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Hong Kong, June 15, 2009 (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.
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.
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About VODone Limited
VODone(www.vodone.com) (HKG:0082)(PINK:VODOF) is currently the only Internet video broadcasting company listed in Hong Kong. The affiliated company of VODone – VODone Telemedia is a State-owned Enterprise which owns the fullest set of qualifications and licenses in China's Internet broadcasting industry. It has also obtained the Information Network Communicated Audio-Video Program Licence, Internet News Permit, Value added Telecom Service Operation License, Internet Publication Permit and all other required licenses, ensuring itself a healthy development in the future.
China Welfare Lottery Center is responsible for monitoring and controlling the operations and purchasing of welfare lottery in the PRC, and the same as China Association of Social Workers, it is governed by Ministry of Civil Affairs of the People's Republic of China.
VODone Telemedia is a State-owned Enterprise of the China Association of Social Workers, this ensures the reliability of VODone's lottery ticket sales distribution channel.
VODone has signed a 50 years operational contract with VODone Telelmedia, ensuring VODone Telelmedia exclusively provide a series of telemedia services to VODone.
Och-Ziff is a significant shareholder of VODone Limited, owning approximately 10% of its shares.
VODone IR website: http://ir.vodone.com
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Link: http://media.abnnewswire.net/media/en/docs/200906131222_703_1.pdf
Link: http://media.abnnewswire.net/media/en/docs/200906131222_703_2.pdf
Link: http://media.abnnewswire.net/media/en/docs/200906131222_703_2.pdf
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