ZC TECH GP (08511.HK) announced that IFG Swans, held by Wu dysprosium, chairman of the board of directors, chief executive and executive director, sold 254 million shares of the company to joint offerors (Dingwei, Zhang Zhilong and Yuanying), equivalent to 63.585% of the issued share capital, involving an investment of 47.6888 million yuan, that is, 0.1875 yuan per share, a discount of 48.63% compared with the pre-suspension price of the company.
Under Rule 26.1 of the Takeovers Code, the joint offeror is required to make a mandatory and unconditional cash offer of $0.1875 per share for all remaining issued shares. The joint offeror intends to maintain the listing status of the shares on the Stock Exchange after the offer closes.
The company applied for resumption of trading today (26th).