DBA Telecommunication (Asia) (03335) said it will issue nil interest unsubordinated and unsecured senior notes due 24 September 2015 in an aggregate principal amount of HK$30 million to Jia Hua Asia Pacific Investment Limited.
Under the pact, DBA Telecommunication has agreed to provide the right to subscribe for up to 85.71 million warrants to the holder of the notes, which will entitle the warrant holder the right to, after the shares resume trading on the Stock Exchange and the approval is obtained, subscribe 85.71 million shares at an exercise price of HK$0.35 per share during the period of 12 months after the Shares resume trading and approval is obtained. Such shares represent about 7.61% of the enlarged issued share capital of DBA Telecommunication. The exercise price represents a discount of about 82.8% to the closing price of HK$2.03.
The proceeds will be used as general working capital of the Group after the shares resume trading.
Trading in shares of DBA Telecommunication has been suspended with effect from 6 June 2013 and will remain suspended until further notice.
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