Peter Woo Kwong Ching agreed to acquire additional 32.5% stake in Wheelock and Company Limited (SEHK:20) for HKD 8 billion on February 25, 2020. As per the terms Peter Woo Kwong Ching is acquiring 667 million shares for HKD 12 per share. Under the proposal, a distribution agreement will also be made by Wheelock and all scheme shareholders will receive by way of the distribution one Wharf Real Estate Investment Company Limited Share and one The Wharf (Holdings) Limited Share in respect of each share they hold at the Record Date, under distribution agreement along with offer consideration. The transaction is financed by internal cash resources and other external debt financing. The transaction is subject to the approval of the scheme at the court meeting by holders of the scheme shares, the sanction of the scheme and the confirmation of the reduction of the issued share capital of Wheelock involved in the scheme by the High Court, the passing of a special resolution by a majority of at least 75% of the votes cast by the shareholders present and voting in person or by proxy at the General Meeting, all necessary consents which may be required under any existing material contractual obligations of Wheelock being obtained, the executive having ruled that no obligation will arise on the part of Peter Woo Kwong Ching to make a mandatory general offer for any of the Wharf REIC Shares, Wharf Shares and Harbour Centre Shares in issue and not already owned or agreed to be acquired by him as a result of the transaction, the distribution having been made by Wheelock and Company Limited to the scheme shareholders and all authorizations having been obtained. Transaction was approved by shareholders of Wheelock and Company Limited on June 16, 2020. The deal was sanctioned without modification by the High Court on July 15, 2020. An independent board committee has been established to make a recommendation as to whether the terms of the proposal and the scheme are, or are not, fair and reasonable and whether to vote in favor of the scheme. The transaction is expected to close on or before December 31, 2020. As per the disclosure of July 15, 2020, the deal is now expected to become effective on July 23, 2020. HSBC acted as financial advisor to Peter Woo Kwong Ching. KPMG Hong Kong acted as accountant for Wheelock. Dorsey & Whitney LLP acted as legal advisor to Wheelock and Company Limited. As of March 5, 2020, Anglo Chinese Corporate Finance, Limited was appointed as independent financial adviser to the independent board committee of Wheelock and Company Limited. Peter Woo Kwong Ching completed the acquisition of additional 32.5% stake in Wheelock and Company Limited (SEHK:20) on July 23, 2020. All the conditions set out in the scheme document were fulfilled.