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Qihang Equipment Co (EBIV)

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Friday 09 January, 2015

Qihang Equipment Co

Result of General Meeting

RNS Number : 8009B
Qihang Equipment Company Limited
09 January 2015
 

9 January 2015

 

 

Qihang Equipment Company Limited

(to be renamed Eastbridge Investments Plc)

("Qihang" or the "Company")

 

Result of AGM

 

Disposal of Trading Subsidiary

The Company announces that at the General Meeting of the Company held earlier today, all resolutions were duly passed. As a result, the Company has disposed of its operating business Jiangsu Qihang CNC Machinery Tools Co., Ltd ("JSQH") and has been re-classified as an Investing Company under AIM Rule 15.

 

New Investing Policy

The Company's Investing Policy is one focused on the property and real estate sector, with the objective being to provide shareholders with strong investment returns and a balanced exposure to lower risk income generating assets and opportunities that will provide a higher capital return. The Company will look to invest in residential schemes as well as commercial, retail and industrial property within the UK. The Directors will look to purchase assets significantly undervalued by the current market.

 

The Company's investment criteria will be as follows:

 

·        property investments which provide a stable, predictable and low risk income stream, with opportunities to enhance value through active management;

·        development or redevelopment opportunities where they can be pre-let to businesses with strong rental covenants, or in order to protect, enhance or extract additional value from existing investments;

·        distressed property investments where opportunities arise as markets recover;

·        investment whereby an injection of new finances or specialist management, the Company can enhance the prospects and therefore the future value of the investment;

·        investments where the Company is able to benefit from the Director's existing network of contacts; and

·        the potential to deliver significant returns for the Company.

 

Investments outside the above criteria will only be made where risk adjusted returns to Shareholders are satisfactory and the Company has the reserves necessary to extract an above-market return from the investments.

 

Moreover, the criteria set out above are not intended to be exhaustive and the Directors may make an investment which does not fulfil all of the investment criteria if they believe it is in the best interests of Shareholders as a whole.

 

The Board believe that their experience will assist the Company in the identification, evaluation and funding of appropriate investment opportunities. When necessary, other external professionals will be engaged to assist in the due diligence on prospective targets and their management teams. The Company will also consider appointing additional directors with relevant experience if required.

 

Where the Company builds a portfolio of investments it is possible that there may be cross holdings between such assets and, as investments are made and new investment opportunities arise, further funding of the Company may also be required. The Company does not currently intend to fund any investments with debt or other borrowings but may do so in future, if appropriate. The Board may also offer new Ordinary Shares by way of consideration as well as cash, thereby helping to preserve the Company's cash or working capital and as a reserve against unforeseen contingencies including, for example, delays in collecting accounts receivable, unexpected changes in the economic environment and operational problems.

 

Board Changes

Mr Gregory Collier has been appointed to the board of the Company as Executive Director and Qiang Hao and Roberto Lima have resigned.  The Company would like to thank Mr. Lima and Mr. Hao for all of their efforts whilst on the Board and would like to wish them success with their future ventures.

 

Sub-division of Ordinary Shares

Shareholders have approved the sub-division of the Company's share capital ("Share Capital Sub-division") whereby each existing ordinary share of £0.025 each ("Ordinary Share) has been subdivided into one new ordinary share of £0.0001 ("New Ordinary Share") and one deferred share of £0.0249 ("Deferred Shares").

 

Application will be made for the New Ordinary Shares to be admitted to trading on AIM upon the lifting of the current suspension from trading of the company's Ordinary Shares.  No application will be made for the Deferred Shares to be admitted to trading.

 

Change of Name

Shareholders have approved the change of name to Eastbridge Investments Plc and the Company is today applying to the Jersey Financial Services Commission to enact the change.

 

The Company intends to make future announcements in due course regarding the publication of its interim accounts, the lifting of the suspension from trading on AIM of its shares, the change of name, funding and other matters.

 

For further additional information please contact:

 

Qihang Equipment Company Limited

Mark Chapman

Gregory Collier

 

Tel: +44 (0) 1483 892130

 

Nominated Adviser and Joint Broker

Northland Capital Partners Limited

William Vandyk / Matthew Johnson

 

Tel: +44 (0)20 7382 1100

Joint Broker

Peterhouse Corporate Finance Limited

Fungai Ndoro/Lucy Williams

Tel: +44 (0)20 7469 0934

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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