Economic Information Agency, 30th - Maoyan International (00848) and W.F Group Limited, held by non-executive director Wong Wai Ching, jointly announced that W.F Group proposes to privatize the group by way of a scheme of arrangement under Section 86 of the Cayman Islands Companies Law, and proposes to cancel the listing status. The cancellation price is 20.8 cents per share, representing a premium of approximately 1.1 times compared to the last closing price of 9.9 cents before suspension, and at a discount of approximately 92.5% to the net asset value per share of 2.78 yuan as of June 30. The group has been suspended since September 17 and has applied to resume trading from 9:00 a.m. today.
The group stated that Wong Wai Ching is the son of Huang Maoru, the controlling shareholder, chairman, executive director, and chief executive officer. Wong Wai Ching and parties acting in concert hold 82.69% of the equity. If all approximately 890 million plan shares are accepted, the maximum cash consideration would be approximately 185 million yuan. Wong Wai Ching's proposed privatization offers shareholders an opportunity to realize value amid challenges in the mainland retail market and the group's persistently low share liquidity. (wh)
The group stated that Wong Wai Ching is the son of Huang Maoru, the controlling shareholder, chairman, executive director, and chief executive officer. Wong Wai Ching and parties acting in concert hold 82.69% of the equity. If all approximately 890 million plan shares are accepted, the maximum cash consideration would be approximately 185 million yuan. Wong Wai Ching's proposed privatization offers shareholders an opportunity to realize value amid challenges in the mainland retail market and the group's persistently low share liquidity. (wh)
