TIDMCNEL
RNS Number : 7671Q
China New Energy Ltd
23 June 2020
23 June 2020
China New Energy Limited
(the "Company" or "CNE")
Hong Kong Listing Update
The Board of CNE (AIM: CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, is pleased
to provide the following update in respect of its application for
listing on the Main Board of The Stock Exchange of Hong Kong
Limited ("HKEx") ("Admission") and withdrawal from trading of its
securities on AIM ("Cancellation").
The Company and its advisers continue to progress its
application for Admission and are in a late stage of the process.
Accordingly, the Company is targeting a proposed Admission date of
on or around 15 July 2020. The Company emphasises that, at this
stage, there is no certainty of Admission which remains subject to
the formal approval of HKEx.
The Company is required to inform shareholders of the date of
Cancellation at least 10 business days prior to the date. Based on
the current timetable, which may be subject to change, the Company
anticipates that, in the event that the application for Admission
is successful, the last trading day on AIM will be Tuesday, 14 July
2020 with Admission and Cancellation occurring at 07:30 a.m. on
Wednesday, 15 July 2020. This date may be subject to delay and the
Company will update shareholders with any revisions to this
timetable as early as possible.
As part of the process of transferring the Company's listing to
HKEx, the Company will move its share register to Hong Kong which
requires all shareholders to be sent new share certificates. In
order to trade the Company's shares on HKEx after Admission,
shareholders will need to deposit these new share certificates with
an appropriate broker who can trade shares on HKEx.
To assist shareholders to be able to trade shares on HKEx as
early as possible following Admission, the Company, Computershare
Hong Kong Investor Services Limited ("Computershare HK") and
Computershare Investor Services plc ("Computershare UK"), the
Company's current registrar, have put in place a mechanism to allow
shareholders to request that their new share certificates are
dispatched earlier than Cancellation. The Company will dispatch new
share certificates on two occasions and registered shareholders can
elect to participate in the earlier round. The first record date
will be 30 June 2020 ("First Record Date") and the second record
date will be the last day of trading of the share on AIM, currently
expected to be 14 July 2020 ("Second Record Date").
To request the early dispatch of new share certificates,
shareholders who hold their shares in their own name will need to
complete and return an election form ("Election Form") together
with their share certificate to Computershare UK to be received
prior to the First Record Date. Shareholders who wish to continue
to trade their shares on AIM until Cancellation and wish to have
their new share certificates sent to an address other than the
registered address should return the Election Form to Computershare
UK to be received prior to the Second Record Date. There is no
requirement to return an Election Form. In the event a registered
shareholder does not return an Election Form, or that an Election
Form is invalid, new share certificates will be dispatched by
Computershare HK shortly after Cancellation to the registered
address of the shareholder in the normal course.
Shareholders should note that the new share certificates will be
sent to the address of the registered shareholder, which may be a
nominee or broker and it is only the registered shareholder that
can validly complete an Election Form. It is recommended that any
beneficial shareholder who is seeking to expedite the receipt of
their new share certificate should contact their broker immediately
to make any necessary arrangements.
Shareholders should be aware that there can be no certainty of
Admission at this stage.
Further details of the Election Form can be found below and on
the Company's website.
Election Form
Shareholders who hold shares in their own name and who wish to
complete an Election Form must return it to the Company's registrar
(Katy Fry, Computershare Investor Services plc, The Pavilions,
Bridgwater Road, Bristol, BS13 8AE) together with their share
certificates identifying the relevant record date and preference
from four (4) options in respect of the transfer of their ordinary
shares in the Company following Cancellation and Admission.
The options are:
1. Request the new share certificates in respect of shares held
by a shareholder to be sent to his/her/its stockbroker in Hong Kong
via his/her/its current stockbroker in the United Kingdom.
2. Request the new share certificates in respect of shares held
by a shareholder to be sent to his/her/its new stockbroker in the
United Kingdom.
3. Request the new share certificates in respect of shares held
by a shareholder be sent to a stockbroker in Hong Kong.
4. Request the new share certificates in respect of shares held
by a shareholder to be sent to such shareholder directly.
As a result of the implementation of the First Record Date, any
shareholders who have returned an Election Form and who would like
their preference to be actioned from the First Record Date will
need to resubmit an Election Form.
