THING ON ENT received a premium of approximately 30% from the controlling shareholder for privatization and will resume trading on May 12
THING ON ENT announced that its controlling shareholder, THING ON (GROUP) LIMITED, has proposed a privatization plan, which involves the cancellation and delisting of the planned shares, and the payment of HKD 0.78 in cash per share, representing a premium of approximately 30% over the closing price on the last trading day. The plan will resume trading on May 12, 2025, and the planned shares will be canceled, with shareholders able to choose cash or shares as compensation
According to the Zhitong Finance APP, THING ON ENT (02292) and the offeror, THING ON (GROUP) LIMITED, jointly announced that on May 9, 2025, the offeror requested the board to present the proposal to the scheme shareholders, suggesting the privatization of the company through a scheme arrangement in accordance with Section 86 of the Companies Ordinance, involving (i) the cancellation and removal of the scheme shares, and paying the scheme shareholders cash and/or share consideration for each cancelled and removed scheme share; (ii) restoring the company's issued share capital to the amount immediately before the cancellation and removal of the scheme shares by issuing new shares in the holding company equal to the number of scheme shares (cancelled and removed), with such new shares being credited to the company's accounts at par value from the proceeds arising from the reduction of issued share capital as mentioned in (i); and (iii) the cancellation of the listing status of the shares on the Stock Exchange. The company has applied to the Stock Exchange for the resumption of trading of its shares at 9:00 AM on May 12, 2025.
The proposal will be implemented in the form of the scheme. After the scheme becomes effective, the scheme shares will be cancelled and removed, in exchange for: (a) cash option: HKD 0.78 in cash for each scheme share held; (b) share option: one share of the holding company for each scheme share held; or (c) a combination of cash option and share option. The cash consideration of HKD 0.78 per scheme share under the cash option represents a premium of approximately 30.0% over the closing price of HKD 0.60 per share reported on the Stock Exchange on the last trading day.
As of the announcement date, the offeror is wholly owned by Mr. Wang Congde. Mr. Wang Congde is a director of the offeror and also the controlling shareholder, chairman, and a non-executive director of the company. The other directors of the offeror are Mr. Wang Fengyuan, Mr. Wang Jiayang, and Mr. Wang Wenyang
