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Hong Kong High Court Rules on Transfer of Great Harvest Shares After Lodging of Winding-Up Petition; Shares Slip 18%

MT Newswires ·  {{timeTz}}

11:52 PM EDT, 07/04/2022 (MT Newswires) -- Great Harvest Maeta Holdings (HKG:3683) said the High Court of Hong Kong ruled that all transferred shares of the company from Feb. 24, when the winding-up petition against the company was presented, will not be void.

The ruling is under the condition that the shares have been paid or credited as fully paid up.

The company will be making further announcements when necessary, according to a filing on Monday.

In February, a winding-up petition was lodged against the company in the Court of First Instance of the High Court of the Hong Kong Special Administrative Region regarding a claim for an outstanding debt of $51.2 million. The debt was in relation to the $54 million convertible bonds that matured on May 10, 2021.

Shares slipped nearly 18% in recent trade.

Price (HKD): $0.25, Change: $-0.05, Percent Change: -17.00%

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