Asia Satellite Management Stock Ownership Trust (“MSOT”) and AsiaSat MSOT (PTC) Limited (acting in its capacity as trustee of MSOT) (together the “Offeror”) and Asia Satellite Telecommunications Holdings Limited (“AsiaSat” or the “Company” and together with its subsidiaries, the “Group”) (HKSE: 1135; 1135.HK) jointly announced today that the proposal (the “Proposal”) for the privatisation of AsiaSat by way of a scheme of arrangement (the "Scheme") has not been approved by the requisite majority and was disapproved by over 10% of the votes attaching to all the shares held by the independent shareholders at the Court Meeting (the “Results Announcement”). As a result, the Scheme cannot be put into effect, the Special General Meeting (“SGM”) has been adjourned indefinitely and the listing of AsiaSat shares on the Stock Exchange of Hong Kong is and will be maintained.
At the request of the Company, trading in AsiaSat shares was suspended from 9:00 a.m. on Wednesday, 18 July 2012 pending the release of the Results Announcement. An application has been made by the Company to the Stock Exchange for resumption of trading in AsiaSat shares with effect from 9:00 a.m. on Thursday, 19 July 2012.
Pursuant to Rule 31.1 of the Code on Takeovers and Mergers, neither the Offeror nor parties who acted in concert with it in the course of the Proposal (nor any person who is subsequently acting in concert with any of them) may within 12 months from the date of the Results Announcement, announce an offer or possible offer for the Company without the consent of the Securities and Futures Commission of Hong Kong.
For a detailed breakdown of shareholder voting and other information, please see the Results Announcement, which is available at www.hkexnews.hk and www.asiasat.com.