Hong Kong, July 9, 2002 - TOM.COM LIMITED ("TOM" or "the TOM Group", stock code: 8001) announced today that it has entered into a Memorandum of Understanding with Lai Sun Development Co. Ltd. to acquire a 32.75% interest in Asia Television Limited ("ATV") via the issuance of approximately 87.2 million TOM shares at HK$3.33 per share, credited as fully paid.
The TOM Group has also signed a separate Memorandum of Understanding to acquire a 50% interest in HKATV.com Limited via the issuance of approximately 12.8 million TOM shares at HK$5.51 per share, credited as fully paid.
The completion of the acquisition will be subject to the fulfilment of a number of conditions, including approval from relevant regulatory authorities in Hong Kong including but not limited to the Broadcasting Authority in Hong Kong. The acquisition will also be subject to approval from the relevant shareholders of TOM in accordance with the applicable GEM listing rules, completion of due diligence investigation and satisfaction of all conditions precedent.
Save for certain provisions including exclusivity until November 15, 2002, the Memoranda of Understanding are subject to signing of definitive agreements to be signed by the parties.
For press enquiries:
Rachel Chan, The TOM Group
Tel: (852) 2121 7810; Fax: (852) 2127 7576; E-mail: rachelc@hk.tom.com
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