Notice of EGM

Beijing Datang Power Generation Com 09 May 2003 BEIJING DATANG POWER GENERATION COMPANY LIMITED (Incorporated as a Sino-foreign joint stock limited company in the People's Republic of China with limited liability) Proposal for shareholders' approvals to extend the effective period of the special resolutions passed on 10 May, 2002 in relation to the issue of bonds convertible into new H shares of the Company The Company held an extraordinary general meeting, a class meeting of the holders of H Shares (as defined below) and a class meeting of the holders of Domestic Shares (as defined below) separately on 10 May, 2002, pursuant to which special resolutions were passed to authorise, among other matters, (a) the Company to issue up to US$300 million in principal amount of bonds convertible into new H Shares (as defined below) on such terms and conditions as the directors of the Company ('Directors') determine (the 'Convertible Bonds'); and (b) the Directors to issue such number of new H Shares (as defined below) pursuant to the exercise of the conversion rights (if any) attached to the Convertible Bonds. According to the relevant laws of the PRC, the effective period of such authority granted by the shareholders shall expire twelve months after date of the above mentioned extraordinary general meeting and class meetings on 10 May, 2003. The relevant procedures in relation to the issue of the Convertible Bonds have not yet been completed. In addition, consideration is also taken in respect of the seriousness of the recent outbreak of 'SARS' which has resulted in unfavourable market conditions, the Directors are of the opinion that the market conditions in the recent weeks has not been suitable for the issue of the Convertible Bonds. For the above reasons, the Company will not be able to complete the necessary preparation work for the issue of the Convertible Bonds before 10 May, 2003. The Company proposes to extend the effective period of the relevant special resolutions in relation to the issue of the Convertible Bonds by the Company, which were passed held on 10 May, 2002, until 29 June, 2004. During the period of extension, the size, terms and conditions and the use of proceeds of the issue of the Convertible Bonds will remain the same as described in a circular to shareholders of the Company dated 25 March, 2002 in respect of the proposed issue of the Convertible Bonds. Proposed extension of the effective period of the special resolutions passed on 10 May, 2002 The Company held an extraordinary general meeting, a class meeting of the holders of H Shares (as defined below) and a class meeting of the holders of Domestic Shares (as defined below) separately on 10 May, 2002, pursuant to which special resolutions were passed to authorise, among other matters, (a) the Company to issue up to US$300 million in principal amount of bonds convertible into new H Shares (as defined below) on such terms and conditions as the directors of the Company ('Directors') determine (the 'Convertible Bonds'); and (b) the Directors to issue such number of new H Shares (as defined below) pursuant to the exercise of the conversion rights (if any) attached to the Convertible Bonds. According to the relevant laws of the PRC, the effective period of such authority granted by the shareholders shall expire twelve months after date of the above mentioned extraordinary general meeting and class meetings on 10 May, 2003. The Company proposes to extend the effective period of the special resolutions passed on 10 May, 2002 The Convertible Bonds are expected to be offered to professional and institutional investors, and shareholders of the Company will not be entitled to subscribe for the Convertible Bonds solely by virtue of their shareholders in the Company. The Company will make further announcements and will comply with all relevant requirements under the Rules Governing the Listing of Securities on the Stock Exchange (the 'Listing Rules') if any Convertible Bonds are proposed to be offered to any person who is connected to the Company's Directors, chief executive officer, substantial shareholder and their respective Associates (within the meaning as defined in the Listing Rules) before the issue of the Convertible Bonds. Resolutions passed on 10 May, 2002 The following resolutions were passed on 10 May, 2002 as special resolutions: (1) 'THAT subject to the passing of special resolutions (2) and (3) below and conditional upon: (a) approvals being granted by the holders of RMB denominated ordinary shares with a nominal value of RMB 1.00 each in the registered capital of the Company which are subscribed for and traded in Hong Kong dollars ('H Shares') by way of special resolutions at a class meeting of the holders of H Shares (the'H Class Meeting') and the holders of RMB denominated ordinary shares with a nominal value of RMB1.00 each in the registered capital of the Company ('Domestic Shares') by way of special resolutions at a class meeting of the holders of Domestic Shares (the 'Domestic Class Meeting'); and (b) such approvals being granted by the relevant PRC regulatory authorities for the issue of the Convertible