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Topsearch (2323) buys & subscribes 9.15% of SkyNet (8176) @$4.80 for HK$200mSkyNet announcement
Company announcement, 23-Nov-2016
Topsearch is buying 6.25m shares (1.49% of existing shares) from Eternity Investment (0764), and subscribing for 35,416,666 new Skynet shares. Eternity is selling down 25m shares of its existing 52m shares (12.39%) stake. At $4.80, the existing market cap of SkyNet is $2015m, but at 30-Jun-2016, it had net tangible assets of just HK$81.4m. Pre-placing, the top 6 holders have 91.48% of SkyNet. It's a bubble.

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