i-Cable Communications Limited — M&A Activity 2022

Feb 17, 2022

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.

This joint announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company.

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Celestial Pioneer Limited

(Incorporated in the British Virgin Islands with limited liability)

i-CABLE COMMUNICATIONS LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 1097)

JOINT ANNOUNCEMENT

THE CONDITIONAL MANDATORY CASH OFFERS

BY HALCYON SECURITIES LIMITED

FOR AND ON BEHALF OF THE OFFEROR

TO ACQUIRE ALL THE ISSUED SHARES IN

AND TO CANCEL ALL OUTSTANDING SHARE OPTIONS OF

i-CABLE COMMUNICATIONS LIMITED

(OTHER THAN THOSE ALREADY OWNED OR

AGREED TO BE ACQUIRED BY

THE OFFEROR AND PARTIES ACTING IN CONCERT WITH IT)

(1) THE OFFERS HAVE BECOME UNCONDITIONAL IN ALL RESPECTS AND

(2) THE OFFERS REMAIN OPEN FOR ACCEPTANCE

Financial Adviser to the Offeror

Halcyon Capital Limited

Independent Financial Adviser to the Independent Board Committee

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LEVEL OF ACCEPTANCE OF THE OFFERS ON THE FIRST CLOSING DATE

As at 4:00 p.m. on 17 February 2022 (being the First Closing Date of the Offers), the Offeror has received valid acceptances in respect of an aggregate of 646,653,295 Offer Shares under the Share Offer (i.e. the ‘‘ Acceptance Shares ’’), representing approximately 9.06% of the total number of issued Shares of the Company as at the date of this joint announcement. There have been no acceptance received in respect of the Option Offer. The Acceptance Shares, together with the Shares already owned by the Offeror and parties acting in concert with it as at the date of this joint announcement, amounted to an aggregate of 3,730,376,189 Shares, representing approximately 52.29% of the total number of issued Shares of the Company. Accordingly, the condition set out in the Composite Document has been satisfied, and the Offers have become unconditional in all respects on 17 February 2022.

THE OFFERS REMAIN OPEN FOR ACCEPTANCE

PursuanttoRule15.1andRule15.3oftheTakeoversCode,theOffersmustremainopen
foracceptanceforatleastfourteen(14)daysaftertheOffersbecomeoraredeclared
unconditional(whetherastoacceptancesorinallrespects),butinanycaseatleasttwenty
one(21)daysfollowingthedateonwhichtheCompositeDocumentisposted.The
CompositeDocumentwasdespatchedon27January2022.Accordingly,theOfferswill
remainopenforacceptanceuntil4:00p.m.on3March2022.Allothertermsofthe
OffersassetoutintheCompositeDocumentandtheFormsofAcceptanceremain
unchanged.

INTRODUCTION

ReferenceismadetotheCompositeDocumentdated27January2022andjointly
despatchedbytheOfferorandtheCompanytotheShareholdersandtheOptionholdersin
accordancewiththeTakeoversCodeinrespectoftheOffers.Unlessotherwisespecified,
capitalisedtermsusedhereinshallhavethesamemeaningsasdefinedintheComposite
Document.

LEVEL OF ACCEPTANCE OF THE OFFERS ON THE FIRST CLOSING DATE

AssetoutintheCompositeDocument,theShareOfferwillonlybeconditionaluponvalid
acceptancesoftheShareOfferbeingreceived(andnot,wherepermitted,withdrawn)by
4:00p.m.ontheClosingDate(orsuchlatertimeordateastheOfferormay,subjecttothe
TakeoversCode,decide)inrespectofShareswhich,togetherwithSharesacquiredbeforeor
duringtheOfferPeriodoftheOffers,willresultintheOfferorandpartiesactinginconcert
withitholdingmorethan50%ofthevotingrightsoftheCompany.

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Asat4:00p.m.on17February2022(beingtheFirstClosingDateoftheOffers),(i)valid
acceptancesoftheShareOfferhavebeenreceivedinrespectofanaggregateof646,653,295
AcceptanceShares(representingapproximately9.06%ofthetotalnumberofissuedShares
atthedateofthisjointannouncement);and(ii)noacceptanceoftheOptionOfferhasbeen
received.TheAcceptanceShares,togetherwiththeSharesalreadyownedbytheOfferorand
partiesactinginconcertwithitasatthedateofthisjointannouncement,amountedtoan
aggregateof3,730,376,189Shares,representingapproximately52.29%ofthetotalnumber
ofissuedSharesoftheCompany.Accordingly,theconditionoftheOfferssetoutinthe
CompositeDocumentshasbeensatisfied,andtheOffershavebecomeunconditionalinall
respectson17February2022.

