Retraction Limited announced a private placement of preference shares for gross proceeds of HKD 11,625,000 on November 28, 2016. The transaction will take place in two tranches of HKD 5,812,500 each. The company has entered into the preference share subscription agreement with a new investor, Vincent Medical Holdings Limited (SEHK:1612) for the first tranche. The company will issue 27 shares at HKD 215,277.777778 per share. The first tranche will close on or before December 31, 2016. Pursuant to the preference share subscription agreement, upon completion, the company will enter into the shareholders’ agreement, which stipulates, among others, that the founder shareholders of the company have undertaken to use their best endeavors to achieve certain milestones as stipulated under the shareholders’ agreement on or before the expiry of 11 calendar months from the date of the shareholders’ agreement and upon the fulfillment of which all the shareholders of the company shall procure company to allot the second tranche shares to the investor. The company will issue such number of preference shares in the second tranche such that the investor will hold an aggregate of 40% of the entire issued share capital of the company as enlarged by the issue of the second tranche shares. The investor will participate through its subsidiary, Vincent Medical Retraction Limited.