50% of Professional Guide Enterprise Ltd, 50% of Great Way Investing Company Ltd and 50% of Leading Win Development Ltd cancelled the acquisition of Chinese Food and Beverage Group Limited from Chinese Global Investors Group Ltd., Major Ally Investments Limited and others in a reverse merger transaction.
As of March 13, 2015, the parties executed an addendum to amend and revise certain terms of the sale and purchase agreement in relation to removal of director nomination right of Coqueen under the sale and purchase agreement.
The transaction is subject to Chinese Food and Beverage's shareholders and listing committee's approval, executive granting of the whitewash waiver, all necessary consent, approval and authorization by holders of the 2014 convertible bonds and regulators, the Stock Exchange having granted the listing of the consideration shares. As of October 16, 2015, it was announced that as it takes time to negotiate on the engagement terms prior to identifying the most suitable sponsor and relevant professional parties, Chinese Food and Beverage Group Limited has yet to identify and confirm such sponsor engagement for the deal. Chinese Food and Beverage Group Limited intends to speed up the process in the next two months. As additional time is required for preparing the circular, Chinese Food and Beverage Group Limited shall apply to the Executive's consent under Rule 8.2 of the Takeovers Code for a further extension of time for the dispatch of circular. Completion shall take place on the fifth business day after the fulfillment of the conditions precedent.
50% of Professional Guide Enterprise Ltd, 50% of Great Way Investing Company Ltd and 50% of Leading Win Development Ltd cancelled the acquisition of Chinese Food and Beverage Group Limited (SEHK:8272) from Chinese Global Investors Group Ltd. (Catalist:5CJ), Major Ally Investments Limited and others in a reverse merger transaction on January 29, 2016. The conditions have not met and long stop day has been lapsed.