04-03-13 - Paul Y. Engineering Announced Results of Distribution in Specie
Paul Y. Engineering Group Limited (“PYE”) (0577.HK) announced the results of distribution in specie (“Distribution”) of 49% of PYE BVI, the intermediate holding company of PYE’s management contracting and property-related businesses.
Of the 231,128,005 PYE BVI shares to be distributed to shareholders (other than PYI), shareholders of 213,607,872 shares selected cash alternative instead of shares, and applications for excess 813,162 shares were received. As a result, PYI will purchase 212,794,710 shares (representing 17.18% of issued share capital of PYE BVI) at HK$63,838,413, pursuant to its cash alternative offer of HK$0.30/share to other shareholders. Together with its entitlement of 30.34% interest, PYI will have 47.52% interest in PYE BVI. PYE will maintain 51% control in PYE BVI.
For the special cash dividend of HK$0.26/share with scrip alternative, 1,438,021 scrip shares (representing 0.04% of existing issued share capital of PYE) will be issued on 12 March 2013 at HK$0.68/share. Dealings in the scrip shares will commence on 13 March 2013.