DE D OF | Execution Version | |||||||
Strictly Private & ConfidentialIRREVOCABLE UNDERTAKING | ||||||||
To: | The Directors | |||||||
Bowenvale Limited (the "Offeror") | ||||||||
Vistra Corporate Service Centre | ||||||||
Wickhams Cay II | ||||||||
Road Town, Tortola VG1110 | ||||||||
British Virgin Islands | 9 August 2019 | |||||||
Dear Sirs | ||||||||
1. | ASIA SATELLITE TELECOMMUNICATIONS HOLDINGS LIMITED (the "Company") | |||||||
We, being Ora Investment Pte. Ltd. (the " | "), refer to the proposed privatization of | |||||||
the Company by the Offeror by way ofShareholderscheme of arrangement u er Section 99 of the | ||||||||
Comp | ies A 1981 of Bermuda, on and subject to such terms and conditions that are set out | |||||||
in the | nouncements dated 27 June 2019 and 3 July 2019 jointly issued by the Offeror and the | |||||||
C mpany in connection with the Proposal | "Announcements"). Unless otherwise stated, | |||||||
wordsin thi | and expressions defined in the Announc(thements shall have the same meanings when used | |||||||
2. | Deed. | |||||||
We: | her by warrant as at the date of this Deed, the date of despatch of the Scheme and the | |||||||
(a) | ||||||||
date immediately prior to the Effective Date that: | ||||||||
(i) | we | the beneficial owner | of | 16,708,437 issued Shares (the "Existi g | ||||
Shares"), free and clear of any lien, charge, mortgage, encumbrance or any | ||||||||
(ii) | third party rights whatsoever; and | |||||||
we have full power and authority to execute, deliver and give the undertakings | ||||||||
3. | contained herein, to perform the obligations hereunder. | |||||||
Subject to the terms and conditions of this Deed, we hereby irrevocably and unconditionally | ||||||||
undertake that: | omin who is, or has in turn depo ited | |||||||
(a) | we will instruct our broker, custodian or | |||||||
Existing Shares with, a CCASS Participant, to exercise or procure the exercise of the | ||||||||
voting rights attached to the Existing Shares: | ||||||||
(i) | at the Court Meeting | o vote in favour of the resolution (which is to be d cided | ||||||
by poll) to approve | the Scheme as set out in paragraph (a)(ii) of the joint | |||||||
announcement of the Offeror and the Company dated 27 June 2019; and |
ASIA-DOCS10748605.4
(ii) | t the duly convened SGM to vote in favour of the sp cial resolutions (which | |||||||||||||||||
to be decided by poll) of Shareholders to approve the reduction of the issued | ||||||||||||||||||
share capital of | Co | p y by the cancellation of the Scheme Shares in | ||||||||||||||||
accordance with the | term and subject to the Conditions to be set out in the | |||||||||||||||||
(b) | Scheme Document; | |||||||||||||||||
for the period from the date hereof until the Effective Date of the Scheme, we shall not: | ||||||||||||||||||
(i) | offer to acquire the whole or any part of the issued Shares | f the | ||||||||||||||||
Co pany nor permit any company in which we, | y or indirectly, Control | |||||||||||||||||
maketo ake such an offer, or enter into any | directlor arrangement with any | |||||||||||||||||
(ii) | person whether conditionally or otherwise,agreemeto do ny of the foregoing; or | |||||||||||||||||
or give any undertaking (whether | al | or | unconditional) to | |||||||||||||||
acc pt, exercise voting rights attached to the Exist n | Shares to approve or | |||||||||||||||||
otherwise agree to, any offer, scheme or arrang m , merger or other business | ||||||||||||||||||
combination made or proposed to be made inconditiorespec | of the Existing Shares by | |||||||||||||||||
(c) | any person other than the Offeror; | |||||||||||||||||
at any time during the period fr | m the date hereof and ending on the Effective Date of | |||||||||||||||||
the Scheme, we will not (save for the pe formance of this Deed): | or otherw se dispose | |||||||||||||||||
