Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PYI Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 498)

ANNOUNCEMENT PURSUANT TO RULE 13.70 OF THE LISTING RULES

This announcement is made pursuant to Rule 13.70 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

Reference is made to the notice of annual general meeting of PYI Corporation Limited (the "Company") and the circular of the Company (the "Circular"), both dated 29 July 2020, in relation to the 2020 AGM to be held on Friday, 4 September 2020 at 10:30 a.m. Unless otherwise stated, capitalised terms used herein shall have the same meanings as defined in the Circular.

On 11 August 2020, the Company Secretary of the Company received a written notice in English from a Shareholder proposing the election of a Mr. Simon Gordon Littmann (the "Proposed Candidate") as an additional Director at the 2020 AGM. A resolution will therefore be proposed in the 2020 AGM for the election of the said Mr. Simon Gordon Littmann as Director (the "Supplemental Resolution") and a supplemental proxy form will be sent to Shareholders for such purpose.

Particulars of the Proposed Candidate provided (in English) by the Proposed Candidate himself, which were purported to be disclosed pursuant to Rule 13.51(2) of the Listing Rules are reproduced and appended to the English version of this announcement, the content and/or accuracy of which has not been independently verified by the Company. In order to provide more information to the Shareholders, the Company has requested the Proposed Candidate to provide supporting documents for his qualifications and experience mentioned and further information in relation to his suitability for the position. Further announcement and/or a supplemental circular in relation to the Supplemental Resolution may be made or despatched by the Company as and when appropriate.

1

Chinese translation of the said appendix is provided by the Company for reference only and Shareholders shall refer to the English version of this announcement for all purposes.

By Order of the Board

PYI Corporation Limited

Lau Tom Ko Yuen

Chairman and Managing Director

Hong Kong, 16 August 2020

As at the date of this announcement, the composition of the Board is as follows:

Mr. Lau Tom Ko Yuen

:

Chairman and Managing Director

Mr. Sue Ka Lok

:

Executive Director

Ms. Wu Yan Yee

:

Executive Director

Mr. Chan Shu Kin

:

Independent Non-Executive Director

Ms. Wong Lai Kin, Elsa

:

Independent Non-Executive Director

Mr. Leung Chung Ki

:

Independent Non-Executive Director

2

Appendix

(a) the full name and age;

Simon Gordon Littmann

Age: 41

(b) positions held with the issuer and other

None

members of the issuer's group;

(c) experience including (i) other directorships

(i)

No

directorships

in

public

held in the last three years in public companies

companies

with

listed

the securities of which are listed on any

securities in the last 3 years

securities market in Hong Kong or overseas,

(ii)

The Proposed Candidate is a

and (ii) other major appointments and

German Diploma

Lawyer

by

professional qualifications;

profession

and

Executive

Manager

by

occupation,

currently the sole director and

executive manager

of

Swiss

Investors Corporation Limited,

a

tangible

assets

services

company as well as sole

director

and

executive

manager of Beauforte Limited,

a

consulting

company

for

diverse project

management

ventures and precious metals

refining. He is also director of

BAMS Limited. The Proposed

Candidate

has

profound

knowledge and experience in

distressed

asset

management,

private

asset

management

and

tangible

assets

services.

The

Proposed Candidate was

a

director of Hong Kong listed

company Beauforte Investors

Corporation

Limited,

Stock

code 21, 13 years ago.

(iii) The Proposed

Candidate

studied Law and Law and

Economics

in

Germany

(University

of

Leipzig

and

Westfalic Wilhelms University

of

Muenster)

and

in

Switzerland

(University

of

Basel) including an academic

stay in the USA (Georgetown

University

of

Washington

D.C.).

The

Proposed

Candidate

received

an

Erasmus Program scholarship

3

and a Zaeslin Program scholarship and graduated as a German Diploma Lawyer. During his work in distressed asset management for Swiss private equity and private investors in 2007-2009, the Proposed Candidate was a director of Hong Kong listed company Beauforte Investors Corporation Limited (stock code 21) 12 years ago. Currently the Proposed Candidate is the sole director and executive manager - and employed as such - of Swiss Investors Corporation Limited, a tangible assets services company as well as sole director and executive manager of Beauforte Limited, a consulting company for diverse project management ventures and precious metals refining. He is also director

of BAMS Limited. The Proposed Candidate has profound knowledge and experience in distressed asset management, private asset management and tangible

assets services. The Proposed Candidate is committed to a pure shareholder value approach with intent to unlock the net asset value of PYI and to activate the Company's full potential in the best interest for all Shareholders and the Company as a whole.

Note: The above (iii) was provided by the Proposed

Candidate under "current employment and such other information (which may

include business experience

and academic qualifications) of which Shareholders should

4

be

aware, pertaining to

the

ability or integrity of"

the

Proposed Candidate.

(d)

length or proposed length of service with the

The

Proposed

Candidate

issuer;

declared his availability for a 3

years term, with an option to be

available for re-election thereafter

(e)

relationships with any directors, senior

None

management or substantial or controlling

shareholders of the issuer;

(f)

his interests in shares of the issuer within the

None

meaning of Part XV of the Securities and

Futures Ordinance;

(g)

amount of the director's, supervisor's or chief

executive's emoluments and the basis of

determining the director's, supervisor's or

chief executive's emoluments (including any

bonus payments, whether fixed or

discretionary in nature, irrespective of whether

the director, supervisor or chief executive has

or does not have a service contract) and how

much of these emoluments are covered by a

service contract;

(h) a declaration in respect of the information

No information to be disclosed

required under rule 13.51(2)(h) to (w) of the

pursuant to any of such

Listing Rules.

requirements

5

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PYI Corporation Ltd. published this content on 16 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2020 10:27:03 UTC