Shaw Brothers (00953.HK): No Conditions Yet Satisfied for Potential Extreme Transaction to Acquire CMC MOON; Due Diligence and Circular Preparation Ongoing
NewTimeSpace News: Shaw Brothers Holdings Limited (stock code: 953) issued a monthly update regarding its proposed acquisition of the entire issued share capital of CMC MOON HOLDINGS LIMITED, which constitutes a potential extreme and connected transaction, together with the proposed issue of consideration shares under a special mandate and the application for a whitewash waiver.
According to the announcement, as of the date of this announcement, the company and relevant parties are conducting due diligence on the target business and preparing information to be included in the circular, including: the target group's business and financial information, valuation reports, independent financial adviser's opinion, and other information required under the Listing Rules and the Takeovers Code. Additionally, the parties are fulfilling filing and approval procedures required under applicable PRC laws and regulations in connection with the acquisition and its related restructuring.
The announcement noted that as of the date of this announcement, no conditions have been satisfied. The company will issue further announcements regarding the status and progress of the acquisition in a timely manner in accordance with the Takeovers Code and the Listing Rules.
The board cautioned that the acquisition is subject to multiple conditions that may or may not be satisfied, including approval by independent shareholders for the acquisition and the whitewash waiver, and a determination by the Listing Committee or the Stock Exchange as to whether the acquisition constitutes an extreme transaction under Rule 14.06C of the Listing Rules. Accordingly, the acquisition may or may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the company's securities and to refer to the circular (when available) for further details regarding the sale and purchase agreement, the special mandate, the whitewash waiver, and other related information.
NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