(i) | sell, offer to sell, mortgage, charg , pledge, | |||||||||||||||||
of or create encumbrance over, either directlyhypothecateindi | ctly, conditionally or | |||||||||||||||||
(ii) | unconditionally, any Existing Shares or any interest therein; | whole or | ||||||||||||||||
enter into any swap | r other arrangement that transfers to another, | |||||||||||||||||
in part, any of the economic consequences of ownership of any Existing Shares | ||||||||||||||||||
(iii) | or any interest therein; or | |||||||||||||||||
enter into any transacti | n with the same effect as any transaction specified in | |||||||||||||||||
(d) | Clause 3(c)(i) or (ii) above; | ur nam , we will | ||||||||||||||||
to he extent that any of the Existing Shares are not registered in | ||||||||||||||||||
inst uct our broker, custodian or | ominee who is, o | has in turn dep | ited the Existing | |||||||||||||||
Shares with, a CCASS Participant | to procure the | registered | older(s) her of to take | |||||||||||||||
such action as shall be nec ssary for Clauses 3(a) | (c) of this | Deed to be complied | ||||||||||||||||
(e) | with in full in respect of the Existing Shares only; and | any | ||||||||||||||||
we shall not circulate this Deed or make any disclo | re in connection herewith | |||||||||||||||||
person without your prior written consent, unless | such disclosure (i) is made | to our | ||||||||||||||||
directors, officers, employees, adv sers and affili | and | the directors, | officers, | |||||||||||||||
employees and advisers of our affiliates, | or (ii) | iates,required by applicable law or | ||||||||||||||||
regulation (including but not limited to the Code | n Takeovers and Mergers) or any | |||||||||||||||||
governmental or regulatory body having jurisdiction over us. | ||||||||||||||||||
For the purpose of this Clause 3: | person | dm tted to participate | Central | |||||||||||||||
A. | "CCASS Participant" sh ll mean | |||||||||||||||||
nd Settlement System as | d rect clearing | ipant or general clearing participant,Clearing | ||||||||||||||||
custodian pa | an | investor participant who may be an individual or joint | ||||||||||||||||
B. | individuals orticipantcorporation; and | |||||||||||||||||
"Control" means: | ||||||||||||||||||
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ASIA-DOCS10748605.4 | ||||||||||||||||||
a. | right to exe cise, directly or indirectly, at least 50% of the voting equity of the | ||||||||||||
b. | other person (or other comparable ownership if the person is not a corporation); or | ||||||||||||
posse sing, directly or indirectly, | ower to direct or cause the direction of the | ||||||||||||
affairs | or management of the | other person, | whether through the ownership of | ||||||||||
voting | securities, by | or | directly or indirectly, of securities | ||||||||||
4. | We: | ha | the power to electcontractmaj otherwise,rityof | board of directors or similar body | |||||||||
governing the affairs of such person. | the Scheme Documen ation and in any other | ||||||||||||
(a) | nfirm and consent to the inclusion in | ||||||||||||
document required in rel tion to the Proposal of references to the legal name and | |||||||||||||
registered office of the Shareholder and details of this Deed provided that: | |||||||||||||
(i) | he Offe or agrees and undertakes to keep all information and details relating | ||||||||||||
o the di ect or indirect ownership and the identity of any beneficial | wner of | ||||||||||||
the | Shareholder confidential and not publish or disclose any such information | ||||||||||||
or detail, save that: | |||||||||||||
(A) | the Offeror's obligation of confidence under this Clause 4(a)(i) does | ||||||||||||
not apply to any | which is in the public domain as at the | ||||||||||||
date of this Agreementinformationsubseque tly becomes publicly known or | |||||||||||||
made generally available | other than as | result of a breach by | |||||||||||
