HONG KONG, ECONOMY TODAY NEWS (June 28) — Goodbaby International (01086) is up 14.8%, trading at HK$1.24, with approximately 1.32 million shares traded, involving HK$1.64 million.
Goodbaby International and Crystal Aurora International Ltd. (CAIL), wholly owned by its founder, chairman and executive director Song Zhenghuan, jointly announced that CAIL, as the offeror, proposes to privatize the group and delist via a scheme of arrangement, with a cancellation price of HK$1.50 per share, representing a premium of approximately 38.89% over last Friday's (25th) closing price of HK$1.08, and a discount of approximately 61.73% compared to the net asset value per share of approximately HK$3.92 as of June 30.
The group stated that the offeror will not raise the cancellation price and has not reserved the right to do so. According to the proposed scheme and the option offer, the maximum cash consideration to be paid by the offeror will be approximately HK$1.32 billion. The group noted that the stock's trading liquidity has remained consistently low over a prolonged period; in the six and twelve months leading up to last Friday, the average daily trading volume accounted for approximately 0.13% and 0.16% of the issued share capital respectively, thus providing an attractive opportunity for investors to fully exit the group and realize their investments. (vs)
Goodbaby International and Crystal Aurora International Ltd. (CAIL), wholly owned by its founder, chairman and executive director Song Zhenghuan, jointly announced that CAIL, as the offeror, proposes to privatize the group and delist via a scheme of arrangement, with a cancellation price of HK$1.50 per share, representing a premium of approximately 38.89% over last Friday's (25th) closing price of HK$1.08, and a discount of approximately 61.73% compared to the net asset value per share of approximately HK$3.92 as of June 30.
The group stated that the offeror will not raise the cancellation price and has not reserved the right to do so. According to the proposed scheme and the option offer, the maximum cash consideration to be paid by the offeror will be approximately HK$1.32 billion. The group noted that the stock's trading liquidity has remained consistently low over a prolonged period; in the six and twelve months leading up to last Friday, the average daily trading volume accounted for approximately 0.13% and 0.16% of the issued share capital respectively, thus providing an attractive opportunity for investors to fully exit the group and realize their investments. (vs)
