Document:

EX-4.53

Exhibit 4.53

PRIVATE & CONFIDENTIAL

25 September 2009

China Unicom (Hong Kong) Limited

75th Floor, The Center

99 Queen’s Road Central

Hong Kong

Attention: Mr. Chang Xiaobing

Dear Sirs

Conditional Irrevocable Offer for the Sale of 899,745,075 Shares

			
	1.	 	Introduction

We are writing to make a conditional irrevocable offer (the Irrevocable Offer) to China Unicom
(Hong Kong) Limited (Unicom) for the sale by SK Telecom Co., Ltd. (SKT) to Unicom of 899,745,075
ordinary shares of par value HK$0.10 each (the Shares) in the capital of Unicom owned by SKT by way
of an off-market share repurchase by Unicom (the Share Repurchase).

			
	2.	 	Terms of the Irrevocable Offer

The terms of the Irrevocable Offer are as follows:

			
	(a)	 	Number of Shares Subject to the Share Repurchase

899,745,075 Shares (the Repurchase Shares).

			
	(b)	 	Consideration

The consideration for the sale and purchase of the Repurchase Shares shall be
HK$9,991,669,057.87 (the Consideration), being HK$11.105 for each Repurchase Share, and
shall be payable in cash.

			
	(c)	 	Conditions of the Irrevocable Offer

The Irrevocable Offer is conditional upon the satisfaction of the following conditions (the
Conditions):

	 	(i)	 	the Executive Director of the Corporate Finance Division of the Securities and
Futures Commission or any delegate of the Executive Director having granted, and not
having withdrawn, its approval of the Share Repurchase under Rule 2 of the Hong Kong
Code on Share Repurchases (the Repurchase Code) and all the conditions (if any) of such
approval having been satisfied;

	 	(ii)	 	the approval of the Share Repurchase and the Share Repurchase Agreement (as
defined below) by at least three-fourths of the votes cast on a poll by the
shareholders of Unicom, other than SKT and persons who are not entitled to vote, in
attendance in person or by proxy at the extraordinary general meeting of Unicom to be
held for the purposes of considering and, if thought fit, approving the Share
Repurchase and the Share Repurchase Agreement (the EGM) in accordance with the
requirements of the Repurchase Code, the Hong Kong Listing Rules and the Hong Kong
Companies Ordinance;

	 	(iii)	 	the approval of the Share Repurchase by the shareholders of China United
Network Communications Limited in accordance with applicable laws, regulations and
listing rules;

 

 

	 	(iv)	 	the execution of the Share Repurchase Agreement by Unicom and SKT (the Parties)
on the date of the EGM as soon as practicable following the approval of the Share
Repurchase and the Share Repurchase Agreement by the Independent Shareholders at the
EGM; and

	 	(v)	 	the delivery by China Netcom Group Corporation (BVI) Limited (Netcom BVI) to
SKT of an irrevocable voting undertaking in favour of SKT (in the form set out in
Schedule 1 to this letter) by no later than one day following the date of this letter
and such voting undertaking remaining valid and enforceable and not lapse otherwise
than in accordance with its terms.

None of the Conditions can be waived.

			
	(d)	 	Execution of the Share Repurchase Agreement

The Share Repurchase will be made on the terms and conditions of a share repurchase
agreement (the form of which is set out in Schedule 2 to this letter) (the Share Repurchase
Agreement). Upon the satisfaction of the Conditions, the Parties will enter into the Share
Repurchase Agreement.

			
	(e)	 	Lapse of the Irrevocable Offer

The Irrevocable Offer will lapse upon the earliest to occur of the following events:

	 	(i)	 	the non-satisfaction of the Conditions;

	 	(ii)	 	the delivery of a written confirmation by Unicom to SKT that the Conditions
have been satisfied and the execution of the Share Repurchase Agreement by the Parties;
and

	 	(iii)	 	5:00 p.m. (Hong Kong time) on 6 November 2009.

			
	3.	 	General

			
	(a)	 	Announcements

No public announcement or communication of any kind shall be made in respect of the subject
matter of this letter unless specifically agreed between the Parties or unless an
announcement is required to be made pursuant to any applicable law, rule or regulation
(including the Repurchase Code or by a rule of a stock exchange on which a Party’s shares
are listed). To the extent permitted by applicable law, rule or regulation, any
announcement or communication by either Party required to be made pursuant to the foregoing
provisions shall be issued only after such prior consultation with the other Party as is
reasonably practicable in the circumstances and taking into account the reasonable comments
of the other Party.

			
	(b)	 	Governing Law

This letter shall be governed by and construed in accordance with the laws of Hong Kong.

Please acknowledge receipt of the Irrevocable Offer by signing and returning the duplicate copy of
this letter.

Yours faithfully

For and on behalf of

SK TELECOM CO., LTD.

/s/ Jin Woo So                    

Name: Jin Woo So

Title: President

 

 

To: SK Telecom Co., Ltd.

We refer to your letter dated 25 September 2009 and acknowledge receipt of the Irrevocable Offer.

Yours faithfully

For and on behalf of

CHINA UNICOM (HONG KONG) LIMITED

/s/ Tong Jilu                    

Name: Tong Jilu

Title: Executive Director and Chief Financial Officer

 

 

Schedule 1

Form of the Irrevocable Voting Undertaking from Netcom BVI

(Please see Exhibit 4.54)

 

 

Schedule 2

Form of the Share Repurchase Agreement

(Please see Exhibit 4.55)EX-4.54

Exhibit 4.54

IRREVOCABLE UNDERTAKING

	 	 	 
	To:

	 	SK Telecom Co., Ltd.
	 

