HONG KONG, Jan. 12 /Xinhua-PRNewswire/ -- Connect Holdings Limited ("Connect") today announced that it intends, subject to the satisfaction of certain pre-conditions, to make a voluntary conditional general offer to acquire all the issued shares in the capital of US Nasdaq-listed Pacific Internet Limited ("PacNet"). Connect is required under applicable regulations to obtain the approval of the Info-Communications Development Authority of Singapore prior to making the offer.
Connect has also entered into a sale and purchase agreement with Vantage Corporation Limited pursuant to which it will purchase 2,250,000 PacNet shares, taking its current ownership to 4,121,287 PacNet shares representing approximately 29.91% of PacNet. In connection with the voluntary conditional general offer, Connect has also obtained an irrevocable undertaking from Vantage to tender its remaining 1,629,373 PacNet shares into the offer.
"Connect will commence the process of applying for all relevant approvals as soon as possible. Upon receiving the approvals and satisfaction of the other pre-conditions, we will launch a general offer for the remaining shares of PacNet," said Bill Barney, a director of Connect.
Connect is owned by a global investor group which includes Ashmore Investment Management Limited, Spinnaker Capital Limited and Clearwater Capital Partners. The company also owns 100% of Asia Netcom Corporation Limited and all its group entities. Through a separate investment vehicle the global investor group owns 100% of C2C Pte Ltd and all its group entities.
Connect has not yet commenced the offer. The offer, if made, will be made only pursuant to an offer document and related materials that Connect presently intends to distribute to holders of PacNet shares. Holders of PacNet shares should read carefully the offer document and related materials when they become available because they will contain important information relating to the offer. Assuming the offer is made, holders of PacNet shares and investors may download a free copy of the Tender Offer Statement on Schedule TO, the offer document and other documents that Connect intends to file with the U.S. Securities and Exchange Commission at the SEC's website at www.sec.gov .
These materials are not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933.
The Directors of Connect (including those who may have delegated detailed supervision of this release and the accompanying announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this release and the accompanying announcement are fair and accurate. Where any information has been extracted from published or otherwise publicly available sources (including, without limitation, information relating to PacNet), the sole responsibility of the Directors of Connect has been to ensure through reasonable enquiries that such information is accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this release and the accompanying announcement.
For further information please contact:
Lorain Wong
Tel: +852-9500-2333
Email: lorain.wong@asianetcom.com