ImmediatelybeforecommencementoftheOfferPeriod,theOfferorandpartiesactingin
concertwithitareinterestedin,inaggregate,(i)3,083,722,894Shares;(ii)218,105,600
OutstandingShareOptions;and(iii)theentireoutstandingprincipalamountsofthe2019
LCSandthe2021LCSwhich,uponfullexerciseoftheconversionrightsthereunder,are
convertibleinto,inaggregate,7,485,176,470newSharestobeissuedbytheCompanybased
ontherespectivecurrentconversionprice.AmongtheinterestsheldbytheOfferorand
partiesactinginconcertwithit,ForeverTopheld(i)3,083,722,894Shares;and(ii)the
entireoutstandingprincipalamountsofthe2019LCSandthe2021LCSimmediatelybefore
commencementoftheOfferPeriodandasatthedateofthisjointannouncement.The
Offerorheld31.5%interestsinForeverTopimmediatelybeforecommencementoftheOffer
Period,anditacquired,amongothers,40.5%ofthetotalnumberofissuedsharesofForever
TopuponTransactionCompletionsundertheDCAgreementandthePSAgreementduring
theOfferPeriod.Assuch,theOfferorheld72.0%interestsinForeverTopuponTransaction
Completionsandasatthedateofthisjointannouncement.

SavefortheaboveandtheAcceptanceShares,noneoftheOfferorandpartiesactingin
concertwithit(i)held,controlledordirectedanySharesandrightsoverSharesimmediately
beforethecommencementdateoftheOfferPeriod;(ii)hasacquiredoragreedtoacquire
anySharesorrightsoverSharesduringtheOfferPeriodanduptoandincludingthedateof
thisjointannouncement;or(iii)hasborrowedorlentanyrelevantsecurities(asdefinedin
Note4toRule22oftheTakeoversCode)oftheCompanyduringtheOfferPeriodandupto
andincludingthedateofthisjointannouncement.

THE OFFERS REMAIN OPEN FOR ACCEPTANCE

PursuanttoRule15.1andRule15.3oftheTakeoversCode,theOffersmustremainopen
foracceptanceforatleastfourteen(14)daysaftertheOffersbecomeoraredeclared
unconditional(whetherastoacceptancesorinallrespects),butinanycaseatleasttwenty
one(21)daysfollowingthedateonwhichtheCompositeDocumentisposted.The
CompositeDocumentwasdespatchedon27January2022.Accordingly,theOfferswill
remainopenforacceptanceuntil4:00p.m.on3March2022.AllothertermsoftheOffers
assetoutintheCompositeDocumentandtheFormsofAcceptanceremainunchanged.

FurtherannouncementontheresultsoftheOfferwillbemadeon3March2022in
accordancewithRule19.1oftheTakeoversCode.

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PLACING AND TRANSFER

AsdisclosedintheCompositeDocument,inordertoensurethattheOfferscanproceed
timely,theOfferorandForeverTophaveenteredintothePlacingandTransferAgreement
withthePlacingAgentinrespectof(i)thepossiblePlacingarrangementssetoutbelowto
ensure,ifnecessary,thattheRelevantShareholdingswillnotexceed50%atanytimeduring
theOfferPeriodanduponcompletionoftheShareOfferandthePlacing;and(ii)the
possibleTransferarrangementbetweentheOfferorandForeverTopassetoutbelowto,if
necessary,restoreForeverTop’sshareholdingintheCompanytothelevelimmediatelyprior
tothePlacing.

UnderthePlacingarrangements,ForeverTop,theOfferorandthePlacingAgentwillenter
intoPlacingConfirmation(s)fromtimetotime,pursuanttowhichForeverTopwillplace,in
oneormorebatches,suchnumberofSharesheldbyitinorderfortheRelevant
Shareholdingstoremainat50%orbelow,andtheOfferorwill,afterthecloseoftheShare
Offer,transfersuchnumberofSharesasisequalinthenumberofthePlacingSharesto
ForeverTop,torestoreForeverTop’sshareholdingintheCompany.PursuanttothePlacing
andTransferAgreementandsubjecttothesigningofthePlacingConfirmation(s)fromtime
totime,thePlacingAgentwillitselfpurchasethePlacingSharesifitfailstoprocure
purchaser(s)topurchasesuchShares,attheShareOfferPrice.

