HONG KONG ECONOMIC TIMES COMMUNICATIONS (28th) - Litemi (01936) H-shares rose 1.3 times to HK$2.00. The stock traded about 280,000 shares worth HK$5.7 million.
Litemi and INNOVATION FORGE (IF), wholly owned by Zeng Jupeng, jointly announced that Allen Xionang Wu and his spouse Zeng Jupeng will form part of an offeror concert party. They will jointly acquire 77.08% equity from shareholders Garry-Worth Investment Limited and Voon Sze Lin for approximately HK$220 million. IF, as the offeror, will make an offer to acquire all offered shares at HK$0.617 per share, representing a discount of about 29% compared to the pre-suspension closing price of HK$0.87. The company has been suspended since September 10 and has applied to resume trading on the Stock Exchange starting at 9:00 a.m. today.
*Group considers special dividend of 29 cents per share*
In addition, the group stated that according to the sale and purchase agreement, prior to completion, the board will consider declaring a special dividend of 29 cents per share. The funds will be sourced from approximately HK$56.5 million of unutilized listed funds and about HK$78.86 million from internal resources. The record date is expected to fall before completion, and the payment of the special dividend is expected to occur after completion.
The group stated that the first seller, Garry-Worth Investment Limited, and the seller guarantor have committed that the guaranteed business will achieve annual revenue of no less than HK$100 million for each of the fiscal years 2027 to 2029, and the total losses over these three years will not exceed HK$50 million.
Additionally, the group stated that the offeror will not increase the offer price, and the maximum amount under the offer will be approximately HK$63.517 million. After the offer closes, the offeror will restore the public float requirement and maintain the group's listing status, and proposes to change the composition of the board. Allen Xionang Wu is currently leading an investment business focused on artificial intelligence infrastructure and robotics technology, while Zeng Jupeng manages an advanced technology investment fund. (am)
Litemi and INNOVATION FORGE (IF), wholly owned by Zeng Jupeng, jointly announced that Allen Xionang Wu and his spouse Zeng Jupeng will form part of an offeror concert party. They will jointly acquire 77.08% equity from shareholders Garry-Worth Investment Limited and Voon Sze Lin for approximately HK$220 million. IF, as the offeror, will make an offer to acquire all offered shares at HK$0.617 per share, representing a discount of about 29% compared to the pre-suspension closing price of HK$0.87. The company has been suspended since September 10 and has applied to resume trading on the Stock Exchange starting at 9:00 a.m. today.
*Group considers special dividend of 29 cents per share*
In addition, the group stated that according to the sale and purchase agreement, prior to completion, the board will consider declaring a special dividend of 29 cents per share. The funds will be sourced from approximately HK$56.5 million of unutilized listed funds and about HK$78.86 million from internal resources. The record date is expected to fall before completion, and the payment of the special dividend is expected to occur after completion.
The group stated that the first seller, Garry-Worth Investment Limited, and the seller guarantor have committed that the guaranteed business will achieve annual revenue of no less than HK$100 million for each of the fiscal years 2027 to 2029, and the total losses over these three years will not exceed HK$50 million.
Additionally, the group stated that the offeror will not increase the offer price, and the maximum amount under the offer will be approximately HK$63.517 million. After the offer closes, the offeror will restore the public float requirement and maintain the group's listing status, and proposes to change the composition of the board. Allen Xionang Wu is currently leading an investment business focused on artificial intelligence infrastructure and robotics technology, while Zeng Jupeng manages an advanced technology investment fund. (am)
