The Economic Information Daily reported on the 28th that Litemi (01936) and INNOVATION FORGE (IF), wholly owned by Zeng Jupeng, jointly announced that Allen Xionang Wu and his spouse Zeng Jupeng will form part of the offeror's concert party, collectively spending approximately HK$220 million to acquire 77.08% equity from shareholders Garry-Worth Investment Limited and Voon Sze Lin. IF, as the offeror, will launch an acquisition of all offered shares at an offer price of HK$0.617 per share, representing a discount of about 29% compared to the closing price of HK$0.87 prior to suspension. The company has been suspended since September 10 and has applied to resume trading on the Stock Exchange from 9:00 a.m. today.
*The group considers proposing a special dividend of HK$0.29 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 HK$0.29 per share, funded by approximately HK$56.5 million of the listed company's unused proceeds and approximately 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 vendor, Garry-Worth Investment Limited, and the vendor 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.
*Maintaining listing status*
The group stated that the offeror will not increase the offer price, with the maximum offer amount being approximately HK$63.517 million. After the offer closes, the offeror will restore the public float requirements 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. (wh)
*The group considers proposing a special dividend of HK$0.29 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 HK$0.29 per share, funded by approximately HK$56.5 million of the listed company's unused proceeds and approximately 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 vendor, Garry-Worth Investment Limited, and the vendor 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.
*Maintaining listing status*
The group stated that the offeror will not increase the offer price, with the maximum offer amount being approximately HK$63.517 million. After the offer closes, the offeror will restore the public float requirements 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. (wh)
