and approximately 79.76 per cent. of the Tender Offer Shares.
The Tender Offer will be effected by Evolution Securities Limited purchasing the
Ordinary Shares as principal and then selling such Ordinary Shares on AIM to the
Company for cancellation pursuant to the Repurchase Agreement. Following
completion of the Tender Offer and cancellation of the Ordinary Shares, the
Company will have a total of 36,614,913 Ordinary Shares in issue.
As of 10 June 2010, immediately prior to the announcement of the Tender Offer,
the Directors beneficially owned or were interested in an aggregate of
34,076,315 Ordinary Shares. Huodong Ye and Gloria He, both directors of the
Company, will retain an interest in the Company following completion of the
Tender Offer, in accordance with their undertaking not to accept, or procure the
acceptance of, the Tender Offer in respect of a total of 34,037,785 Ordinary
Shares beneficially owned by them. The shareholdings of the Directors are as
follows:
+----------+---------------+------------------------------------+------------+-------------+------------+
|Director | Position | Prior to Tender | On Completion |
| | | Offer | of Tender Offer |
+ + +-------------------------------------------------+--------------------------+
| | | Number | Percentage | Number | Percentage |
| | | of | of | of | of Issued |
| | | Ordinary | Existing | Ordinary | Share |
| | | Shares | Issued | Shares | Capital |
| | | | Share | | following |
| | | | Capital | | Completion |
| | | | | | of Tender |
| | | | | | Offer |
+----------+---------------+------------------------------------+------------+-------------+------------+
| Huodong | Chairman | 33,772,785 | 74.37% | 33,772,785 | 92.24% |
| Ye | | | | | |
+----------+---------------+------------------------------------+------------+-------------+------------+
| Gloria | Chief | 265,000 | 0.58% | 265,000 | 0.72% |
| He | Financial | | | | |
| | Officer | | | | |
+----------+---------------+------------------------------------+------------+-------------+------------+
| Jian | Chief | - | - | - | - |
| Lu | Operating | | | | |
| | Officer | | | | |
+----------+---------------+------------------------------------+------------+-------------+------------+
| Chris | Non-Executive | 38,530 | 0.08% | - | - |
| Butler | Director | | | | |
+----------+---------------+------------------------------------+------------+-------------+------------+
| Derrick | Non-Executive | - | - | - | - |
| Woolf | Director | | | | |
+----------+---------------+------------------------------------+------------+-------------+------------+
It is anticipated that CREST accounts will be credited with, and cheques
despatched for, the Tender Offer proceeds and the final dividend for the year
ended 31 December 2009 on 14 July 2010.
As previously announced, the proposed cancellation of admission of the Ordinary
Shares to trading on AIM and the Repurchase are subject to shareholder approval
at an Extraordinary General Meeting on 6 July 2010, notice of which was sent to
shareholders on 11 June 2010.
Terms defined in the circular have the same meanings in this announcement.
28 June 2010
For further information:
Gloria He, CFO: +86 (592) 7191103
James
Wang, Company Secretary: +86 (592) 7191109
Chris Clarke or Bobbie Hilliam
Evolution Securities: +44 (0) 20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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