Chen Ningdi made an offer to acquire 40.78% stake in Season Pacific Holdings Limited (SEHK:1709) from public shareholders and others for approximately HKD 170 million on January 17, 2020. Chen Ningdi will pay HKD 0.55 for each share. Li Ren and Tan Qunzhao holding 9.09% and 3.74% stake respectively have given their Irrevocable Share Undertakings in favor of Chen Ningdi, Independent Option Holders holding 142.7 million outstanding Share Options have given Irrevocable Option Undertakings in favor of Chen Ningdi. The transaction will be financed by internal resources of Chen Ningdi and the loan facility provided by Kingston Securities. The Board currently comprises seven Directors, of whom two are executive Directors, two are non-executive Directors and three are independent non-executive Directors. Chen Ningdi intends to nominate new Directors for appointment to the Board. Cheung Lui, the existing Chairman of the Board and an executive Director, intends to resign as Chairman of the Board while still maintaining his position as an executive Director. The Board intends to nominate Jiang Xinrong, a current executive Director, as the new Chairlady of the Board. Chen Ningdi will be appointed to the Board as new Director. The Independent Board Committee of Season Pacific recommends the shareholders to accept the offer. As reported on February 7, 2020, composite document for the transaction would be dispatched on or before March 6, 2020. The offer has commenced on February 27, 2020. The latest time for the acceptance of the offer is March 19, 2020. Independent Board Committee comprising Chin Ying Ying, Chang Eric Jackson, Choi Sheung Jeffrey and Luk Huen Ling Claire, has been formed to advise the Independent Shareholders in relation to the offer. Kingston Corporate Finance acted as the financial advisor to Chen Ningdi. Grand Vinco Capital Limited acted as financial advisor for Independent Board Committee. Boardroom Share Registrars (HK) Limited acted as registrar for Season Pacific Holdings.