SINGAPORE, Nov. 24, 2014 /CNW/ - HOPU Investments Co. Ltd. ("HOPU Investments") today announced that it has agreed to acquire 144,862,817 ordinary shares (the "Shares") in the capital of Paladin Energy Limited ("Paladin") by way of a private placement (the "Placement") representing 15% of the currently outstanding ordinary shares of Paladin. The Shares will be acquired at a price of A$0.42 per Share (approximately C$0.41), for an aggregate purchase price of A$60,842,383 (approximately C$59,300,000). The entity that will subscribe for shares in the Placement will be HOPU Clean Energy (Singapore) Pte. Ltd., a wholly-owned subsidiary of HOPU USD Master Fund II L.P. (the "Purchaser"). The Placement will be completed pursuant to the terms of a subscription agreement between the Purchaser and Paladin (the "Subscription Agreement").
Upon closing of the Placement, after taking into account the issuance of shares from the Placement, HOPU Investments is expected to have ownership and control over approximately 13% of the issued and outstanding ordinary shares of Paladin.
Pursuant to the Subscription Agreement, Paladin has simultaneously announced an entitlements offering (the "Entitlements Offer") and HOPU Investments has entered into a commitment letter (the "Commitment Letter"). The Commitment Letter provides that HOPU Investments will receive first priority allocation of any shares of Paladin which become available to sub-underwriters as a result of the Entitlements Offer. HOPU Investments intends to increase its ownership of the ordinary shares of Paladin to approximately 15% through the exercise of its entitlements and the sub-underwriting.
Following completion of the Placement, and for so long as HOPU Investments or its related bodies corporate hold at least 10% of the outstanding ordinary shares, HOPU Investments has the right to appoint one non-executive director to the board of directors of Paladin. HOPU Investments has also agreed to certain restrictions on it disposing of its shares in Paladin for so long as HOPU Investments or its related bodies corporate hold at least 10% of the outstanding ordinary shares.
HOPU Investments will acquire the Shares in the Placement for investment purposes. HOPU Investments intends to evaluate these holdings and increase or decrease its investment in Paladin as circumstances warrant.
HOPU Investments is a private equity firm focusing on China-related investment opportunities. With offices located in Beijing, Hong Kong, and Singapore, HOPU's Team has unique expertise in investment, financing and capital market, as well as diverse experiences working with State Owned Enterprises and private entrepreneurs.
HOPU's key investment focus is to create, develop and pursue investment opportunities that are driven by China's ongoing economic reforms and developments, in particular in consumer, energy, mining, agriculture and financial services sectors.
HOPU Investments has recently raised US$1.85 billion committed capital for HOPU USD Master Fund II from investors comprising of sovereign wealth and global institutional investors.
SOURCE: HOPU Investments Co. Ltd.
For further information: Victoria Liu, Email: [email protected], Phone: +86 10 5181 9612