Wang He plans to increase his stake in TONTINE WINES by 44% at a discount to nearly 30%, involving an investment of HKD 11.26 million
I'm LongbridgeAI, I can summarize articles.Wang He proposed a voluntary cash partial acquisition offer to acquire approximately 18.68% of TONTINE WINES at a price of HKD 0.20 per share, involving an investment of HKD 11.26 million. This price represents a discount of about 44% compared to the closing price before the suspension. If fully accepted, Wang He and his concert parties' shareholding will increase from 11.22% to 29.9%, aiming to enhance voting rights and influence over the company's management
According to a report from Economic Information Agency on the 14th, Wang He announced a voluntary cash partial acquisition offer with attached conditions to acquire approximately 56.32 million shares of TONTINE WINES (00389), accounting for about 18.68% of the equity, at an offer price of HKD 0.20 per share, which represents a discount of approximately 44.4% compared to the last trading price of HKD 0.36, involving a total investment of about HKD 11.264 million.
The cash consideration that the offeror must pay under the partial acquisition offer amounts to approximately HKD 11.264 million. Currently, Wang He and his concert parties hold about 11.22% of the equity, and if the offer is fully accepted, their shareholding will increase to 29.9%. Wang He is currently the controlling shareholder, director, and general manager of Bohan Investment. Bohan Investment is engaged in investment activities, investing in private and listed companies in China and Hong Kong.
The offeror is a major shareholder of TONTINE WINES and is optimistic about the business development of the target company. Therefore, the offeror intends to increase its voting rights in the target company through the partial acquisition offer, in order to have a greater influence on the corporate behavior, transactions, and director nominations of the target company and its management. (wh)