LAI SUN GARMENT (INTERNATIONAL) LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
The Board wishes to announce that the Company has established a Level 1 American Depositary Receipt Programme, which has become effective on 1 April 2016.
The board of the directors ("Board") of Lai Sun Garment (International) Limited ("Company") wishes to inform the shareholders of the Company and investors that the Company has established a sponsored Level 1 American Depositary Receipt ("ADR") Programme ("Programme") with the Bank of New York Mellon, which has become effective on 1 April 2016.
An ADR is a negotiable receipt, resembling a stock certificate that is issued by a United States of America ("US") depositary bank appointed by the Company to evidence one or more American Depositary Shares ("ADSs"), each of which represents one hundred (100) ordinary shares of the Company. Under the Programme adopted by the Company, the ADRs will be issued against ordinary shares trading on the Main Board of The Stock Exchange of Hong Kong Limited that have been deposited with a custodian bank under the Programme. The ADRs will be traded in the US over-the-counter market at a later date after the depositary has opened the facility for trading. Under the Programme, the owners and holders of ADSs have the same rights to dividends and distributions and voting powers as the holders of ordinary shares of the Company subject, however, to enforcement procedures provided in the deposit agreement entered into by and among the Bank of New York Mellon, as the depositary, the Company and the owners and holders of ADSs.
The number of ADSs registered by the Company under the Programme is 50,000,000. The establishment of the Programme by the Company is not a new offering of shares and the ADRs are based on the shares of the Company currently in issue. Therefore, the Company receives no proceeds from the establishment of the Programme.
The main purpose and benefit of the Programme is to increase liquidity of the Company's shares in the US and to provide an access to the US capital market.
The Board believes that the Programme will provide the Company with a measure of exposure to the US capital market at minimal costs financially and in terms of maintenance effort.
By Order of the Board
Lai Sun Garment (International) Limited Chew Fook AunExecutive Director and Deputy Chairman
Hong Kong, 1 April 2016
As at the date of this announcement, the Board comprises six executive directors, namely Dr. Lam Kin Ming (Chairman), Dr. Lam Kin Ngok, Peter (Deputy Chairman), Mr. Chew Fook Aun (Deputy Chairman), Madam U Po Chu, Mr. Lam Hau Yin, Lester (also alternate to Madam U Po Chu) and Mr. Lam Kin Hong, Matthew; and three independent non-executive directors, namely Messrs. Chow Bing Chiu, Lam Bing Kwan and Leung Shu Yin, William.
Lai Sun Garment (International) Limited issued this content on 01 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 April 2016 11:45:07 UTC
Original Document: http://www.laisun.com/files/E_191_A_Level_1_ADR_20160401.pdf
