Correcting...CorrectionRE: Correction: CATIC-Pacus Investment Share Offer to Noble China.TORONTO--(BUSINESS WIRE)--June 1, 1998-- There was an error in the news release transmitted today (June June: see month. 1, 1998) for CATIC-Pacus Investment Corporation Ltd. The stock symbol was listed incorrectly. The complete, correct release follows: CATIC-Pacus Investment Corporation Ltd. (CATIC-Pacus) announced today that on May 29, 1998, CATIC-Pacus offered approximately $26 million to Noble China Inc. for the 5,442,163 common shares of Noble China registered in the name of Lei Kat Cheong. Under an arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the agreement with Mr. Lei Noble China claimed the right to cancel (character) Cancel - (CAN, Control-X) ASCII character 24. or sell Mr. Lei's shares if Mr. Lei failed to pay the damage award which an arbitration tribunal A general term for a court, or the seat of a judge. In Roman Law, the term applied to an elevated seat occupied by the chief judicial magistrate when he heard causes. tribunal n. awarded against him on April 30, 1998. CATIC-Pacus made such offer to Noble China in order to complete the purchase agreement between CATIC-Pacus and Mr. Lei dated Oct 15, 1996 which was approved by Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. Security Commission and to settle the differences with Noble China's current management in a spirit of compromise. Today, Noble China rejected CATIC-Pacus' offer and cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. Mr. Lei's shares. CATIC-Pacus is a shareholder of Noble China and CATIC-Pacus officials said today that the rejection of its offer of $26 million for the Lei shares is not in the best interest of Noble China's shareholders. Noble China is unlikely to collect any significant amount from Mr. Lei and $26 million would be more useful to Noble China than the cancellation of Mr. Lei's shares. All of Noble China's assets are in China and protected by Chinese law Chinese law Law that evolved in China from the earliest times until the 20th century, when Western socialist law (see Soviet law) was introduced. The oldest extant and complete Chinese law code was compiled in AD 653 during the Tang dynasty. . Noble China needs capital and co-operation from China in order to resolve the problems there. Noble China shareholders will realise the true value of their shares only when Noble China's problems in China are resolved. CATIC-Pacus's parent company is one of largest state owned companies in China and can help Noble China solve its problem there and get Noble China back on track to increasing revenue and profits. As a result of Noble China's rejection of CATIC-Pacus's offer and its legal right, CATIC-Pacus has no alternative but to explore legal action to claim its rights as a shareholder and investor in Noble China.
CONTACT: CATIC-Pacus Investment Corporation Ltd.
James Zhang, 416/733-0993
FAX: 416/733-8737
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