Weicheng International Holdings (08107) and Offeror Beaming Elite Holdings L...
According to Zhitong Finance App, Weicheng International Holdings (08107) and the sponsor Beaming Elite Holdings Limited jointly announced that on March 28, 2024, Beaming Elite Holdings Limited completed the acquisition of 74.38 million shares of the company's shares from Liu Zhirong, accounting for about 54.66% of the company's total issued share capital. The total cash cost was HK$62.8 million (equivalent to approximately HK$0.8483 per share sold).
Following completion and on the date of this joint announcement, the offeror and those acting in concert (including the seller) held a total of 75.38 million shares, accounting for about 55.40% of the company's total issued share capital). Accordingly, according to Rule 26.1 of the Takeovers Code, the offeror is required to make a mandatory unconditional cash offer for all issued shares (other than shares that the offeror already owns or has agreed to be purchased). HK$0.8483 per share was offered, a discount of approximately 83.03% from the stock closing price of HK$5 per share on March 27, 2024.
Based on the calculation of 135.45 million shares issued on the date of this joint announcement, after deducting the 74.038 million shares held by the offeror immediately after completion, a total of 61.412 million shares will be subject to the offer. Based on the offer price of HK$0.8483 per share of the offer, if the offer is accepted, the total cost of the offer would be approximately HK$52.0958 million.
Furthermore, the company has applied to the Stock Exchange to resume trading of shares on the Stock Exchange starting at 9:00 a.m. on April 15, 2024.