Sybond Venture Limited agreed to acquire the remaining 29.8% stake in PFC Device Inc. (SEHK:8231) for HKD 50.7 million on November 5, 2021. As per the terms of the consideration, PFC shareholders will be paid HKD 1.4 per share. The transaction will be financed from internal cash reserves.

Sybond Ventures will make an appropriate offer for the option holders as the exercise price of the options exceeds the per share offer price. The transaction is subject to PFC shareholder approval, Court approval and other customary closing conditions. Court Hearing is scheduled to be held on January 13, 2022.

The transaction is expected to close on March 31, 2022. PFC has formulated an Independent Board Committee including LAM, Peter, LEUNG Man Chiu, Lawrence and FAN Yan Hok, Philip. The Court Meeting and the EGM are scheduled on February 16, 2022.

As of February 15, 2022, court meeting will take place online rather than in person meeting of the members. Scheme is expected to be effective on March 23, 2022. Somerley Capital Limited acted as financial advisor for Sybond.

Altus Capital Limited acted as financial advisor to Independent Board Committee in connection with the Proposal. The Independent Financial Adviser has stated that it considers the terms of the Proposal and the Scheme as well as the Option Offer are fair and reasonable