Glonghui November 30 | Lion Rock Group (01127.HK) issued an announcement. On November 30, 2023, Quarto, an indirect subsidiary of the company, announced its delisting proposal and intention to make a takeover offer. Quarto announced today that its proposal is to seek Quarto shareholders' approval at the Quarto Extraordinary Meeting to disqualify Quarto shares from being included in the premium market on the official list of the London Stock Exchange and from trading in the main stock market listed on the London Stock Exchange.
If delisting is carried out in accordance with the delisting recommendation, it is expected that the listing status of Quarto shares on the official list will be cancelled on January 18, 2024.
On the date of this announcement, Quarto's board of directors intends to launch a takeover offer after delisting is completed. The current intention is that the takeover offer will involve up to 10,000,000 Quarto shares, accounting for approximately 24.46% of Quarto's existing issued share capital. The takeover offer will provide Quarto shareholders with a way to cash out their investments after Quarto is delisted. However, there is no guarantee that Quarto will actually make a takeover offer. The purchase price currently intended as a takeover offer will be £1.50 per Quarto share, a 25.0% premium over the closing price of each Quarto share on November 28, 2023.