CITIC Global (06819) announced that it has completed the sale of Inception P on April 25, 2024...
According to the Zhitong Finance App, CITIC Global (06819) announced that it has completed the sale of all issued share capital of Inception Point Systems Ltd. on April 25, 2024. At the time of delivery, IntelliCentrics Holding and the buyer did not agree on the seller's additional amount. As a result, the final purchase price was $246.5 million (i.e. minimum purchase price).
Following delivery, IntelliCentrics Holding no longer holds (directly or indirectly) any shares (directly or indirectly) in the target company or any other target group company.
The board of directors has decided to declare an amount equal to approximately US$220 million as a special interim dividend, that is, the final purchase price less the general reserve amount. The special interim dividend payable to eligible shareholders (excluding Central Securities and TriCorbViHoldCo) is HK$4.11 per share.
As all unmet conditions have been met, the withdrawal of the stock listing status on the Stock Exchange will take effect at 9:00 a.m. on May 8, 2024 (Wednesday) after the payment of the special interim dividend is completed.
Furthermore, it is anticipated that the company will hire a voluntary liquidator in accordance with the Companies Act, who will be responsible for liquidating any remaining value of the company's remaining assets when the liquidation proposal commences. Eligible shareholders (excluding Central Securities and TriCorbViHoldCo) will be entitled to receive pro rata any cash proceeds from the sale of such assets in the voluntary liquidation process (after full settlement of any creditor claims, fees and expenses arising from the proposed matters, and liquidation costs). However, it is anticipated that there will be no significant cash proceeds to distribute after the company is liquidated.