Och-Ziff, becomes a substantial shareholder of a leading Chinese new media operator VODone Limited (HKG:0082)(PINK:VODOF)
Hong Kong, June 15, 2009 AEST (ABN Newswire) - VODone Limited (HKG:0082)(PINK:VODOF),a leading Chinese new media operator, entered into a Subscription Agreement with Och-Ziff Capital Management Group LLC for the subscription of 144,000,000 new Shares for a consideration of approximately HK$79,200,000 at the Subscription Price of HK$0.55 per Subscription Share.
The Subscription Shares of 144,000,000 new Shares represent about 7.96% of the existing issued share capital of the Company and about 7.37% of the enlarged share capital of the Company immediately after the Subscription. Upon completion of the Subscription, Och-Ziff will hold about 10.52% of the Company.
The Company believes that the Subscription can provide an opportunity to broaden the shareholder base and strengthen its capital base and financial position for the Group's future business developments. The Company will use the net proceeds of the Subscription as general working capital for the Group.
Commenting to a new strategic partnership, Dr. Zhang Lijun, Chairman of VODone said "VODone welcomes Och-Ziff to become its substantial shareholder. Och Ziff's wealth of global experience, deep industry expertise and large global network of affiliated partners will have significant synergies with our leading new media businesses in the PRC."
Och-Ziff is a leading global institutional asset management firm with over US$21 billion of assets under management.
VODone IR website: http://ir.vodone.com
This press release is distributed by Wonderful Sky Financial Group Limited on behalf of VODone Limited.
Contact
Wonderful Sky Financial Group Limited
Joanne Chan
E-mail:joannechan@wsfg.hk
Grace Zhang
E-mail:gracezhang@wsfg.hk
Bianca Tse
E-mail:biancatse@wsfg.hk
Tel:(852) 2851 1038
Fax:(852) 2815 1352
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