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PR Newswire
18-12-2015, 01:42 PM
(This post was last modified: 15-09-2017, 01:14 AM by cyclone.
Edit Reason: Changed thread title
)
New controlling shareholder, hopefully, new hope.
Sale and Purchase Agreement, and Unconditional Mandatory Offer
Parties:
(i) Road Shine Developments Limited as the purchaser;
(ii) Optimum Pace International Limited as the vendor.
On 14 December 2015, the Offeror (as purchaser) entered into the Sale and Purchase Agreement with the Vendor to acquire the Sale Shares from the Vendor for a total cash consideration of HK$318,000,000 (equivalent to approximately HK$0.11615 per Sale Share).
As at the date of this joint announcement, the Sale Shares, being 2,737,970,000 Shares, represent approximately 53.00% of the existing issued ordinary share capital of the Company. Completion took place immediately upon the signing of the Sale and Purchase Agreement.
Immediately following Completion and as at the date of this joint announcement, the Offeror and the parties acting in concert with it are interested in 2,737,970,000 Shares, representing approximately 53.00% of the existing issued ordinary share capital of the Company, thereby triggering the mandatory general offer obligation under Rule 26.1 of the Takeovers Code.
Offer: For each Offer Share HK$0.11615 in cash
The Offer Price of HK$0.11615 per Offer Share represents:
(i) a discount of approximately 7.08% to the last trading price of HK$0.125 per Share as quoted on the Stock Exchange on the Last Trading Day, being the day immediately before trading in the Shares was suspended on 14 December 2015;
...
(v) a premium of approximately 25 times over the audited consolidated net asset value attributable to owners of the Company of approximately HK$0.00447 per Share (based on the number of issued Shares as at the date of this joint announcement) as at 30 September 2015, the date to which the latest audited financial results of the Group were made up.
<not vested>
Sale and Purchase Agreement, and Unconditional Mandatory Offer
Parties:
(i) Road Shine Developments Limited as the purchaser;
(ii) Optimum Pace International Limited as the vendor.
On 14 December 2015, the Offeror (as purchaser) entered into the Sale and Purchase Agreement with the Vendor to acquire the Sale Shares from the Vendor for a total cash consideration of HK$318,000,000 (equivalent to approximately HK$0.11615 per Sale Share).
As at the date of this joint announcement, the Sale Shares, being 2,737,970,000 Shares, represent approximately 53.00% of the existing issued ordinary share capital of the Company. Completion took place immediately upon the signing of the Sale and Purchase Agreement.
Immediately following Completion and as at the date of this joint announcement, the Offeror and the parties acting in concert with it are interested in 2,737,970,000 Shares, representing approximately 53.00% of the existing issued ordinary share capital of the Company, thereby triggering the mandatory general offer obligation under Rule 26.1 of the Takeovers Code.
Offer: For each Offer Share HK$0.11615 in cash
The Offer Price of HK$0.11615 per Offer Share represents:
(i) a discount of approximately 7.08% to the last trading price of HK$0.125 per Share as quoted on the Stock Exchange on the Last Trading Day, being the day immediately before trading in the Shares was suspended on 14 December 2015;
...
(v) a premium of approximately 25 times over the audited consolidated net asset value attributable to owners of the Company of approximately HK$0.00447 per Share (based on the number of issued Shares as at the date of this joint announcement) as at 30 September 2015, the date to which the latest audited financial results of the Group were made up.
<not vested>
Specuvestor: Asset - Business - Structure.