BasedonthelatestnumberofAcceptanceShares,ForeverTop,theOfferorandthePlacing
AgentwillenterintoaPlacingConfirmation,pursuanttowhichHalcyonSecurities,as
placingagentofForeverTop,willprocureindependentinvestorstopurchase,orfailing
whichtopurchase,163,064,429SharesattheShareOfferPrice,inorderfortheRelevant
Shareholdingstoremainat50%orless.FurtherPlacingConfirmation(s)maybeenteredinto
afterthedateofthisjointannouncementtoensurethattheRelevantShareholdingswill
remainat50%orless.

Fordetails,pleaserefertothesectionheaded‘‘15.PossiblePlacingandTransfer’’in‘‘Letter
fromHalcyonSecurities’’intheCompositeDocument.

SETTLEMENT OF THE OFFERS

Remittancesinrespectofthecashconsideration(afterdeductingtheseller’sHongKongad
valoremstampdutyinrespectoftheShareOffer)payablefortheOfferSharestendered
undertheShareOfferwillbepostedtotheOfferShareholdersacceptingtheShareOfferby
ordinarypostattheirownrisk.PaymentoftheconsiderationfortheOfferOptions
surrenderedforcancellationundertheOptionOfferwillbepostedbyordinaryposttothe
OfferOptionholdersbyordinarypostattheirownrisk.Paymentwillbemadeassoonas
possible,butinanyeventwithinseven(7)BusinessDaysfromthelaterof(i)thedateof
receiptofcompleteandvalidacceptancebytheRegistrarofallrelevantdocuments(receipt
ofwhichrenderssuchacceptancecompleteandvalid)inaccordancewiththeTakeovers
Code,and(ii)thedateonwhichtheOffersbecomeoraredeclaredunconditionalinall
respects(i.e.thedateofthisjointannouncement).

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IMPORTANT

TheOfferShareholdersandOfferOptionholdersarestronglyadvisedtoreadtheComposite
DocumentandtheForm(s)ofAcceptancecarefully,includingtherecommendationin
respectoftheOffersfromtheIndependentBoardCommitteeandtheadvicefromthe
IndependentFinancialAdviser,andotherinformationoftheGroup,beforedecidingwhether
ornottoaccepttheOffers.

TheOfferorandtheCompanyremindtheirrespectiveassociatesofthedealingrestrictions
undertheTakeoversCodeandtodisclosetheirpermitteddealings,ifany,inanysecurities
oftheCompany.

AllreferencestotimesanddatescontainedinthisjointannouncementaretoHongKong
timesanddates.

For and on behalf of By order of the Board Celestial Pioneer Limited i-CABLE Communications Limited Dr. Cheng Kar-Shun, Henry Kwok Chi Kin Director Company Secretary

Hong Kong, 17 February 2022

As at the date of this joint announcement, the Board comprises eleven Directors, namely Dr. Cheng Kar-Shun, Henry (Chairman) and Tan Sri Dato’ David Chiu (Vice-chairman) as non-executive Directors; Mr. Tsang On Yip, Patrick (Vice-chairman) and Mr. Lie Ken Jie Remy Anthony Ket Heng as executive Directors; Mr. Andrew Wah Wai Chiu, Mr. Hoong Cheong Thard and Ms. Ng Yuk Mui Jessica as non-executive Directors; and Mr. Lam Kin Fung Jeffrey, Dr. Hu Shao Ming Herman, Mr. Luk Koon Hoo, Roger and Mr. Tang Sing Ming Sherman as independent non-executive Directors.

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than the information relating to the Offeror and parties acting in concert with it), and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the directors of the Offeror) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement in this joint announcement misleading.

As at the date of this joint announcement, the directors of the Offeror are Dr. Cheng KarShun, Henry, Mr. Cheng Kam Biu Wilson and Mr. Tsang On Yip, Patrick.

The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than the information relating to the Company), and confirms, having made all reasonable enquires, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement in this joint announcement misleading.

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