News summary
Hong Kong Technology Exploration (01137) announced a price of 2.2 per sharerouletteseries.15 HKD premium to initiate share repurchaserouletteseries, involving up to 100 million sharesrouletteseries, accounting for 11% of the issued sharesrouletteseries.25%, costing HK$215 million, funded by internal resources of the company.
Newsletter text
[Hong Kong Technology Exploration announces conditional cash offer]
Sembalese Hong Kong Technology Exploration (01137) made a conditional cash offer, planning to repurchase and cancel up to 100 million shares at a price of HK$2.15 per share, accounting for approximately 11.25% of the company's issued shares.
The repurchase limit set by this move is clear and there is no minimum number of shares to be repurchased. The offer price is approximately 20.8% higher than the company's closing price of HK$1.78 on the last trading day.
The offer will be conducted in accordance with market rules. If fully accepted, it will involve up to HK$215 million in cash to be paid to shareholders accepting the offer, and the funds will come from the group's internal resources.
Top Group, several individual shareholders and Worship Ltd. have made irrevocable commitments to the company, including not accepting the offer and not trading shares in the coming months.
Restricted shares reached 406 million shares, accounting for 45.75% of the issued shares, reflecting confidence in the company's future development.