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Additional 36,500 New Ordinary Shares of S$0.10 Each ("Bonus Shares") To Be Allotted And Issued Arising From The Exercise Of Pre-IPO Employee Share Options
On 28 February 2002, Qian Hu Corporation Limited ("the Company") announced the proposed Bonus Issue of 8,276,200 new ordinary shares of S$0.10 each in the capital of the Company (the "Shares") on the basis of one (1) Share for every ten (10) existing Shares issued. On 7 February 2002, the Company announced that the Singapore Exchange Securities Trading Limited (the "SGX-ST") has granted in-principle approval in respect of the proposed Bonus Issue and the listing and quotation of 8,276,200 Bonus Shares arising from the Bonus Issue.
Subsequent to our announcement made on the Bonus Issue on 28 January 2002 and subsequent to the submission of our listing application to the SGX-ST on 30 January 2002, the Company had to allot and issue 365,000 Shares to our employees consequent upon their exercise of the Pre-IPO Employees' Share Options (the "Pre-IPO Options") granted to them previously (the "Pre-IPO Option Shares").
As a result of the additional new Shares which the Company was required to allot and issue upon the exercise of the Pre-IPO Options granted to the Company's employees, the share capital of the Company as at the Books Closure Date on 6 March 2002 for the Bonus Issue increased to 83,127,000 Shares. Consequent upon the enlarged issued share capital of the Company as at the Books Closure Date, the Company would be required to allot and issue not less than 8,312,700 Bonus Shares on the basis of one (1) Bonus Share for every ten (10) existing Shares, which is 36,500 Shares more than the 8,276,200 Bonus Shares which the Company had originally sought and obtained listing approval from the SGX-ST.
The Company had sought and has on 18 March 2002 obtained the in-principle approval of the SGX-ST for the listing and quotation of the additional 36,500 Bonus Shares.
The said listing approval of the SGX-ST does not in any way indicate the merits of the Bonus Issue.
