Caister Limited agreed to acquire Easy One Financial Group Limited (SEHK:221) from Kingston Securities Limited, Hearty Limited and Suntech Investments Limited for approximately HKD 510 million on May 4, 2020. Under the terms of the deal, Caister will pay HKD 0.3 in cash and issue 8 shares of Wang On Group Limited (SEHK:1222) for each share of Easy One. Caister will also acquire 17.8 million options outstanding of Easy One, with an exercise price of HKD 0.48 per Easy One Share. Under the Option Offer, all Easy One options will be cancelled in exchange for the payment of HKD 0.924 minus the exercise price of the Easy One Option. Post completion, Caister will hold 100% stake in Easy One. Caister intends to finance the cash required of HKD 174.8 million for the proposal and the option offer from external debt financing. Hearty Limited and Suntech Investments Limited will sell 28.9% and 0.21% stakes respectively. Upon the Scheme becoming effective Easy One will apply to the Stock Exchange for the withdrawal of the listing of the Easy One Shares on the Stock Exchange. As per the update on August 12, 2020, Chan Chun Hong acted as chairman. Transaction is subject to approval of the scheme by the shareholders of Easy One, Wang On Group Limited, and Wai Yuen Tong Medicine Holdings Limited, approval of SFO and the sanction of the Scheme (with or without modifications) by the Bermuda Court, all authorizations having been obtained or made from, with or by (as the case may be) the Relevant Authorities in Bermuda, Hong Kong and any other relevant jurisdictions. Independent Board committees of Easy One, Wang On Group and Wai Yuen Tong Medicine have been established to advise them. As on July 24, 2020, SGM will held on August 26, 2020. The board of Wai Yuen Tong Medicine Holdings Limited consider the terms of the disposal to be fair and reasonable to the shareholder and recommends the independent shareholders to vote in favour of the resolution to be proposed in SGM. As on August 26, 2020, the independent shareholders of Wai Yuen Tong Medicine Holdings Limited and Wang On Group approved the transaction. As of September 17, 2020, the transaction was sanctioned by Bermuda Court and copy of the order of the Bermuda Court sanctioning the transaction is expected to be delivered to the Registrar of Companies in Bermuda for registration on October 6, 2020. The transaction is expected to close on October 6, 2020. The transaction will lapse if it does not become effective on or before December 31, 2020. The transaction is still subject to approval of the other condition set in agreement. As on July 31, 2020, the parties of this transaction extended the date of dispatch of scheme document from July 31, 2020 to August 14, 2020. Hearty Limited and Suntech Investments Limited intends to utilize the net proceeds to fund its general working capital requirements. Kingston Corporate Finance Limited acted as financial advisor to Caister. Alliance Capital Partners Limited acted as financial advisor to Wai Yuen Tong Medicine Holdings Limited. Altus Capital Limited acted as financial advisor to Independent Board Committee of Easy One Financial Group. Kay Ian Ng of Sullivan & Cromwell (Hong Kong) LLP acted as legal advisor to Mr. Ching-Ho Tang while Reed Smith Richards Butler (HK) Limited acted as legal advisor for Easy One Financial. Conyers Dill & Pearman acted as legal advisor for both Caister and Easy One.