According to the Zhitong Finance App, Wanma Holdings (06928) and the offeror Lo Wing-tak jointly announced that on March 20, 2024, Leung Ka-fai completed the sale of 50,000 shares to Lo Yongde, accounting for the total issued share capital of Billion Legend on the date of this joint announcement. The total cost was HK$30 million, which was fully paid by the offeror with its own financial resources.
As of the date of this joint announcement, Billion Legend held 230 million shares (equivalent to approximately 51.11% of the company's total issued share capital). Following completion, the offender (through Billion Legend) and its concerted actors held a total of 230 million shares (equivalent to approximately 51.11% of the company's total issued share capital).
According to Rule 26.1, note 8 of the Takeovers Code, the offeror is therefore required to make an unconditional mandatory full cash offer for all issued shares (excluding shares already owned or agreed to be acquired by the offeror and those acting in concert with them). HK$0.131 in cash per share is approximately 18.02% of the share's closing price of HK$0.111 per share as reported on the Stock Exchange on March 20, 2024 (the last trading day). The offer will involve 220 million shares. Based on the offer price of HK$0.131 per offer share, the total cost of the offer will be HK$28.82 million, which will be the maximum amount payable by the offeror under the offer when the offer is fully accepted.
Furthermore, the company has applied to the Stock Exchange to resume share trading on the Stock Exchange starting at 9:00 a.m. on March 27, 2024.