Mainland Headwear introduces New Era Cap is a strategic shareholder
Mainland Headwear announces the introduction of the New York Winter Hats Company as a strategic shareholder, also announced that the company will be raised from the issue of 1,414 million new shares, the stock will resume trading the afternoon.
Mainland Headwear (01100.HK) 10 ? 21 announcement that the introduction of the New York New Era Cap Company as a strategic shareholder, Mainland Headwear will be raised from the issue of 1,414 million new shares, the stock will resume trading the afternoon, suspension previously reported 0.91 million.
New Era Cap Group’s annual production of more than 3,500 ten thousand hats, its subsidiaries as at the end of 2011 NE agreed to minimum purchase of three financial years ended commitment to buy the product manufacturer; Youyi 0.844 per share subscription price of HK subscription 1,675.8 million feeder hat industry shares, which accounts for the existing issued share capital of 5.26%; NE also authorized to subscribe 6,284.3 million shares, the exercise price of 0.79625 HK shares of the company involved in the existing issued share capital of 19.74% of the share options.
Subscription price represents a discount of the closing price before the suspension of about 7.25%. Mainland Headwear will be raised from the issue of 1,414 million new shares, net 1,406 million, will be used for working capital. If the right of share options exercised, the company will further raise of about 5,004 million, net 4,973 million, working capital for the Group.
If these options are fully exercised, the President and Executive Director and Director of Ngan Hei Keung Ngan Po Ling on the company’s total equity from the current 61.49 percent down to 49.81 percent. The New Era Hats from zero to 19%.
Mainland Headwear, said the deal on the one hand to introduce strategic shareholders and strengthen the capital base, on the other hand can be a potential major customer of the United States with the famous sports headwear manufacturer and distributor to establish important business relationships. According to the transactions contemplated manufacturing agreement for the Group and the NFL Hats synergies and benefits both parties.
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