Investment in Metroelectric plc
December 22 2009 - 2:00AM
UK Regulatory
TIDMCWO
RNS Number : 5088E
China Wonder Limited
22 December 2009
China Wonder Limited
(the "Company")
Investment in Metroelectric plc
China Wonder Limited, the specialist engineering company based in Jinzhou in
China, announces that on 21 December 2009, it agreed to invest GBP200,000 in
PLUS listed Metroelectric plc ("Metroelectric") by way of a subscription for
25,000,000 ordinary shares of 0.1 pence each at a price of 0.8 pence per share
(the "Investment").Dealings in the new ordinary shares are expected to commence
on 29 December 2009. In addition, China Wonder Limited has been granted an
option to subscribe for a further 50 million new ordinary shares in
Metroelectric at a price of 0.8 pence per share for a period of three years from
the date of grant..
Metroelectric is an investment company and has today announced that it has
agreed to acquire the business and assets of Powabyke Acquisition Limited
('Powabyke'), owner of one of the UK's leading electric powered bicycle
businesses, for GBP983,997,which will be satisfied by a cash payment of
GBP120,000 and the allotment and issue of 107,999,640 new ordinary shares of
0.1p each in the capital of Metroelectric at 0.8 pence per share (the
"Acquisition"). Completion of the Acquisition is conditional only on admission
of the new Metroelectric shares to PLUS.
The Company is an associate of Wonder Auto Technology Group ('WATG'), a NASDAQ
listed major worldwide supplier to the automobile industry. WATG is currently
developing a range of electric vehicles and the parties look forward to working
closely on the development of Powabyke's operations, as it seeks to further
expand its business in the key Chinese market.
Both the sellers and China Wonder Limited are subject to orderly market
arrangements for a 12 month period from the date of Admission of the
consideration and subscription shares.
For further information, please contact:
+--------------------------+--------------------------+--------------------------+
| Mark Chapman | China Wonder Limited | Tel: 01483 894 627 |
| | | Mob: 07918 733 111 |
| | | |
+--------------------------+--------------------------+--------------------------+
| Dan Bate | WH Ireland Limited | Tel: 0161 832 2174 |
| | | |
+--------------------------+--------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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