The Election Form can be downloaded from the Company website
at:
http://chinanewenergy.co.uk/uploads/soft/191002/1-191002233914.pdf
A copy of the Company's application proof of its prospectus can
be downloaded from the following link and shareholders are advised
to read the sections relating to Admission and Cancellation for
further details:
HKEX News website:
https://www1.hkexnews.hk/app/sehk/2020/101641/documents/sehk20032702630.pdf
Dispatch of New Share Certificates
The Company will despatch to shareholders, or to an elected
destination, new share certificates for those shareholders on the
principal register on 30 June 2020, being the First Record Date,
who have validly submitted an Election Form, specifying the First
Record Date, and returned their share certificates to be received
by Computershare before the First Record Date. The new share
certificates will not become valid until Admission has become
unconditional in all respects. CREST shareholders who are
interested in the earlier dispatch of share certificates need to
speak to their broker as soon as possible to make any necessary
arrangements.
Shareholder who wish to be in a position to trade shares on HKEx
from the first day of the Admission, should Admission be
successful, are encouraged to start the process of opening an
account with a broker that can trade on HKEx, to the extent that
their existing broker is unable to do so, as soon as possible.
Shareholders should, in the first instance, speak to their existing
brokers.
There is no requirement to return an Election Form. Shareholders
who do submit an Election Form, or submit an invalid form, will be
issued new share certificates according to their holdings on the
principal register on the 14 July 2020, the Second Record Date,
being the last day of trading prior to Cancellation. This process
is expected to take approximately two weeks but may take longer.
Shareholders are reminded that share certificates will be
dispatched in the name of the registered holder only.
In the event that Admission does not proceed following the First
Record Date, Computershare UK will return to shareholders any share
certificates sent to it.
Shareholders should be aware that, as there can be no certainty
of Admission at this stage, if they request the dispatch of new
share certificates from the First Record Date and Admission is not
approved or does not proceed, there will likely be a delay for
shareholders to be able to resume trading of the Company's
securities on AIM.
Hong Kong Broker
The Company is responding to requests from shareholders for
information on how they may continue to trade the Company's shares
in the event of Admission and Cancellation. A shareholder will
require an account with a broker who is authorised to trade shares
on HKEx. The Company notes that some UK brokers have international
trading divisions that are authorised to trade on HKEx and it
recommends that shareholders speak to their existing broker, in the
first instance, as soon as possible.
For shareholders who require an authorised HKEx broker, the
Company has identified Silverbricks Securities Company Limited
("Silverbricks") in Hong Kong which will open brokerage accounts
for shareholders and facilitate continued trading. There is no
minimum shareholding required. Shareholders will need to complete
Silverbricks' account application form and supply requisite
supporting identification documentation ("KYC") in compliance with
Hong Kong securities law.
The Silverbricks' application form and KYC forms are available
for download from the Company's website:
http://chinanewenergy.co.uk/uploads/soft/200615/1-2006151R250.docx
The Company advises that any reference above to third party
brokers is for information only and it is not making any
recommendations or providing any investment advice to shareholders
who are recommended to seek their own financial advice immediately
from their stockbroker, solicitor, accountant or other independent
adviser authorised under the Financial Services and Markets Act
2000.
Commenting on the Company's application for Admission, Mr Yu,
Chairman, said, "This is an important step in the continued growth
of the Company which, if successful, is expected to increase
shareholder value and provide access to capital to enable the
Company to expand to its full potential. HKEx better reflects our
largest sales region and it is expected that regional investors
will better understand the Company's long-term vision and
investment potential."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
China New Energy Limited
Ivy Xu xuhj@zkty.com.cn Tel: +86 20 8705
Richard Bennett 9371
rbennett@zkty.com.cn Tel: +44 7966
388374
Cairn Financial Advisers LLP Tel: +44 20 7213 0885
(Nomad & Broker)
Jo Turner / Sandy Jamieson
Disclaimer
The information contained in this announcement is not an
invitation to invest in shares or other securities, or any other
products or services or otherwise deal in these or enter into a
contract with Silverbricks or any other brokers. The information
provided should not be relied upon in connection with any
investment decision. Shareholders should always seek appropriate
professional advice in such circumstances.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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