Rongzhong Finance (03963) and the offender Jinbang Group Holdings Co., Ltd. jointly announced that under the acquisition agreement and subscription agreement...
According to Zhitong Finance App News, Rongzhong Finance (03963) and the offender Jinbang Group Holdings Co., Ltd. jointly announced that all prerequisites under the acquisition agreement and subscription agreement have been met, and with the consent of the offeror and the company, the completion of the acquisition and subscription was completed on January 18, 2024. The offeror was allotted and issued approximately 46.5526 million new shares after the completion of the acquisition, and was allotted and issued approximately 123.5 million new shares after the subscription was completed, accounting for approximately 28.72% of the company's expanded issued share capital after allotting and issuing new shares on the date of this joint announcement, which is fully paid at HK$0.38 per share. As a result, following the completion of the acquisition and the completion of the subscription on the date of this joint announcement, the Offeror Action Group held approximately 342 million shares, accounting for about 57.91% of the company's issued share capital.
According to Rule 26.1 of the Takeovers Code, after completion of the acquisition and completion of the subscription, the offeror must make a share offer for all issued shares held by the offender shareholders. According to Rule 13 of the Takeovers Code, the offeror is also required to make share option offers to share option holders outside the offerer's concerted action group to cancel all outstanding share options. Accordingly, Ping Securities (Hong Kong) Limited (representing the offender and complying with the Takeovers Code) will make an offer in accordance with the terms set out in a comprehensive document published in accordance with the Takeovers Code.