Pacific Century Premium Developments Limited - Raising Capital, Share re-purchase.

Pacific Century Premium Developments Limited

Description

We acted as the financial adviser to Pacific Century Premium Developments Limited on its general offer to repurchase shares.

Our Role

  • assisting the company to negotiate with its second largest shareholder to accept the offer and irrevocably undertake to abstain from voting at the SGM

  • coordinating a series of transactions, including the approval of the issue of a new convertible note to refinance an existing convertible note expiring in 2014, the repurchase offer and a possible issue of bonus shares and bonus convertible notes to restore the minimum public float requirement under the Listing Rules

  • clearing the transaction structure and liaising with the regulators

Key Issues

  • restoration of the public float through a bonus issue of shares with a convertible note option

  • structuring the repurchase offer required careful planning and discussion with the regulators to avoid any special deal complications

  • the refinancing of the existing convertible note expiring in 2014 was a connected transaction of the company that needed to be taken into account in the deal structure

  • the complex deal structure was regulated by the Takeovers Code and the Listing Rules requiring careful execution