TPG to advance stre Rolex ngthen our financial management
Daphne International Holdings Limited, internet websites the “Daphne” and “Shoebox” brands and then a leading retailer of ladies’ footwear during the PRC, announced the fact that Company has entered into binding agreement with TPG Capital (“TPG”), to which TPG probably will make a strategic purchase of Daphne through the subscription of RMB 550 million convertible bonds with warrants.Mr. Chen YingChieh, Chairman of Daphne said, “We are delighted Concord to experience TPG as our strategic partner. We feel that TPG shares a similar strategic vision your Company and expect this partnership not only to allow us to in further solidifying our leadership position from the domestic market in China but also bring about transforming Daphne being a worldclass company.”Mr. Chen Hsien Min, Md of Daphne added, “We view this in the form of longterm partnership and mean to work closely with TPG to advance stre Rolex ngthen our financial management, operational efficiency and corporate governance. We are going to also fully leverage TPG’s global network for additional details on new opportunities and enhance Daphne’s overall competitive position in the market.”Under the agreement, TPG has decided to subscribe for unsecured convertible bonds due 2014 around the aggregate principal quantity RMB 550 million. The bonds carry a once a year coupon of three.125% pay Graham able semiannually, and will also be convertible, short sale certain conditions, into Daphne’s new ordinary shares at a preliminary conversion cost of HK$3.50 per ordinary share. The bonds will probably be redeemed at par if it’s not converted.Additionally, TPG will get 100 million warrants aided by the instantly to subscribe personally ordinary share each, by having an initial exercise cost HK$4.00 per warrant. The warrants have a nice maturity o Jacob & Co f 5 years. If exercised fully, TPG get 100 million new ordinary shares in Daphne.TPG will hold 278,510,572 ordinary shares, equivalent to approximately 14.5% of your total enlarged issued share capital of Daphne, assuming the bonds are fully converted as well as the warrants are fully exercised.Upon closing, the corporation get the USdollar same as RMB 550 million (or approximately US$81 million) of gross arises from the issuance for the convertible bonds with warrants which are intended for further expansion in the “Daphne” and “Shoebox” store network in your PRC. Aside from that, the Company expects to boost one more HK$400 million (or approximately US$52 million) upon the full exercise on the warrants, that will be used by general working capital purposes.Ms. Mary Ma, Managing Director of TPG said, “We are confident in the long term growth prospects of the consumer retail sector in China. We predict that Daphne, using its well known ‘Daphne’ and ‘Shoebox’ brands, has every ingredient required to grow from strengthtostrength and also accomplish increased success in the future.”Mr. Stephen Peel, Managing Partner, Greater China, Eurasia, India and SE Asia of TPGadded, “This investment is consistent with TPG’s philosophy of supporting highgrowth Chinese consumeroriented companies to accomplish the world class operating standards. We expect our capital and operational expertise will contribute to a prosperous partnership with Daphne.”1 2.
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