[ET Net News Agency, 4 February 2016] Dongpeng Holdings (03386) said it has been
approached by Profit Strong Investments and Max Glory Ltd. regarding a possible
pre-conditional proposal for the privatisation of Dongpeng by way of a scheme of
arrangement.
The possible proposal involves the cancellation of the shares other than those held by
the joint offerors and their concert parties at a cancellation price of HK$4.48 per share
in cash and the withdrawal of the listing of the shares on The Stock Exchange of Hong Kong
Limited. The joint offerors also indicate that the cancellation price will not be
increased and they will not reserve the right to do so. The cancellation price represents
a premium of about 31.76% to the closing price of HK$3.4.
Profit Strong is wholly-owned by He Xinming, the chairman and executive director of
Dongpeng. Profit Strong currently holds 31.07% stake in Dongpeng. Max Glory Ltd. is
effectively controlled by a Sequoia RMB special purpose fund established in the PRC,
holding 7.72% stake in Dongpeng.
Dongpeng had applied for the resumption of trading in shares this morning. (HL)