Tongjing New Energy (08326) and the offender Zhenjie Co., Ltd. jointly announced that on April 11, 2024, Asteran Capital (for and on behalf of the offeror) will make a voluntary conditional cash offer to acquire all issued shares (other than shares already owned by the offeror and those acting in concert with the offeror). HK$0.10 in cash for each offered share, a discount of approximately 48.5% per share from the closing price of HK$0.194 per share as reported on the Stock Exchange on the last trading day. The company has applied to the Stock Exchange to resume stock trading on the Stock Exchange starting at 9:00 a.m. on April 12, 2024.
On the date of this joint announcement, the total number of shares issued by the company was 818 million shares. The offeror and those acting in concert with the offeror have an interest in a total of approximately 231 million shares, accounting for about 28.29% of the company's current issued share capital. The offer will involve approximately 586.5 million shares. Assuming that there is no change in the number of shares issued; and that the offer is accepted, based on the offer price of HK$0.10 per share of the offer, the total cash cost payable by the offeror under the offer will be approximately HK$58,654,600.
According to reports, the offenders were Mr. Wu Jiannong, Mr. Xu Shuisheng, and Ms. Shen Menghong, beneficially owned 96.0%, 3.0% and 1.0% respectively. The sole director of the offeror is Mr. Wu Jiannong. Mr. Wu Jiannong is the company's executive director, chairman of the board of directors and CEO. Mr. Xu Shuisheng is the executive director, and Ms. Shen Menghong is the company's executive director and authorized representative.