Investment in Metroelectric plc


 

TIDMCWO 
 
RNS Number : 5088E 
China Wonder Limited 
22 December 2009 
 

China Wonder Limited 
 
 
(the "Company") 
 
 
Investment in Metroelectric plc 
 
 
China Wonder Limited, the specialist engineering company based in Jinzhou in 
China,  announces that on 21 December 2009, it agreed to invest GBP200,000 in 
PLUS listed Metroelectric plc ("Metroelectric") by way of a subscription for 
25,000,000 ordinary shares of 0.1 pence each at a price of 0.8 pence per share 
(the "Investment").Dealings in the new ordinary shares are expected to commence 
on 29 December 2009. In addition, China Wonder Limited has been granted an 
option to subscribe for a further 50 million new ordinary shares in 
Metroelectric at a price of 0.8 pence per share for a period of three years from 
the date of grant.. 
 
 
Metroelectric is an investment company and has today announced that it has 
agreed to acquire the business and assets of Powabyke Acquisition Limited 
('Powabyke'), owner of one of the UK's leading electric powered bicycle 
businesses, for GBP983,997,which will be satisfied by a cash payment of 
GBP120,000 and the allotment and issue of 107,999,640 new ordinary shares of 
0.1p each in the capital of Metroelectric at 0.8 pence per share (the 
"Acquisition"). Completion of the Acquisition is conditional only on admission 
of the new Metroelectric shares to PLUS. 
 
 
The Company is an associate of Wonder Auto Technology Group ('WATG'), a NASDAQ 
listed major worldwide supplier to the automobile industry. WATG is currently 
developing a range of electric vehicles and the parties look forward to working 
closely on the development of Powabyke's operations, as it seeks to further 
expand its business in the key Chinese market. 
 
 
Both the sellers and China Wonder Limited are subject to orderly market 
arrangements for a 12 month period from the date of Admission of the 
consideration and subscription shares. 
 
 
For further information, please contact: 
 
 
+--------------------------+--------------------------+--------------------------+ 
| Mark Chapman             | China Wonder Limited     | Tel: 01483 894 627       | 
|                          |                          | Mob: 07918 733 111       | 
|                          |                          |                          | 
+--------------------------+--------------------------+--------------------------+ 
| Dan Bate                 | WH Ireland Limited       | Tel: 0161 832 2174       | 
|                          |                          |                          | 
+--------------------------+--------------------------+--------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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