Bonds (as defined below) and the new H Shares to be issued upon the exercise (if any) from time to time of the conversion rights attached to the Convertible Bonds (as defined below), the Company may issue up to US$300,000,000 in principal amount of bonds convertible into new H Shares on such terms and conditions as the Directors determine (the 'Convertible Bonds') and the Directors be and are hereby authorized to issue the Convertible Bonds, such authority to expire twelve months after the date of this extraordinary general meeting unless otherwise revoked or varied by shareholders at a general meeting or by holders of H Shares or holders of Domestic Shares at their respective class meetings.' (2) 'THAT subject to the passing of special resolution (1) above and special resolution (3) below, the Company may increase the registered capital of the Company and make appropriate and necessary amendments to the Company's articles of association at any time as the Directors think fit in order to reflect the increase in the registered capital of the Company upon conversion (if any) of the Convertible Bonds, and the Directors be and are hereby authorized to carry out such increase, to make such amendments, to attend to and handle all necessary procedures and registrations regarding the amendments to the registered capital and articles of association of the Company.' (3) 'THAT subject to the passing of special resolutions (1) and (2) above and conditional upon (a) approvals being granted by the holders of H Shares by way of special resolutions at the H Class Meeting and the holders of Domestic Shares by way of special resolutions at the Domestic Class Meeting; and (b) the issue of Convertible Bonds, the Company may issue and the Directors be and are hereby authorised to issue from time to time and in accordance with the terms and conditions of the Convertible Bonds, such number of new H Shares as may be required to be issued pursuant to the exercise of the conversion rights (if any) attached to the Convertible Bonds.' Reasons for extension Pursuant to the resolutions passed at the extraordinary general meeting held on 10 May, 2002 as set out above, the Company has been actively carrying out and preparing the necessary work in respect of the issue of the Convertible Bonds. However, the relevant procedures have not yet been completed. In addition, consideration is also taken in respect of the seriousness of the recent outbreak of 'SARS' which has resulted in unfavourable market conditions, the Directors are of the opinion that the market conditions in the recent weeks has not been suitable for the issue of the Convertible Bonds. For the above reasons, the Company will not be able to complete the necessary preparation work for the issue of the Convertible Bonds before 10 May, 2003. However, the Company has already carried out a large amount of preparation work and the Company anticipates that the market condition will improve gradually. In order to satisfy the financing needs of the Company, to protect the interests of the Company and its shareholders and to ensure the successful issue of the Convertible Bonds, the Company proposes to extend the effective period of the relevant special resolutions in relation to the issue of the Convertible Bonds by the Company, which were passed at the extraordinary general meeting, the class meeting of holders of H Shares and the class meeting of the holders of Domestic Shares held on 10 May, 2002, until 29 June, 2004. During the period of extension, the size, terms and conditions and the use of proceeds of the issue of the Convertible Bonds will remain the same as described in a circular to shareholders of the Company in respect of the proposed issue of the Convertible Bonds, which was dated and dispatched to the shareholders of the Company on 25 March, 2002. Proposed Use of Proceeds The proposed use of proceeds of the issue of the Convertible Bonds will remain the same as described in the circular dated and dispatched to the shareholders of the Company on 25 March, 2002. The net proceeds are expected to be used to finance the Company's foreign exchange requirements for the following: (a) funding the purchase of imported equipment for use in power generation plants for an aggregate amount of up to US$220 million; and (b) any remaining balance will be used for refinancing part of the Company's current foreign exchange borrowings. Since (i) the purchase of the equipment for the use in power generation plants, which is intended to be funded by the proceeds of the issue of the Convertible Bonds, is only one of the on-going long term development plan of the Company ; and (ii) the Company has other ways of financing, the Directors are of the opinion that the delay in the issue of the Convertible Bonds will not result in any adverse impact on the business and operation of the Company. Impact on Shareholders Upon conversion of the Convertible Bonds to be issued, there would be an increase in the number of H Shares held by the public. The exact size of the increase will depend upon the final terms of the Convertible Bonds, including, among other terms, the size of the issue and the conversion