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HONG KONG, Jan 4, 2012 - (ACN Newswire) - Mascotte Holdings Limited (HKSE:0136), an investment holding company listed on the Main Board of the Hong Kong Stock Exchange since 1997, is primarily engaged in the business of manufacturing solar grade polysilicon, announced that all resolutions proposed at the SGM held today were duly passed. Specifically, the shareholders passed resolutions approving:
1. Grant of share options and connected transaction: Option Deeds executed with each of the Grantees pursuant to which Mascotte agreed to grant Share Options to the Grantees for up to 730,000,000 new Shares in aggregate.
2. Specific mandate to issue option shares: Proposed Option Mandate to allot and issue up to 730,000,000 new Shares to be issued upon exercise of the Share Options.
3. Long-term Service agreement with Dr Wu.
4. Specific mandate to issue conversion shares: Following the expiration of the Existing Placing Mandate, Mascotte is seeking the power under the Proposed conversion Mandate to allot and issue up to 2,838,000,000 Conversion Shares into which the Convertible Bonds are convertible as results from adjustment to the conversion Price from time to time in accordance with the Convertible Bond Documents as contemplated under the terms of their issue.
5. Very substantial acquisition and connected transaction: The Sale and Purchase Agreement with the Seller on 12 September 2011 whereby Mascotte agreed to purchase from the Seller the remaining 49.9% of the issued shares of the Sun Materials Technology for HK$2,500,000,000 in accordance with the terms of the Sale and Purchase Agreement. Upon closing, Mascotte will hold, indirectly, 100% of the issued shares of Sun Materials Technology.
Mr. Peter Temple Whitelam, Chairman of Mascotte, commented: "We are happy to announce the shareholder approval of the acquisition of the remaining 49.9% of Sun Materials Technology, giving us full control of this technology leading asset. Despite the challenging environment in the global market, we believe the innovative technology of Sun Materials will give us significant cost advantages in producing solar grade polysilicon. Given our strong technology and management team, we are confident Mascotte is well positioned to take advantage of growth opportunities as the solar market recovers and continues a strong pace of expansion."
The Company's information circular with respect to the SGM is available at www.mascotte.com.
About Mascotte Holdings Limited
Mascotte Holdings Limited (HKSE:0136) is an investment holding company listed on the Main Board of the Hong Kong Stock Exchange since 1997. Mascotte evolved to become a manufacturer of polysilicon in Taiwan through a thoughtful restructuring of its core business by its board of directors. Other businesses include investment and trading of securities, provision of finance and manufacturing of accessories for photographic products.
About Sun Materials Technology Co., Ltd.
Based in Yilan, Taiwan, Sun Materials Technology is a technology leading manufacturer of solar-grade polysilicon. The company has a proprietary and innovative technology which can produce low-cost and high quality polysilicon with a purity of up to 7N (99.99999%). Our proprietary technology and superior processes provide a safer and low cost solution, with added green benefits of being low polluting and energy saving, in producing polysilicon.
For more information, please visit http://www.mascotte.com.
Contact:
Mr. Eddie Woo
Executive Director of Mascotte Holdings and
President of Sun Materials Technology
Tel: +8862-2722-3696
Email: investor136@mascotte.com
Topic: Shareholders Meeting
Source: Mascotte Holdings Limited
Sectors: Daily Finance, Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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