Qihang Equipment Company Limited Result of General Meeting (8009B)
10 January 2015 - 12:52AM
UK Regulatory
TIDMQIH
RNS Number : 8009B
Qihang Equipment Company Limited
09 January 2015
9 January 2015
Qihang Equipment Company Limited
(to be renamed Eastbridge Investments Plc)
("Qihang" or the "Company")
Result of AGM
Disposal of Trading Subsidiary
The Company announces that at the General Meeting of the Company
held earlier today, all resolutions were duly passed. As a result,
the Company has disposed of its operating business Jiangsu Qihang
CNC Machinery Tools Co., Ltd ("JSQH") and has been re-classified as
an Investing Company under AIM Rule 15.
New Investing Policy
The Company's Investing Policy is one focused on the property
and real estate sector, with the objective being to provide
shareholders with strong investment returns and a balanced exposure
to lower risk income generating assets and opportunities that will
provide a higher capital return. The Company will look to invest in
residential schemes as well as commercial, retail and industrial
property within the UK. The Directors will look to purchase assets
significantly undervalued by the current market.
The Company's investment criteria will be as follows:
-- property investments which provide a stable, predictable and low risk income stream, with opportunities to enhance value through active management;
-- development or redevelopment opportunities where they can be
pre-let to businesses with strong rental covenants, or in order to
protect, enhance or extract additional value from existing
investments;
-- distressed property investments where opportunities arise as markets recover;
-- investment whereby an injection of new finances or specialist
management, the Company can enhance the prospects and therefore the
future value of the investment;
-- investments where the Company is able to benefit from the
Director's existing network of contacts; and
-- the potential to deliver significant returns for the Company.
Investments outside the above criteria will only be made where
risk adjusted returns to Shareholders are satisfactory and the
Company has the reserves necessary to extract an above-market
return from the investments.
Moreover, the criteria set out above are not intended to be
exhaustive and the Directors may make an investment which does not
fulfil all of the investment criteria if they believe it is in the
best interests of Shareholders as a whole.
The Board believe that their experience will assist the Company
in the identification, evaluation and funding of appropriate
investment opportunities. When necessary, other external
professionals will be engaged to assist in the due diligence on
prospective targets and their management teams. The Company will
also consider appointing additional directors with relevant
experience if required.
Where the Company builds a portfolio of investments it is
possible that there may be cross holdings between such assets and,
as investments are made and new investment opportunities arise,
further funding of the Company may also be required. The Company
does not currently intend to fund any investments with debt or
other borrowings but may do so in future, if appropriate. The Board
may also offer new Ordinary Shares by way of consideration as well
as cash, thereby helping to preserve the Company's cash or working
capital and as a reserve against unforeseen contingencies
including, for example, delays in collecting accounts receivable,
unexpected changes in the economic environment and operational
problems.
Board Changes
Mr Gregory Collier has been appointed to the board of the
Company as Executive Director and Qiang Hao and Roberto Lima have
resigned. The Company would like to thank Mr. Lima and Mr. Hao for
all of their efforts whilst on the Board and would like to wish
them success with their future ventures.
Sub-division of Ordinary Shares
Shareholders have approved the sub-division of the Company's
share capital ("Share Capital Sub-division") whereby each existing
ordinary share of GBP0.025 each ("Ordinary Share) has been
subdivided into one new ordinary share of GBP0.0001 ("New Ordinary
Share") and one deferred share of GBP0.0249 ("Deferred
Shares").
Application will be made for the New Ordinary Shares to be
admitted to trading on AIM upon the lifting of the current
suspension from trading of the company's Ordinary Shares. No
application will be made for the Deferred Shares to be admitted to
trading.
Change of Name
Shareholders have approved the change of name to Eastbridge
Investments Plc and the Company is today applying to the Jersey
Financial Services Commission to enact the change.
The Company intends to make future announcements in due course
regarding the publication of its interim accounts, the lifting of
the suspension from trading on AIM of its shares, the change of
name, funding and other matters.
For further additional information please contact:
Qihang Equipment Company Limited Tel: +44 (0)
Mark Chapman 1483 892130
Gregory Collier
Nominated Adviser and Joint Broker Tel: +44 (0)20
Northland Capital Partners Limited 7382 1100
William Vandyk / Matthew Johnson
Joint Broker Tel: +44 (0)20
Peterhouse Corporate Finance Limited 7469 0934
Fungai Ndoro/Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
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