China Ceramics Co., Ltd. Announces Results for Its Warrants Exchange Offer
Date : 09/01/2010 @ 8:00AM
Source : PR Newswire
Stock : China Ceramics CO Ltd (BB) (CCLTF)
Quote : 6.75 0.63 (10.29%) @ 4:03PM
China Ceramics Co., Ltd. Announces Results for Its Warrants Exchange Offer
China Ceramics CO Ltd (BB) (OTCBB:CCLTF)
Historical Stock Chart
2 Months : August 2010 to October 2010
China Ceramics Co., Ltd. (OTC Bulletin Board: CCLTF, CCLWF, CCLUF) ("China Ceramics" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, announced today the final results of its exchange offer (the "Offer"), which offered the holders of the Company's outstanding warrants (the "Warrants"), one of the Company's shares (each a "Share") in exchange for every four Warrants tendered by the holders of Warrants. The Offer expired on Monday, August 30, 2010 at 5:00 p.m., EDT. Warrants exercisable for 14,553,949 Shares were eligible to be exchanged.
Based on the final count by the depositary for the Offer, a total of 11,779,649 Warrants (approximately 80.9% of the outstanding Warrants) were exchanged for a total of approximately 2,944,910 Shares. Following the completion of the Offer, the Company has approximately 13,109,208 Shares outstanding and 2,774,300 Warrants outstanding, each exercisable for one Share at an exercise price of $7.50. The depositary for the Offer expects to deliver the Shares to be issued in exchange for tendered Warrants on or about September 1, 2010.
All of the terms of the Warrants remain in effect and the Warrants will expire on November 16, 2012, unless redeemed earlier by the Company pursuant to the terms of the Warrants.
