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Proposed Asia Standard Series Reorganisation: Full Buyout of ASIA STD HOTEL Using Cash/ New Shrs, Listing to be Withdrawn
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ASIA STANDARD (00129.HK), ASIA STD HOTEL (00292.HK) and ASIA ORIENT (00214.HK) jointly announced that The Sai Group, a direct wholly-owned subsidiary of ASIA STANDARD, has proposed a group reorganisation for ASIA STANDARD and ASIA STD HOTEL as the offeror. The reorganisation involves a scheme of arrangement to acquire all ASIA STD HOTEL shares from the scheme shareholders, other than those held by the offeror and the offeror's concert parties. For every 20 ASIA STD HOTEL shares or convertible notes sold under the scheme, shareholders will receive 3 new ASIA STANDARD shares and a cash payment of $0.7. The total value of the scheme consideration is approx. $0.11 for every scheme share, representing a premium of about 52.78% over the closing price of $0.072 for ASIA STD HOTEL yesterday (19 June). The total maximum amount of cash payable under the scheme consideration and the convertible note offer is around $23.54 million. The offeror intends to finance the cash required for the proposal with the internal cash resources of ASIA STANDARD. As of the announcement date, the public float of ASIA STD HOTEL was about 33.29%. Upon Completion, scheme shareholders will hold approximately 7.09% of ASIA STANDARD shares, and together with current public ASIA STANDARD shareholders, will hold around 51.79% of all ASIA STANDARD shares. Upon Completion, all scheme shares will be cancelled and an application will be made by ASIA STD HOTEL to the Stock Exchange for withdrawal of listing of its shares. ASIA ORIENT will remain the controlling shareholder of ASIA STANDARD and indirectly holds about 48.12% of the shares in ASIA STANDARD. AAStocks Financial News |
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