Coolpoint to buy stake in sportswear firm Li Ning
Li Ning Group Limited, one of the leading sports brand enterprises in China, announced that the Group and Coolpoint has entered into an agreement ("Master Agreement"), whereby the Coolpoint Group shall provide to the Group services in relation to brand or product endorsement, sponsorship and event management. The Master Agreement is conditional upon the obtaining of the independent shareholders’ approval in respect of Coolpoint Energy Limited at its extraordinary general meeting which must be held on or before 15 November 2010.
According to the Master Agreement, the maximum annual amounts ("Annual Caps") in respect of the three financial periods ending 31 December 2010, 2011 and 2012 will be RMB21,500,000, RMB100,000,000 and RMB100,000,000 respectively.
The Annual Caps are determined with reference to (1) the marketing expenses of the Group; (2) certain marketing plan of the Group that may require services offered by the Coolpoint Group;(3) services that may be offered by the Coolpoint Group in the future and the expected level of service fees; (4) service fee for similar services in the PRC; and (5) the marketing plans proposed to the Group by the Coolpoint Group.
Through this Master Agreement, the Group will have better access to sports sponsorship resources and events promotion, which is conducive to the long term stability of the Group’s sports sponsorship resources. The Group will also be able to benefit from the synergies and crossover created from other sports resources of the holding platform of the Coolpoint Group.
In addition, the Board of Directors of the Group has been informed that Victory Mind Assets1, Dragon City2 and Alpha Talent3 (as Vendors), entered into the Memorandum of Understanding with Coolpoint, pursuant to which Coolpoint has proposed to acquire from the Vendors an aggregate of 325,181,850 shares, representing approximately 30.9% of the entire issued share capital of the Group as at 31 August 2010. ("Proposed Transaction"). The Proposed Transaction will not result in any change to the existing business strategies, management and day-to-day business of the Group.
"Both the Master Agreement and the Proposed Transaction would help further strengthen the Group’s edge in brand marketing. In addition, the Proposed Transaction would enable the Group and Coolpoint Group to explore more opportunities in strategic development of their businesses. The Group is committed to taking its proven business model of branding, research and development, design, manufacturing, distribution and retail of footwear, apparel, accessories and equipment products for sports and leisure uses to the next level," said Mr. Li Ning.
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