Result of Tender Offer (4089F)

TIDMCHNS

RNS Number : 4089F

China Shoto plc

26 April 2011

China Shoto plc ("China Shoto" or "the Company")

Result of Tender Offer

The Board of China Shoto is pleased to announce the result of the Tender Offer referred to in the circular sent to Shareholders of the Company dated 30 March 2011. This Tender Offer closed on 20 April 2011 in accordance with its timetable.

A total of 6,892,522 Ordinary Shares were validly tendered pursuant to the Tender Offer, representing approximately 29.53 per cent. of the current issued share capital and approximately 86.60 per cent. of the Tender Offer Shares.

The Tender Offer will be effected by Seymour Pierce Limited purchasing the Ordinary Shares as principal and then selling such Ordinary Shares on AIM to the Company for cancellation pursuant to the Repurchase Agreement. Following completion of the Tender Offer and cancellation of the Ordinary Shares, the Company will have a total of 16,451,248 Ordinary Shares in issue.

As of 29 March 2011, immediately prior to the announcement of the Tender Offer, the Directors beneficially owned or were interested in an aggregate of 15,384,615 Ordinary Shares. In accordance with their undertaking not to accept, or procure the acceptance of, the Tender Offer in respect of the 15,384,615 Ordinary Shares beneficially owned by them, the resultant shareholdings of the Directors are as follows:

 
Director            Prior to Tender Offer       On Completion of Tender Offer 
                                                                 Percentage of 
                                                                  Issued Share 
                                 Percentage of                         Capital 
                     Number of        Existing       Number of       following 
                      Ordinary    Issued Share        Ordinary   Completion of 
                        Shares         Capital          Shares    Tender Offer 
Yang Shanji         12,923,076          55.36%      12,923,076          78.55% 
Qian Shangao           615,385           2.64%         615,385           3.74% 
Zhou Yuezhang          615,385           2.64%         615,385           3.74% 
Zhou Ping              307,692           1.32%         307,692           1.87% 
Zhou Weigang           307,692           1.32%         307,692           1.87% 
Zhu Shiping            615,385           2.64%         615,385           3.74%

It is anticipated that CREST accounts will be credited with, and cheques despatched for, the Tender Offer proceeds and the final dividend for the year ended 31 December 2010 on 4 May 2011.

As previously announced, the proposed cancellation of admission of the Ordinary Shares to trading on AIM and the Repurchase are subject to shareholder approval at an Annual General Meeting on 26 April 2011, notice of which was sent to shareholders on 30 March 2011. Subject to Shareholder approval, cancellation is to become effective from 07:00 a.m. on 5 May 2011.

Terms defined in the circular have the same meanings in this announcement.

26 April 2011

 
 For further information: 
 China Shoto plc                    Tel: +44 (0) 20 7242 2666 / +86 
  Yang Shanji, Executive Chairman    159 6108 0515 
                                     www.chinashoto.com 
 Seymour Pierce Limited             Tel: +44 (0) 20 7107 8000 
  Stewart Dickson/ David Foreman     www.seymourpierce.com 
 Media enquiries:                   Tel: +44 (0) 20 7242 2666 / +852 
  Allan Piper/ Jiang Lei             2854 2666 
  lei@firstcitypr.com                www.firstcitypr.cn

This information is provided by RNS

The company news service from the London Stock Exchange

END

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