HTA 0.00% 12.0¢ hutchison telecommunications (australia) limited

leanrose - staying or exiting?

  1. 4,941 Posts.
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    Interesting little announcement by Hutchison.

    This suggests that Hutchison Whampoa has assisted Leanrose in some way to finance its current /continuing shareholding in HTA.

    Prior to this announcement, Hutchison Whampoa held 392,353,358 shares (or 57.8%) in HTA, and
    Leanrose held 84,958,747 shares (or 12.52%).

    What this means for the future, remains to be seen. But, with Hutchison Whampoa also holding 906,206,358 convertible notes (ie: >99%), that will take them to ~87% (just shy of the 90% compulsory acquisition threshold, upon conversion). Add to this the 2% creep allowed for, and very quickly you could find Hutchison Whampoa moving to take out all minority interests in a compulsory acquisition exercise (with no takeover premium).

    -----------------------------------------------------
    HUTCHISON TELECOMMUNICATIONS (AUSTRALIA) 2003-05-19 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    Hutchinson Communications (Australia) Pty Ltd increased its relevant
    interest in Hutchison Telecommunications (Australia) Limited on
    15/05/2003, from 392,353,358 ordinary shares (57.8%) to 477,312,105
    ordinary shares (70.34%).
 
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