	 	SK T-Tower, 11
	 

	 	Eulijiro2-ga
	 

	 	Jung-gu
	 

	 	Seoul 100-999
	 

	 	Korea
	 

	 	Attn: Mr. Man Won Jung
	 

	 	c/o: Sangwoo Kim

25 September 2009

Dear Sirs

Proposed Off-Market Share Repurchase 

We understand that on 25 September 2009, SK Telecom Co., Ltd. (SKT) submitted to China Unicom (Hong
Kong) Limited (the Company) a conditional irrevocable offer (the Offer) to sell 899,745,075
ordinary shares of par value HK$0.10 each (the Shares) in the capital of the Company owned by SKT
by way of an off-market share repurchase (the Share Repurchase) by the Company.

Under the terms of the Offer, the consideration for the Share Repurchase will be
HK$9,991,669,057.87, being HK$11.105 for each Share. The Offer is conditional upon the
satisfaction of certain conditions set forth in the Offer, including (a) the approval of the
Executive Director of the Corporate Finance Division of the Securities and Futures Commission of
the Share Repurchase under the Hong Kong Code on Share Repurchases and (b) the approval of the
Share Repurchase by the independent shareholders of the Company and the shareholders of China
United Network Communications Limited. Upon satisfaction of those conditions, SKT and the Company
shall enter into a share repurchase agreement in the form attached to the Offer (the Share
Repurchase Agreement). The Offer and the Share Repurchase Agreement set forth all of the terms and
conditions of the Share Repurchase.

This letter sets out the terms and conditions on which we will vote in favour of the Share
Repurchase and the Share Repurchase Agreement at the extraordinary general meeting of the
shareholders of the Company to be convened for the approval of the Share Repurchase and the Share
Repurchase Agreement (the EGM).

Shareholdings

1. We represent and warrant to SKT that:

     (a) we are the legal and beneficial owner of 7,008,353,114 Shares, representing approximately
29.49% of the issued share capital of the Company (the Netcom BVI Shares);

     (b) we hold the Netcom BVI Shares and the Further Netcom BVI Shares (as defined in paragraph 2
below) free of any lien, charge, option, claim, right of pre-emption and any other third party
right or encumbrance of any nature whatsoever and together with all rights accruing or attaching
thereto;

     (c) we have full power and authority to enter into this letter and to perform the obligations
set out in this letter; and

     (d) we have full power and authority to vote the Netcom BVI Shares and the Further Netcom BVI
Shares in favour of the Share Repurchase and the Share Repurchase Agreement at the EGM.

 

 

Page 2

Dealings 

2. We undertake to SKT that before the Offer lapses in accordance with its terms or until this
letter lapses in accordance with its terms, we will not sell, transfer, charge, encumber, grant any
option over or otherwise dispose of any interest in (i) any Netcom BVI Shares or (ii) any other
shares or securities in the Company issued or unconditionally allotted to us or otherwise acquired
by us (the Further Netcom BVI Shares).

3. We undertake that we will not, directly or indirectly, solicit or encourage any person take any
action which is or may be prejudicial to the successful approval of the Share Repurchase and the
Share Repurchase Agreement by the shareholders of the Company at the EGM or which would or may have
the effect of preventing any of the conditions of the Offer from being fulfilled.

Undertaking to Vote in Favour of the Share Repurchase 

4. We undertake that we will exercise all voting rights attached to the Netcom BVI Shares and any
Further Netcom BVI Shares to vote in favour of all resolutions to approve the Share Repurchase and
the Share Repurchase Agreement and any related matters necessary for the Company to execute,
deliver and perform its obligations under the Share Repurchase Agreement proposed at the EGM, or at
any adjournment of any such meeting.

Time of the Essence 

5. Any time, date or period mentioned in this letter may be extended by mutual agreement but as
regards any time, date or period originally fixed or as extended, time shall be of the essence.

Lapse 

6. This letter shall lapse and each party shall have no obligations hereunder:

     (a) if the Share Repurchase and the Share Repurchase Agreement are not approved at the EGM; or

     (b) if the Offer lapses in accordance with its terms.

If this letter lapses in accordance with paragraph 6, we shall have no claim against SKT and SKT
shall not have any claim against us pursuant to this letter.

Specific Performance 

7. If we fail to comply with the undertaking set out in paragraph 4 or we breach any of our other
obligations under this letter, damages would not be an adequate remedy and accordingly, SKT shall
be entitled to the remedy of specific performance, injunction and other equitable relief.

Counterparts 

8. This letter may be executed in any number of counterparts and by the parties to it on separate
counterparts, each of which is an original but all of which together constitute one and the same
instrument.

 

 

Page 3

Governing Law and Jurisdiction 

9. The terms of this letter shall be governed by and construed in accordance with the laws of the
Hong Kong and the parties submit to the exclusive jurisdiction of the Hong Kong courts for all
purposes in connection with this letter and waive any objections to the jurisdiction of those
courts and irrevocably agree that a judgment or order of the Hong Kong courts in connection with
this letter is conclusive and binding on it and may be enforced against it in the courts of any
other jurisdiction.

10. We shall each at all times maintain an agent for service of process and any other documents in
proceedings in Hong Kong or any other proceedings in connection with this letter.

Yours faithfully

For and on behalf of

CHINA NETCOM GROUP

CORPORATION (BVI) LIMITED

/s/ Li
Fushen                    
Name: Li Fushen

Title: Director

Acknowledged and agreed

For and on behalf of

SK TELECOM CO., LTD.

/s/
Jinwoo So                    

Name: Jinwoo So

Title: President of GmS

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