Offeror of th s Clause 4(a)(i)), provided that the Off ror shall not usthe | |||||||||||||
any | information in the public domain to lead or direct any person to | ||||||||||||
(B) | id ntify the direct or indirect ownership of the Sh | and | |||||||||||
the | Offeror may disclose any information relatingareholder;t the direct or | ||||||||||||
indi | ct ownership and the identity of any beneficial owner of the | ||||||||||||
Shar holder if | red to do so by any judicial order, or by specific | ||||||||||||
requestrequofither | Stock Excha | ge of Hong Kong Limit | |||||||||||
or he Securities and FuturThes Commission of Hong Kong, pr vided | |||||||||||||
writtentha prior to such disclosure, the Offeror shall, t the extent reasonably | |||||||||||||
practicable and permitted by such judicial order, The Stock Exchange | |||||||||||||
of Hong Kong Limited or the Securities and Futures Commission of | |||||||||||||
Hong Kong, consult with the Shareholder before making such | |||||||||||||
(ii) | disclosure; and | ||||||||||||
a draft of any such document is sent to us for our pr or r view and approval | |||||||||||||
(b) | (such approval not to be unreasonably withheld, conditioned or delayed); and | ||||||||||||
agree to this Deed being made available for inspection by the SFC and the Stock | |||||||||||||
5. | Exchange if required by them, and members of the public. | Scheme as set out in | |||||||||||
The Offeror undertakes that it will procure the implementation of | |||||||||||||
Announcements in accordance with the Code on Takeovers and Mthergers and any applicablthe | |||||||||||||
6 | laws. | ||||||||||||
Our undertakings contained in this Deed shall take effect from the date hereof. | |||||||||||||
7. | This Deed shall terminate immediately if: | ||||||||||||
(a) | the Proposal is not implemented by the Long Stop Date; | ||||||||||||
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ASIA-DOCS10748605.4 | |||||||||||||
b) | the Scheme is not approved at the Court Meeting; | |||||||||
c) | the Reduction is not approved at the SGM; | |||||||||
d) | at the Court Hearing, the Court does not sanction the Scheme; | |||||||||
e) | the Scheme lapses or is withdrawn; or | |||||||||
8. | (f) | we are required to | our undertaking by any court or competent regulator. | |||||||
Any date, time or period referrwithdrawto | this Deed s | be of the ssence except to the extent to | ||||||||
which we and the Off ror agree in writing to varyhallny date, time or period, in which event the | ||||||||||
9. | varied, date, time or period shall be of the essenc . | dy for breach of this Deed | ||||||||
We agree that damages w | uld not | an | adequate | and | ||||||
acknowledge that the Offero | may bebentitled to seek remedies | of specific performance | ||||||||
10. | other equitable relief for breach of this Deed. | |||||||||
Notices | A notice under or in connection with this Deed (a "Notice"): | |||||||||
(a) | ||||||||||
(ii) | must be in writing and in the English language; and | ceive the | ||||||||
delivered personally or sent by courier or by fax to the p rty due to | ||||||||||
to the | ddress | in paragraph 10(b) or to an alternative address, | ||||||||
Noticeson or email address | fied by that party by written notice to the other | |||||||||
(b) | party received before specifiedthe Not ce was despatched. | |||||||||
The addresses referred to in paragraph 10(a)(ii) are: | ||||||||||
(i) | in the case of Ora Investment Pte. Ltd.: | Road | #37-01, Capital | Tower, | ||||||
Address: | 168 | Robinson | ||||||||
Fax number: | Singapore 068912 | |||||||||
+65 6889 8888 | ||||||||||
(ii) | Marked for the attention of 'Legal Department'; and | |||||||||
in the case of the Offeror: | Able Star Associates Limited | |||||||||
Address: | Jupiter Investment | |||||||||
Holdings, L.L. . | Capital Mansion | |||||||||
