China Cablecom Provides Clarification of Reverse Share Split
March 01 2010 - 8:00AM
PR Newswire (US)
SHANGHAI, March 1 /PRNewswire-FirstCall/ -- China Cablecom
Holdings, Ltd. ("China Cablecom" or the "Company") , a
joint-venture provider of cable television services in the People's
Republic of China ("PRC"), confirmed today its previously announced
one-for-three reverse share split, with trading of the Company's
ordinary shares and units on the NASDAQ Capital Market to begin
trading on a post split basis at the open of the trading day on
March 2, 2010. Any fractional interests in ordinary shares
resulting from the one-for-three reverse split will be eliminated
by rounding the number of shares issuable down to the nearest whole
number of ordinary shares. Pursuant to the terms of the Company's
outstanding warrants expiring April 4, 2010, proportional
adjustments are being applied as a result of the share
consolidation, with each warrant to be exercisable for one-third of
the number of shares it was previously exercisable for at an
exercise price of $15.00 per share. In addition, China Cablecom's
units currently consist of one ordinary share and two warrants.
China Cablecom's Board of Directors has authorized the Company's
transfer agent to consolidate its outstanding units in the same
manner as the ordinary shares. Consequently, any fractional units
resulting from the reverse split will be eliminated in rounding
down and the remaining warrants resulting from the cancellation of
the fractional unit will be issued separately to the registered
holder of the related unit. The reverse stock split is intended to
increase the trading price of the Company's ordinary shares to
satisfy the minimum bid price of $1.00 minimum per share for
continued listing on NASDAQ. About China Cablecom China Cablecom is
a joint-venture provider of cable television services in the
People's Republic of China, operating in partnership with a local
state-owned enterprise ("SOE") authorized by the PRC government to
control the distribution of cable TV services through the
deployment of analog and digital cable services. China Cablecom has
consummated the acquisition of a 55 percent economic interest in a
cable network in Hubei province with paying subscribers exceeding
1,100,000. The Company originally acquired operating rights of the
Binzhou Broadcasting network in Binzhou, Shandong Province in
September 2007 by entering into a series of asset purchase and
services agreements with a company organized by SOEs, owned
directly or indirectly by local branches of State Administration of
Radio, Film and Television in five different municipalities to
serve as a holding company of the relevant businesses. China
Cablecom now operates 28 cable networks with over 1.67 million
paying subscribers. China Cablecom's strategy is to replicate the
acquisitions by operating partnership models in other
municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates. Safe Harbor Statement The matters
discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to
numerous risks, uncertainties and assumptions, Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity.. The
forward-looking statements herein speak only as of the date stated
herein and might not occur or the actual results may differ
materially in light of these risks, uncertainties, and assumptions.
The Company undertakes no obligation and disclaims any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. You should carefully consider these factors, as well as
the additional risk factors outlined in the filings that the
Company makes with the U.S. Securities and Exchange Commission,
including the Annual Report on Form 20-F filed on July 15, 2009.
CONTACT: China Cablecom Holdings, Ltd. Debra Chen Phone:
917.499.8129 Email: debra@chinacablecom.net DATASOURCE: China
Cablecom Holdings, Ltd. CONTACT: China Cablecom Holdings, Ltd.:
Debra Chen, +1-917-499-8129,debra@chinacablecom.net Web Site:
http://www.chinacablecom.net/
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