According to the Zhitong Finance App, Buck 1798 Group (01010) announced that on November 23, 2023, the board of directors received a letter from an individual potential investor stating that it is considering putting forward a voluntary conditional cash acquisition offer to acquire all of the company's issued shares. The letter mentioned that if the investor alleges that the effective acceptance of the offer will result in the alleged investor holding no less than 50% of the company's shares, then they will submit an allegation offer.
According to the announcement, it is currently unknown whether the director alleges that the investors have traded with the company. As far as the directors are aware, the alleged investors did not hold any shares in the company. All of the directors had no acquaintance with the alleged investors.
The company began the appointment process for financial advisors and legal advisers on the same day, and formally appointed financial advisors and legal advisers on the alleged offer on November 28, 2023.
As of the date of this announcement, neither the Company nor the financial advisor had received any responses from the alleged investors to the emails sent by the financial adviser on November 28 and 29, 2023, nor were they able to contact the alleged investors by phone. Since the Board received this letter, the Board has not received any further information from the alleged investor, nor has it been possible to get in touch with the alleged investor. Since the alleged investors did not provide any information or guarantees about their actions, the directors were unable to confirm whether the alleged investors were determined to make the offer.
In view of the uncertainty and failure to communicate with the alleged investors, after careful consideration, the directors concluded that the offer was not a real offer. Therefore, according to the “Takeovers and Mergers Code” issued by the Hong Kong Securities and Futures Commission, the company will not begin the offer period.
Furthermore, the company has applied for shares from the Stock Exchange and resumed trading on the Stock Exchange from 9:00 a.m. on December 11, 2023 after publication of this announcement.