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HONG KONG, Oct 12, 2011 - (ACN Newswire) - On 11 October 2011, after further negotiations, Flyke International Holdings Ltd. (the "Company",) and the Subscriber entered into the Supplemental Agreement (the "Supplemental Agreement") to amend and supplement certain terms of the Subscription Agreement dated 26 May 2011.
Reference is made to the Company's announcement of 26 May 2011 (the "Announcement") relating to the subscription of new Shares and grant of Option. Unless otherwise defined herein, capitalised terms in this announcement shall have the same meaning as given to them in the Announcement.
Supplemental Agreement
On 11 October 2011, after further negotiations, the Company and the Subscriber entered into the Supplemental Agreement pursuant to which the Company and the Subscriber agreed that the Option Exercise Price of HK$1.90 per Option Share shall be calculated in RMB adopting the exchange rate at HK$1 = RMB0.82. The Company is of opinion that the valuation of the Option Shares as at 11 October 2011 may change compared with the valuation of the Option Shares as at 30 June 2011 as a result of the fluctuation of share price.
Save as disclosed above, there are no other changes to the Subscription Agreement and all other terms and conditions of the Subscription Agreement remain in full force.
Definitions
"RMB" means the lawful currency of the People's Republic of China (for the purpose of the Supplemental Agreement, excludes Taiwan, Hong Kong and Macau Special Administrative Region)
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As at the date of this announcement, the Board comprises Mr. LIN Wenjian (Chairman and Chief Executive Officer), Mr. LIN Mingxu, Mr. LIN Wenzu and Mr. LI Yong as our executive Directors and Mr. CHU Kin Wang, Peleus, Mr. HUANG Shanhe and Mr. ZHU Guohe as our independent nonexecutive Directors.
Topic: General Announcement
Source: Flyke International Holdings Ltd.
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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