price at which the Convertible Bonds will be converted into H Shares. It is currently contemplated that the initial conversion price will be determined with reference to a premium over the average closing price of H Shares for a certain period of trading days immediately prior to the pricing date. The final terms of the Convertible Bonds are expected to be determined only after the completion of a roadshow and 'book-building' offering process. For illustrative purposes only, assuming an issue size of US$300 million, full conversion of the Convertible Bonds and that the initial conversion price equals to HK$2.99 (being the average closing price of the H Shares for the last five trading days ending 7 May, 2003), the equity interest of the existing holders of H Shares in the Company will be diluted from the current level of 27.7% to approximately 24.1% of the then enlarged registered capital of the Company. Shareholders' equity interest in the Company will be diluted as a result of the exercise of the conversion rights attached to the Convertible Bonds. Further announcements will be made to shareholders of the Company once the terms and conditions of the Convertible Bonds are determined. Extraordinary General Meeting, H Class Meeting and Domestic Class Meeting The Extraordinary General Meeting, H Class Meeting and the Domestic Class Meeting will be convened at 11:00 a.m., 11:30 a.m. and noon respectively on 30 June, 2003 at which special resolutions of the shareholders, holders of H Shares and holders of Domestic Shares will be proposed to approve the extension of the effective period of all special resolutions passed on 10 May, 2002, in relation to the issue of the Convertible Bonds, until 29 June, 2004. Notices of the Extraordinary General Meeting and the H Class Meeting are set out at the end of this announcement. By order of the Board Yang Hongming Executive Director and Company Secretary 9 May, 2003, Beijing -------------------------------------------------------------------------------- NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an extraordinary general meeting of the Company will be held on 30 June, 2003 at 11:00 a.m. at the conference room of the Company, 8/ F, No. 428 Guanganmennei Avenue, Xuanwu District, Beijing, the People's Republic of China (the 'PRC') to consider and, if thought fit, to pass the following resolution as special resolution (the 'Extraordinary General Meeting'): 'THAT the effective period of the special resolutions passed at the extraordinary general meeting held on 10 May, 2002, which authorized, among other matters, (a) the Company to issue up to US$300,000,000 in principal amount of bonds convertible into new RMB denominated ordinary shares with a nominal value of RMB1.00 each in the registered capital of the Company which are subscribed for and traded in Hong Kong dollars ('H Shares') on such terms and conditions as the Directors determine (the 'Convertible Bonds'); and (b) the Directors to issue such number of new H Shares pursuant to the exercise of the conversion rights (if any) attached to the Convertible Bonds, be and are hereby extended until 29 June, 2004.' For details of the special resolutions passed at the extraordinary general meeting held on 10 May, 2002, please refer to the South China Morning Post and Hong Kong Economic Journal dated 25 Mach, 2002 or the website of the Hong Kong Stock Exchange Limited at www.hkex.com.hk (Company's stock code: 991). By order of the Board of Directors Yang Hongming Executive Director and Company Secretary 9 May, 2003, Beijing, PRC Notes: (A) The Company's shareholders are reminded that pursuant to the articles of association of the Company, the register of shareholders of the Company will be closed from 1 June, 2003 to 30 June, 2003, both days inclusive, during which period no transfer of shares will be registered. The Company's shareholders, whose names appear on the register of shareholders of the Company on 1 June, 2003 are entitled to attend the Extraordinary General Meeting and to vote thereat. (B) Any holders of the Company's shares entitled to attend and vote at the Extraordinary General Meeting is entitled to appoint one or more proxies to attend and vote on his behalf. A proxy need not be a shareholder of the Company. (C) Where a shareholder of the Company appoints more than one proxy, his proxies may only vote in a poll. (D) To be valid, the proxy forms for the use of shareholders of the Company and, if such proxy is signed by a person on behalf of the appointor pursuant to a power of attorney or other authority, a notarised copy of that power of attorney or other authority must be delivered to the Company not less than 24 hours before the time scheduled for holding the Extraordinary General Meeting. (E) Shareholders of the Company who intend to attend the Extraordinary General Meeting are required to return the notices of attendance to the Company on or before 7 June, 2003 (3 weeks before the day of meeting). (F) Completion and return of the proxy forms and notices of attendance will not affect the right of shareholders of the Company to attend and vote at the Extraordinary General Meeting. (G) Holders