China Huaxing (00485) issued an announcement. On the date of this announcement, the directors made all reasonable inquiries to the receiver...
Zhitong Finance App News, China Huaxing (00485) issued an announcement. On the date of this announcement, the directors knew after making all reasonable inquiries to the receiver that the receiver had not entered into any legally binding agreement on the sale of the charged-in shares. The company was unaware of any progress in the sale of the encumbered shares by the receiver. The company has not received any indication that the receiver is in negotiations with the potential buyer regarding the encumbered shares, and no previous negotiations have led to any legally binding agreement. As a result, the company believes it is unlikely that it will soon receive an offer to charge shares. The offer period spanned more than three years from November 13, 2020, and the company was never told by the receiver to sign any memorandums of understanding, letters of intent, or legally binding agreements with any investors. Therefore, the company believes it will not be receiving a sincere offer soon.
Based on the above mentioned application guidelines24, the offer period for making a possible mandatory comprehensive offer in accordance with Rule 26.1 of the Takeovers Code ends on the date of this announcement (i.e. March 11, 2024).
If the receiver later indicates to the company that it is actively seeking potential buyers for the encumbered shares; or that it has negotiated with the potential buyer regarding the encumbered shares, the company will make further announcements in due course or in accordance with the requirements of the listing rules and takeover rules (as the case may be).