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| Thursday, 3 November 2016, 14:00 HKT/SGT | |
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Source: Quam Limited | |
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HONG KONG, Nov 3, 2016 - (ACN Newswire) - Quam Limited (the "Company", Stock Code: 0952) was informed by its major shareholders (the "Sellers") that on 28 October 2016 (after trading hours), the Sellers had entered into a Sale and Purchase Agreement with Oceanwide Holdings International Financial Development Co., Ltd (the "Offeror", an indirect wholly-owned subsidiary of Oceanwide Holdings Co., Ltd. *, a company listed on the Shenzhen Stock Exchange (stock code: 000046.SZ) and a subsidiary of China Oceanwide Group Limited) to sell a total of 794,859,178 shares of the Company (which represents approximately 51% of the entire issued share capital of the Company (on a fully diluted basis)) at the purchase price of HK$1.38 per share for a total cash consideration of approximately HK$1,097,000,000.
Completion of sale and purchase are subject to the fulfilment of certain condition precedents as set out in the Sale and Purchase Agreement which among others, the notice of approval from the Securities and Futures Commission of Hong Kong in respect of the Offeror acquiring control of the Company and prior approval from the British Virgin Islands Financial Services Commission in respect of the Offeror acquiring a significant interest of the Company. Upon the completion of the sale and purchase of shares of the Company, the Offeror will require to make a possible unconditional mandatory cash offer to acquire all shares of the Company not already owned by the Offeror at an offer price of HK$1.38 per share. The Offeror will also require to make a possible unconditional mandatory cash offer to acquire all the outstanding warrants of the Company and to cancel all the outstanding share options at an offer price which shall represent the see through price of their respective exercise price.
Following the close of the offers, the Offeror will conduct a detailed strategic review of the operations of the Group. The Offeror has no intention to discontinue the employment of the employees or to dispose of or re-deploy the assets of the Group.
About Quam Limited
Quam Limited ("Quam") is a Hong Kong-based financial services group which was listed on The Stock Exchange of Hong Kong Limited (Stock Code: 0952) in 1997. The core businesses of the Group are now comprising Quam Securities, Quam Capital, Quam Asset Management, Quam Wealth Management and Quamnet.com. By utilizing the best of both its online resources and solid expertise, Quam strives to become the ideal partner for both corporate and individual investors in Hong Kong and China. Quam also offers premier one-stop financial services to its clients. In addition, Quam provides capital markets services through its representative offices or the wholly-owned foreign enterprises in Shenzhen, Shanghai, Shenyang, Ningbo, Dalian, Beijing, Chengdu, Hangzhou and Xiamen of the PRC and through its Global Alliance Partners network in Japan, Thailand, UAE, the United States, the UK, Indonesia, Jordan and Australia.
For more information on Quam, please visit its website at www.quamlimited.com
For further enquiries, please contact:
Quam IR
Ms Jane Chan
Tel: +852 2217 2906
E-mail: jane.chan@quamgroup.com
Topic: Stock--buying or selling
Source: Quam Limited
https://www.acnnewswire.com
From the Asia Corporate News Network
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