Chen Weixi and Xu Zhigang cancelled the acquisition of remaining 63.10% stake in Prosten Technology Holdings Ltd. from Century Technology Holding Limited and others.
Chen Weixi and Xu Zhigang intend to maintain the listing of Prosten Technology on GEM. The offer is conditional upon Chen Weixi and Xu Zhigang receiving valid acceptances of more than 50% of shares of Prosten Technology. The option offer is subject to and conditional upon the share offer becoming unconditional. An independent Board of Prosten Technology comprising Li Luyi, Tam Chun Wan, Tse Yuet Ling, Justine and Lai May Lun has been appointed to advise the shareholders. The offer is expected to close on 21 calendar days after the date of posting of the composite document or any subsequent offer and it may be extended. The offer will start on June 25, 2015 and close on July 16, 2015. The Independent Board Committee of Prosten Technology Holdings recommended the offer to its shareholders. One China Securities Limited and Kingston Corporate Finance acted as financial adviser to Chen Weixi and Xu Zhigang. Gram Capital Limited acted as financial advisor for independent Board committee for Prosten Technology Holdings Ltd. As of May 20, 2015, Gram Capital Limited was replaced by Proton Capital Limited acted as financial advisor for independent Board committee for Prosten Technology Holdings Ltd. Tricor Tengis Limited acted as registrar to Prosten Technology. Josephine Lau of Proton Capital Limited acted as financial advisor for independent Board committee for Prosten Technology Holdings Ltd.
Chen Weixi and Xu Zhigang cancelled the acquisition of remaining 63.10% stake in Prosten Technology Holdings Ltd. (SEHK:8026) from Yip Seng Mun and others on July 16, 2015. The condition of the share offer of minimum level of acceptance has not been satisfied.