of H Shares shall deliver the proxy forms (and a notarised copy of the power of attorney or other authority if such proxy is signed by a person on behalf of the appointor pursuant to a power of attorney or other authority) and the notices of attendance to the Company's Registrar, Computershare Hong Kong Investor Services Limited at Room 1901--5, Hopewell Center, 183 Queen's Road East, Wanchai, Hong Kong. (H) Holders of RMB denominated ordinary shares of RMB1.00 each in the registered capital of the Company ('Domestic Shares') shall deliver the proxy forms (and a notarised copy of the power of attorney or other authority if such proxy is signed by a person on behalf of the appointor pursuant to a power of attorney or other authority) and the notices of attendance to the office of the Company at its registered address. Details of the Company's registered address are as follows: No. 482 Guanganmennei Avenue Xuanwu District Beijing People's Republic of China Tel: (8610) 8358 1905 Fax: (8610) 8358 1907 Post Code: 100053 (I) The Extraordinary General Meeting is expected to last for half an hour. Shareholders of the Company and their respective proxies attending the Extraordinary General Meeting shall be responsible for their own transportation and accommodation expenses. -------------------------------------------------------------------------------- NOTICE OF H CLASS MEETING NOTICE IS HEREBY GIVEN that a class meeting of the holders of RMB denominated ordinary shares of RMB1.00 each in the registered capital of the Company which are subscribed for and traded in Hong Kong dollars ('H Shares') will be held on 30 June, 2003 at 11:30 a.m. (or as soon thereafter as the extraordinary general meeting of the Company convened on the same day and at the same place shall have been concluded or adjourned), at the conference room of the Company, 8/F, No. 458 Guanganmennei Avenue, Xuanwu District, Beijing, the People's Republic of China (the 'PRC') to consider and, if thought fit, to pass the following resolution as special resolution (the 'H Class Meeting'): 'THAT the effective period of the special resolutions passed at the class meeting of the holders of H Shares held on 10 May, 2002, which authorized, among other matters, (a) the Company to issue up to US$300,000,000 in principal amount of bonds convertible into new H Shares on such terms and conditions as the Directors determine (the 'Convertible Bonds'); and (b) the Directors to issue such number of new H Shares pursuant to the exercise of the conversion rights (if any) attached to the Convertible Bonds, be and are hereby extended until 29 June, 2004.' For details of the special resolutions passed at the class meeting of the holders of H Shares held on 10 May, 2002, please refer to the South China Morning Post and Hong Kong Economic Journal dated 25 Mach, 2002 or the website of the Hong Kong Stock Exchange Limited at www.hkex.com.hk (Company's stock code: 991). By order of the Board of Directors Yang Hongming Executive Director and Company Secretary 9 May, 2003, Beijing, PRC Notes: (A) Holders of H Shares are reminded that pursuant to the articles of association of the Company, the register of shareholders of the Company will be closed from 1 June, 2003 to 30 June, 2003, both days inclusive, during which period no transfer of shares will be registered. Holders of the H Shares, whose names appear on the register of shareholders of the Company on 1 June, 2003 are entitled to attend the H Class Meeting and to vote thereat. (B) Any holders of H Shares entitled to attend and vote at the H Class Meeting is entitled to appoint one or more proxies to attend and vote on his behalf. A proxy need not be a shareholder of the Company. (C) Where a holder of H Shares appoints more than one proxy, his proxies may only vote in a poll. (D) To be valid, the proxy forms for the use of holders of H Shares and, if such proxy is signed by a person on behalf of the appointor pursuant to a power of attorney or other authority, a notarised copy of that power of attorney or other authority must be delivered to the Company's H Share Registrar, Computershare Hong Kong Investor Services Limited at Room 1901--5, Hopewell Center, 183 Queen's Road East, Wanchai, Hong Kong not less than 24 hours before the time scheduled for holding the H Class Meeting. (E) Holders of H Shares who intend to attend the H Class Meeting are required to return the notices of attendance to the Company's H Share Registrar, Computershare Hong Kong Investor Services Limited at Room 1901--5, Hopewell Center, 183 Queen's Road East, Wanchai, Hong Kong on or before 7 June, 2003 (3 weeks before the day of meeting). (F) Completion and return of the proxy forms and notices of attendance will not affect the right of holders of H Shares to attend and vote at the H Class Meeting. (G) The H Class Meeting is expected to last for half an hour. Holders of H Shares and their proxies attending the H Class Meeting shall be responsible for their own transportation and accommodation expenses. This information is provided by RNS The company news service from the London Stock Exchange
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