c/o The | Corporation Trust | 6 Xinyuan Nanlu | ||||||||
mpany | Chaoyang District | |||||||||
Corporation Trust Center | Be jing 100004 | |||||||||
1209 Orange Street | China | |||||||||
ity of Wilmington | With a copy to: | |||||||||
County of New Castle | Mr. Chong Chi Yeung | |||||||||
Delaware 19801 | ||||||||||
Click or tap here to enter text. | USA | Suites 2301-2304, CITIC | ||||||||
Tower | ` | |||||||||
ASIA-DOCS10748605.4 | ||||||||||
cc: 1001 P nnsylvania | 1 Tim Mei Avenue, Central, | ||||||||||
Avenue | NW | Hong Kong | |||||||||
Washington, DC 20004 | |||||||||||
USA | qiangjn@citic.com | ||||||||||
justin.zhou@carlyle.com | |||||||||||
address: | fr nk.lin@carlyle.com | jackchong@citic.com | |||||||||
Marked | wayne.bannon@carlyle.com | ||||||||||
Justin Zhou / Frank Lin / | QIANG Jianing / Chong, Chi | ||||||||||
for the | Wayne Bannon | Yeung | |||||||||
attention | |||||||||||
(c) | of: | ||||||||||
A Notice is deemed to be given: | |||||||||||
(i) | f delivered by hand (including, without limitation, d livery by a recognised | ||||||||||
international courier), upon delivery at the address referred to in paragraph | |||||||||||
10(b); | |||||||||||
(iii) | sent by mail, upon proof of receipt; and | ||||||||||
if sent by email, at the time and on the date recorded on the face of the email | |||||||||||
as having b en sent, provided no delivery failure or equivalent notification has | |||||||||||
11. | been received by the sender. | under the Contracts (Rights of | |||||||||
No person other than the Offeror and us shall have the | |||||||||||
Third | Ordinance (Cap. 623 of the Laws of HonrightKong) to enforce any term of this | ||||||||||
Deed. Parties)But is does not affect any right or remedy of a third party which exists or is available | |||||||||||
12. | apart from that Ordinance. | ||||||||||
The terms of this Deed are governed by and shall be construed in accordance with the laws of | |||||||||||
13. | Hong Kong. | or claim | out of or in connection with this Deed, | ||||||||
Any dispute, | |||||||||||
limitation:controversy( ) an issue regardarising | tual, pre-contractual or non-contractual(including,rights | ||||||||||
bligations or liabil ties; and (ii) any issuecontracas | the existence, validity, re ch or termination | ||||||||||
withoutf this Deed | (a "Dispute") sh ll be referred to | d finally resolved by arbitration administered | |||||||||
by the Hong Kong I ternational | Arbitration Centre ("HKIAC") under the HKIAC | ||||||||||
Administered Arbitration | Rules in force when the No | of Arbitration is submitted in | |||||||||
accordance with such Rules (the "Rules"). The Rules ticear | deemed to be incorporated by | ||||||||||
14. | ref rence into this paragraph and as may be amended by the rest of this paragraph. | ||||||||||
The | arbitration tribunal ("Tribunal") shall consist of three | arbitrators to be appointed in | |||||||||
cco dance with the Rules. The seat | f the arbitration shall be Hong Kong. The law of this | ||||||||||
15. | arbitration paragraph shall be Hong K | law. | |||||||||
The language of the arbitr tion proceedings shall be English. Any award of the Tribunal shall | |||||||||||
be made in writing and shall be final and binding on the parties from the day it is made. The | |||||||||||
16. | parties undertake to carry out any award without delay. | requesting, before or during arbitral | |||||||||
Nothing this Deed shall preve t or preclude a party | |||||||||||
proceedings, from the Hong Kong courts an interim fromeasure of protection (including by way | |||||||||||
of injunctive relief). |
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ASIA-DOCS10748605.4 | |
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Asia Satellite Telecommunications Holdings Limited published this content on 09 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2019 11:25:09 UTC