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Old 12-16-2006, 01:21 PM   #1
mrgq
 
Join Date: Dec 2005
Posts: 249
Default Brilliance China Automotive Holdings Limited

http://biz.yahoo.com/prnews/061215/lnf002.html?.v=47

Brilliance China Automotive Holdings Limited (Incorporated in Bermuda with limited liability) (Stock Code: 1114)
Friday December 15, 12:07 pm ET
(1) REVISION OF CAPS FOR RELEVANT CONTINUING CONNECTED TRANSACTIONS, (2) ADDITIONAL CONTINUING CONNECTED TRANSACTIONS, (3) CONNECTED AND MAJOR TRANSACTION - PROVISION OF FINANCIAL ASSISTANCE TO/BY CONNECTED PERSONS, (4) INCREASE IN AUTHORISED SHARE CAPITAL AND (5) AMENDMENT TO BYE-LAWS


HONG KONG, Dec. 15 /Xinhua-PRNewswire/ --

Revision of Caps for the Relevant Continuing Connected Transactions

Reference is made to the Continuing Connected Transactions and the Caps which were approved by the Shareholders at the 2006 SGM. The Directors expected the actual monetary value of the following transactions carried out and to be carried out under the Continuing Connected Transactions for the financial year ending 31 December 2006 and/or one or both of the two financial years ending 31 December 2008 will exceed the relevant Caps:


-- purchases of materials and automotive components by each of Shenyang
Automotive, Xing Yuan Dong, Dongxing, Ningbo Yuming and ChenFa from
JinBei and its subsidiaries and associates (other than Shenyang
Automotive);

-- purchases of materials and automotive components by each of ChenFa,
Dongxing and Shenyang Brilliance Power from Shenyang Automotive;

-- sale of automobiles and automotive components by Shenyang Automotive to
JinBei and its subsidiaries and associates (other than Shenyang
Automotive); and

-- sale of materials and automotive components by each of Dongxing, Xing
Yuan Dong, ChenFa and Shenyang Brilliance Power to Shenyang Automotive.

Particulars of the above Relevant Continuing Connected Transactions, including the expected monetary value of the transactions carried out and to be carried out in the financial year ending 31 December 2006 and the Revised Caps for one or both of the two financial years ending 31 December 2008 are set out in the paragraph headed "The Revised Caps" in this announcement.

Additional Continuing Connected Transactions

For the two financial years ending 31 December 2008, members of the Group will carry out the following Additional Continuing Connected Transactions:


-- purchases of materials and automotive components by Xing Yuan Dong and
Shenyang Jindong from Shenyang Automotive;

-- sale of materials and automotive components by Shenyang Jindong to
JinBei and its subsidiaries and associates (other than Shenyang
Automotive); and

-- sale of materials and automotive components by Ningbo Ruixing, Shanghai
Hidea, Mianyang Ruian and Shenyang Jindong to Shenyang Automotive.

Particulars of the Additional Continuing Connected Transactions and the New Caps are set out in the sub-paragraphs headed "The Additional Continuing Connected Transactions" and "The New Caps" in this announcement.

Financial assistance to/by connected persons

Shenyang Automotive and Xing Yuan Dong will provide cross guarantees to each other's banking facilities in the amount of RMB1.5 billion and Xing Yuan Dong and JinBei will provide cross guarantees to each other's banking facilities in the amount of RMB500 million for a period of one year commencing from 1 January 2007 to 31 December 2007.

Increase in authorised share capital and amendment to the Bye-Laws

The Board proposed to increase the authorised share capital of the Company from US$50,000,000 to US$80,000,000 by the creation of an additional 3,000,000,000 Shares of US$0.01 each. The Board also proposed that subject to the approval of the Shareholders to be obtained at the Special General Meeting on the increase in authorised share capital of the Company from US$50,000,000 to US$80,000,000, the bye-law 6.(A) of the Bye-Laws of the Company be updated to reflect the increased authorised share capital of the Company
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