SUBSCRIPTION AND ACQUISITION OF LISTED SECURITIES

SUBSCRIPTION AND ACQUISITION OF LISTED SECURITIES

The Board is pleased to announce that on 23 November 2016, the Purchaser entered into the Placing Letter with the Placing Agent pursuant which, subject to the terms and conditions therein, the Purchaser agreed to (i) subscribe for the Subscription Shares; and (ii) acquire from the Vendor the Acquisition Shares. Upon completion of the Subscription and the Acquisition (which will take place concurrently), the Purchaser will hold a total number of 41,666,666 SkyNet Shares, representing a total of 9.15% of the enlarged total issued share capital of SkyNet Group. The total consideration for the Subscription and the Acquisition would be HK$199,999,996.8 (exclusive of stamp duty, trading fees, transaction levies and brokerage). IMPLICATIONS UNDER THE LISTING RULES Pursuant to Rule 14.22 of the Listing Rules, the Subscription and the Acquisition will be aggregated. As one or more of the applicable percentage ratios (as defined in Rule 14.07 of the Listing Rules) in respect of the Subscription and the Acquisition are more than 5% but less than 25%, the Subscription and the Acquisition constitute a discloseable transaction of the Company under the Listing Rules and is therefore subject to the reporting and announcement requirements only but exempt from the shareholders’ approval requirement under Chapter 14 of the Listing Rules.