Hong Kong, SAR Peoples’ Republic of China, 24 September 2014.
- Number of outstanding shares reduced from 11 million to 4 million
Euro Asia Premier Real Estate Company Limited (JT9; ISIN: VGG3223A1057) announces that the company is cancelling 7 million common shares, effective immediately. Following the cancellation, the Company will have 4 million common shares issued and outstanding.
Following the IPO in July 2010, the Company had announced that the controlling shareholder, Mr. Sun XiYi, then Chairman of the Board, had purchased 7 million common shares of Euro Asia. This purchase was subject to certain performance conditions that had to be met by Mr. Sun. The Board of Directors of Euro Asia has deemed these conditions unfulfilled, and by mutual agreement between Mr. Sun and the Company, these shares are cancelled.
Moreover, the Company announces that, also effective immediately, Mr. Sun Hai Tao has resigned from Euro Asia’s Board of Directors.
Mr. Patrick Chan, Chairman and CEO of Euro Asia, stated, “The cancellation of these shares brings considerable value to current shareholders of the company, increasing their relative holding in the company 2.75 times. The cancellation was the final step in our reorganization, and will allow us to expedite our strategic plans moving forward.”
Schwarz Financial Communication
Tel: +49 611 1745 398 11
About Euro Asia
Euro Asia is a BVI registered company, active in demand driven development of real estate projects in the Shandong area of the People’s Republic of China. The Company operates locally through its subsidiaries. By utilizing its strong local network to banks, political decision makers, land owners and other developers, the Company intends to grow its position in the Shandong Province prior to moving into other regions.
For more information, please visit www.eu-asia.net