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Link DetailsShare plan gets initial approval The Communications Authority has granted its approval-in-principle for Forever Top (Asia) to hold 39.89% to 54.02% of the voting shares in i-CABLE Communications.
It can be done upon completion of the issue by i-CABLE of new shares to its shareholders by way of an open offer and the conversion of a loan facility provided by Wharf (Holdings) to i-CABLE to new shares to be issued by i-CABLE to Wharf (Loan Capitalisation) before the issue of offer shares.
Both the open offer and loan capitalisation are triggered by the equity injection plan into i-CABLE, the major shareholder of Cable Television and Fantastic Television.
The authority gave its approval-in-principle today in stage one of its assessment of the applications for changes in the shareholding structures of Cable TV and Fantastic TV.
In granting approval-in-principle, the authority says it is satisfied the introduction of Forever Top as a new investor of Cable TV and Fantastic TV is in compliance with the Broadcasting Ordinance.
It noted the equity injection into i-CABLE will provide the company with new equity capital and funding to support the licensed services of Cable TV and Fantastic TV, enabling them to meet their investment commitments under their licences.
The approval-in-principle will enable i-CABLE to proceed with its open offer and the loan capitalisation according to its proposed timeline, thereby facilitating the equity injection by Forever Top into i-CABLE. |
