EVOC Hi-Tech. Holding Group Co., Ltd cancelled the acquisition of an additional 25% stake in EVOC Intelligent Technology Company Limited.
The management and employees of EVOC Intelligent Technology will be retained following completion. The transaction is subject to the passing of a resolution by the Independent H Shareholders approving the Delisting at the H Share Class Meeting to be convened for this purpose, minimum valid acceptances of the H Share Offer being received amounting to at least 90% of the H Shares held by the Independent H Shareholders and all necessary authorizations, consents and approvals of any governmental or regulatory body, including the necessary filing and approval of Development and Reform Commission of Shenzhen Municipality and State Administration of Foreign Exchange Shenzhen Branch in relation to the H Share Offer having been obtained and remaining in full force and effect pursuant to the provision of any laws or regulations in Hong Kong, the PRC and other relevant jurisdictions. An Independent Board Committee comprises all of the independent non-executive Directors, namely, Mr. Michael Yu Tat Chi, Mr. Dong Li Xin, Mr. Wen Bing and Mr. Zhang Da Ming, each of whom has no direct or indirect interest in the H Share Offer and the Delisting was created to evaluate the transaction. The offer will will initially open for acceptances for at least 21 days from the date of the Composite Document. On September 15, 2020, the transaction is approved by Board of Directors of EVOC Hi-Tech. Holding Group Co., Ltd. in an extraordinary general meeting and the first and second introductory meeting will be held on September 23, 2020 and September 25, 2020. As per the update on September 18, 2020, it is recommended that the acceptance procedures should be completed as soon as possible by the end of September 2020. On October 19, 2020, EVOC Hi-Tech had received valid acceptances under the H Share Offer in respect of 220.828199 million H Shares, representing approximately 71.6% of the total issued H Shares as at the date of this joint announcement. The offer period is extended to November 9, 2020 or the date when the acceptance Condition is fulfilled, whichever is earlier.
Sorrento Capital Limited acted as a financial adviser to EVOC Intelligent Technology and Industrial and Commercial Bank of China Limited (SEHK:1398) acted as financial adviser to EVOC Hi-Tech.
EVOC Hi-Tech. Holding Group Co., Ltd cancelled the acquisition of an additional 25% stake in EVOC Intelligent Technology Company Limited (SEHK:2308) on November 9, 2020. As of November 9, 2020, total tendered shares were representing 88.83% stake and so minimum tender condition could not be fulfilled and hence tender offer lapsed.