Worldsec Ld
20 November 2003
WORLDSEC LIMITED
DISPOSAL OF WORLDSEC BROKERAGE LIMITED
Introduction
The Company announces that it has entered into an agreement with First Taisec
Securities (Asia) Limited ('Taisec') to dispose (the 'Disposal') of the entire
issued share capital of Worldsec Brokerage Limited ('WBL'). Taisec is a
wholly-owned subsidiary of First Taisec Securities Inc., a full-licensed
securities house regulated by Taiwan's Securities and Futures Commission and a
subsidiary of Taiwan's First Financial Holding Co. Ltd..
Details of WBL
WBL is a wholly-owned subsidiary of Worldsec International Limited ('WIL'),
which is itself a wholly-owned subsidiary of the Company. WBL is a securities
brokerage company in Hong Kong. WIL has been in liquidation since June 2003.
For the six months ended 30 June 2003, WBL has been operating at a loss.
Closing
Closing of the Disposal is conditional upon the satisfaction of certain
conditions precedent, including but not limited to the obtaining of approvals
from the Securities and Future Commission in Hong Kong and The Stock Exchange of
Hong Kong Limited. Closing is expected to take place in February 2004.
Consideration
The consideration for the Disposal shall be the net asset value of WBL at
closing payable in cash. As at 31 October 2003, the net asset value of WBL
(comprising mainly cash assets and rights to trade in securities listed on The
Stock Exchange of Hong Kong Limited) is HK$11.4 million (approximately US$1.46
million at a conversion rate of US$1.00 to HK$7.80).
Effect of the Disposal
Upon the completion of the Disposal, Taisec will own the entire issued share
capital of WBL. The benefit to the Company will arise from the disposal of a
loss-making subsidiary at its net asset value.
The Board expects to use the proceeds from the Disposal for distribution to
Shareholders.
Definitions
When used in this announcement the following expressions have the following
meanings:
'Board' or 'Directors' the board of directors of Worldsec;
'Company' or 'Worldsec' Worldsec Limited, an exempted company incorporated
in Bermuda with limited liability;
'Shares' ordinary shares of nominal value US$0.001 in the capital of the
Company currently in issue; and
'Shareholders' the holders of Shares.
For further enquiries please contact Paul Cheng, Director, at +852 2867 7213.
This information is provided by RNS
The company news service from the London Stock Exchange
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