said that it had recently come to the attention of its board of directors that Zhao Ming and Zhu Liping are both involved in a litigation instituted by the Securities and Exchange Commission of the US for the alleged misappropriation of assets of Puda Coal, Inc., namely its indirect 90% equity interests in Shanxi Puda Coal Group Co., Ltd..
King Stone Energy's board emphasizes that neither Zhao nor Zhu was a director or a staff of any member of the group and that the group was not involved and none of the staff of the group, including directors, were involved in the litigation.
Zhao is the holder of convertible notes (CNs) of principal amount of HK$50 million due 2014 issued by King Stone Energy in 2009 but has entered into agreement to dispose of his entire CNs to Simsen International (00993)
As at 7 March 2012, Zhao and Zhu did not have a notifiable interests in the shares, underlying shares or debenture of King Stone Energy.
King Stone Energy's board confirmed that its group companies had no business relationship with either Zhao, Zhu, Puda Coal or Shanxi Puda. However, Zhao and Shanxi Puda Coal had provided guarantees in favour of King Stone Energy group in respect of certain bank loans which were disclosed in the interim report of the company for the six months ended 30 June 2011.
Up to 7 March 2012, King Stone Energy's board was not aware that the loans provided by the banks were adversely affected by the litigation and did not envisage that the litigation would have any material adverse impact on the business and operation of the group.
In relation to the stock quote service (the "Quote Service") information, the stock price, trade volume and turnover are provided by The Stock Exchange of Hong Kong Limited ("SEHK") and/or HKEx Information Services Limited ("Exchange-supplied information"), whilst modifications to and adaptations of the foregoing are made by Quam (H.K.) Limited ("Quam-supplied information"). For the Exchange-supplied information, you may refer to SEHK's website at http://www.hkex.com.hk/ and for Quam-supplied information, you may refer to http://www.quamnet.com/. There may be a delay between the Quote Service information and the Exchange-supplied information or the Quam-supplied information.
SEHK and Quam (H.K.) Limited endeavour to ensure the accuracy and reliability of the Exchange-supplied information and the Quam-supplied information respectively but do not guarantee their accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.
The above information is supplied by our data providers (SHK Financial Data, Xinhua Finance and Infocast among others) and is for reference purposes only. Neither the Group nor any of its data providers is liable or responsible for the accuracy and reliability of the above information. The Group is not responsible for any loss or damage which may be incurred as a result of any decisions made in reliance on the information contained herein or caused by informational errors or delays.
Data is being presented "As Is", and user accepts full responsibility for its usefulness. Data may be inaccurate, incomplete or out of date, and neither Hong Kong Mercantile Exchange Limited nor any affiliate whose date is displayed hereon, or any of its officers, directors, members, employees, agents, consultants or licensors shall be liable for any loss or damage arising from or related to the use of data. NEITHER HKMEX NOR ANY HKMEX'S AFFILIATE OR LICENSOR MAKES ANY REPRESENTATIONS OR WARRANTIES REGARDING THE DATA, AND HEREBY DISCLAIM ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WITH RESPECT TO THE MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE, UNINTERRUPTED SERVICE, OR ERROR-FREE SERVICE, OR THE SEQUENCE, TIMELINESS, ACCURACY OR COMPLETENESS OF THE DATA.
