Somebody else making a run at Greentech …
https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0114/2025011400195.pdf
Here's a summary of the key terms of the partial offer for Greentech Technology International Limited (stock code: 00195):
OFFER DETAILS:- Type: Pre-conditional voluntary cash partial offer- Offeror: Mangkon Road Limited (managed by Argyle Street Management Limited)- Target shares: Up to 204,900,000 shares (15.00% of issued share capital)- Offer price: HK$0.14 per share- Total value: HK$28,686,000 (if fully accepted)
CURRENT SHAREHOLDING:- The Offeror currently owns no shares- Total issued shares: 1,366,000,000- Current public float: 45.35%- Outstanding options: 15,026,000
PRICE COMPARISON:The offer price of HK$0.14 represents:- 50% discount to last trading price of HK$0.28 (30 August 2024)- 65.09% discount to 5-day average price of HK$0.401- 80.97% discount to net asset value of HK$0.7355 per share
KEY CONDITIONS:- Pre-condition: Must obtain consent from SFC Executive under Rule 28.1- Deadline: Pre-condition must be satisfied by 31 January 2025- The offer, once made, will be unconditional- Minimum acceptance level not required
TIMING:- Offer document to be dispatched within 21 days of announcement- Offer period: At least 28 days from dispatch- Settlement within 7 business days after closing
IMPORTANT NOTES:- Trading has been suspended since 2 September 2024- Company faces potential delisting risk if trading suspension exceeds 18 months- Partial offer aims to provide exit opportunity during trading suspension- Public float will remain above 25% minimum requirement post-offer
(20min delay)