Launch Contract definition
Examples of Launch Contract in a sentence
As a result of the replacement of Sea Launch for the commissioning of AsiaSat 5, the total commission cost, taking into account the new consideration under the Launch Contract less the cost of the Original Launch Contract of US$45 million (approximately HK$351 million), will add up to a total of approximately US$215 million (approximately HK$1,677 million).
The Company’s controlling shareholder, Bowenvale Limited, which owns approximately 69% of the issued share capital or 268,905,000 ordinary shares of the Company as at the date of this announcement, has granted its written approval to the Company for the entering into the Launch Contract and the transactions contemplated thereunder.
Having regard to the general escalation in prices of satellite launch services and fee quotes offered by other bidders for the Launch, the Directors also believe that the terms of the Launch Contract are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
The consideration for the provision of the Launch by ILS is US$80 million (approximately HK$624 million) in cash, of which US$1 million (approximately HK$7.8 million) has already been paid by AsiaSat to ILS and US$11 million (approximately HK$85.8 million) will be payable to ILS upon the effective of the Launch Contract, to allow ILS to commence work for the Launch.
As certain applicable percentage ratios as a result of this aggregation exceed 25% but is less than 100%, the entering into the Launch Contract and the transactions contemplated thereunder constitute a major transaction of the Company pursuant to Chapter 14 of the Listing Rules and are therefore subject to announcement, circular and Shareholders’ approval requirements under Chapter 14 of the Listing Rules.
The Company’s controlling shareholder, Bowenvale Limited, which owns approximately 69% of the issued share capital or 268,905,000 ordinary shares of the Company as at the date of this announcement, has granted its written approval to the Company for the entering into of the Launch Contract and the transactions contemplated thereunder as required under the Listing Rules.
The Launch Contract is subject to, among others, AsiaSat obtaining the necessary Shareholders’ approval as required under the Listing Rules.
The ILS Launch Contract, when aggregated with the Construction Agreements and the SpaceX Launch Contracts (details of which are set out in the Previous Disclosures) pursuant to Rule 14.22 of the Listing Rules, would remain as a major transaction under the Listing Rules.
In the event of a Launch failure, AsiaSat has an option to order a replacement Launch identical to the Launch provided by ILS (“Replacement Launch”) under the Launch Contract.
Such amendment shall reflect any material changes in any line item thereof, including without limitation change orders under the Satellite Contract or the Launch Contract, and shall reflect expenditures made since the previous Budget, and remaining costs, including, if a replacement satellite is to be acquired after casualty to a Satellite, costs related to such replacement satellite.