Despatch of Scrip Dividend Scheme Circular and Form of Election
| The shareholders of the Company approved the final dividend of HK$0.05 per Share for the year ended 30th April, 2000 and the Scrip Dividend Scheme at the Annual General Meeting on 17th August, 2000. On 19th August, 2000, the Company despatched to Eligible Shareholders and, for information only, shareholders whose registered addresses are outside Hong Kong and holders of 2003 Warrants the Scrip Dividend Scheme Circular, together with the form of election. Unless the context otherwise stated, terms used herein shall have the same meanings as defined in the circular of the Company dated 25th July, 2000. |
Despatch of Scrip Dividend Scheme Circular
The board of Directors of CEC International Holdings Limited (the "Company") announces that a final dividend of HK$0.05 per Share for the year ended 30th April, 2000 was declared with a scrip alternative payable on or before 14th September, 2000 to shareholders of the Company whose names appeared on the register of members of the Company on 17th August, 2000 and the Scrip Dividend Scheme was approved at the annual general meeting of the Company (the "Annual General Meeting") held on 17th August, 2000. On 19th August, 2000, the Company despatched to shareholders of the Company whose registered addresses appeared on the register of members of the Company were in Hong Kong as at the close of business on 17th August, 2000 ("Eligible Shareholders") and, for information only, the shareholders whose registered addresses are outside Hong Kong and holders of 2003 Warrants, a circular setting out further information in relation to the Scrip Dividend Scheme (the "Scrip Dividend Scheme Circular"), together with a form of election.
Entitlement of Scrip Dividend Scheme
The formula below sets out the number of new Shares to be received by Eligible Shareholders:--
S = N x HK$0.05
---------------------
A
Where:--
| S | = | the number of new Shares to be received by Eligible Shareholders |
| N | = | Number of Shares held on 17th August, 2000 for which share election is made in lieu of cash |
| A | = | HK$1.778, being the average closing price per Share on The Stock Exchange of Hong Kong Limited of the five consecutive trading days from 11th August, 2000 up to and including 17th August, 2000. |
The number of new Shares to be issued under the Scrip Dividend Scheme will be rounded down to the nearest whole number. Fraction of new Shares under the Scrip Dividend Scheme will not be issued to Eligible Shareholders. The benefit of fractional entitlements will be aggregated and sold and the net proceeds from such sales will be retained for the benefit of the Company. The new Shares to be issued under the Scrip Dividend Scheme are identical and will rank pari passu in all respects with the existing Shares when issued, save for the entitlement to the final dividend for the year ended 30th April, 2000 but will rank in full for all future dividends and distributions which may be declared, made or paid after the date of issue thereof.
In accordance with the Company's Bye-laws, shareholders whose registered addresses in the register of members of the Company are outside Hong Kong will not be permitted to participate in the Scrip Dividend Scheme and accordingly they will receive the final dividend wholly in cash.
Return of Form of Election
Eligible Shareholders who choose to receive new Shares in lieu of the cash dividend, whether in whole or in part, should complete and sign the form of election in accordance with the instructions printed thereon and return it to the Registrar, Central Registration Hong Kong Limited at Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong by no later than 4:00 p.m. on 5th September, 2000.
If Eligible Shareholders do not complete and return the form of election before the time stated above, they will receive the whole of the final dividend in cash.
If the form of election is completed but without specifying the number of Shares in respect of which the Eligible Shareholders wish to receive new Shares in lieu of the cash dividend, or if the Eligible Shareholders elect to receive a greater number of Shares upon registered holding as at 17th August, 2000 then the Eligible Shareholders will be deemed to have exercised their election to receive entirely new Shares in respect of all the Shares registered in their respective names.
By Order of the Board
Lam Wai Chun
Chairman
Hong Kong, 19th August, 2000
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