Bowenvale Limited (“Bowenvale”) and Asia Satellite Telecommunications Holdings Limited (HKSE: 1135; 1135.HK “AsiaSat”) have jointly announced that the proposal for the privatization of AsiaSat by way of a scheme of arrangement (“Scheme”) has been approved at the Court Meeting on August 23rd.
Approximately 99.98 percent of the shares held by the shareholders of the Company other than Bowenvale (the “Scheme Shareholders”) that were voted in person or by proxy at the Court Meeting were voted in favor of the privatization and a majority of the shareholders voting in person or by proxy on a headcount basis also voted in favour of the privatization.
Subject to the Scheme becoming effective, the Scheme Shareholders will receive a cancellation price of HK$10.22 per share in cash. Proceeding to the next step of the privatization, AsiaSat will seek the sanction of the Scheme at the court hearing of the petition on August 30, 2019 (Bermuda time).
Assuming the Scheme is approved by the court, it is expected that the Scheme will become effective on September 3, 2019 (Bermuda time), whereupon AsiaSat will become a private, wholly-owned subsidiary of Bowenvale and the listing of the shares in AsiaSat on The Stock Exchange of Hong Kong Limited will be withdrawn on September 5, 2019.
For a detailed breakdown of shareholder voting and other information, please see the joint announcement by Bowenvale and AsiaSat, available at www.asiasat.com.
Additionally, effective September 1, the AsiaSat offices will relocate to:
15 Dai Kwai Street
Tai Po Industrial Estate NT
This will become the registered/correspondence address for the following companies: Asia Satellite Telecommunications Company Limited — Asia Satellite Telecommunications Holdings Limited — Skywave TV Company Limited — Auspicious Colour Limited — AsiaSat BVI Limited
AsiaSat's telephone and fax numbers remain unchanged:Tel: (852) 2500 0888 (Switchboard)Fax: (852) 2576 4111 (Main Line)