Recently, Zhen Mingli issued an announcement. The proposal of the company to support 1 billion shares of Tongfang shares has been approved by the EGM. However, the approval of the Whitewash Waiver for the purchase of the Whole Offer has not been passed, and the number of negative votes is 68.76%. It is considering whether the subscription will be made.
According to the relevant acquisition regulations of Hong Kong companies, when a listed company acquires a controlling interest in a listed company and its shareholding increases to a certain proportion, it will trigger a comprehensive offer of the Hong Kong Stock Exchange, that is, to issue a tender offer to the minority shareholders at the same subscription price. In order to avoid triggering a full acquisition, a “cleansing waiver†is required.
According to the earlier announcement, Zhen Mingli placed 1 billion shares to Tongfang's wholly-owned overseas subsidiaries, which is equivalent to 106.5% of the existing issued shares and 51.6% of the subscribed shares. The price per share is 0.9 yuan, which is higher than the last traded market price before the suspension. The discount of 1.8 yuan is about 50%.
As the “Clean Up Exemption†was not passed, the Subscriber’s shares are considering whether the subscription will be made. Zhen Mingli plans to increase its proceeds by 900 million yuan for future development of the scale of business in China and the global LED lighting market, as well as potential investment or acquisition opportunities in the future.
According to the relevant acquisition regulations of Hong Kong companies, when a listed company acquires a controlling interest in a listed company and its shareholding increases to a certain proportion, it will trigger a comprehensive offer of the Hong Kong Stock Exchange, that is, to issue a tender offer to the minority shareholders at the same subscription price. In order to avoid triggering a full acquisition, a “cleansing waiver†is required.
According to the earlier announcement, Zhen Mingli placed 1 billion shares to Tongfang's wholly-owned overseas subsidiaries, which is equivalent to 106.5% of the existing issued shares and 51.6% of the subscribed shares. The price per share is 0.9 yuan, which is higher than the last traded market price before the suspension. The discount of 1.8 yuan is about 50%.
As the “Clean Up Exemption†was not passed, the Subscriber’s shares are considering whether the subscription will be made. Zhen Mingli plans to increase its proceeds by 900 million yuan for future development of the scale of business in China and the global LED lighting market, as well as potential investment or acquisition opportunities in the future.
Altivar Process ATV900 Drives with embedded services, high performance motor control, safety and application functionality to meet demanding applications including conveyors, cranes, mills and more in the Process Industry. Ideal for segments such as Mining & Metals, Oil & Gas, Food & Beverage and Hoisting. From 0.75kW to 1200kW.
3 Phase Inverter Duty Motor,Frequency Inverter Circuit,Inverter In Ac Drive,Frequency Converter High Power
Wuxi Trenty Machinery & Equipment Co., Ltd. , https://www.elec-inverter.com