SAMSON HOLDING: Approved by the High Court in the court hearing scheduled for October 25th
SAMSON HOLDING and Fushan (Hong Kong) Limited jointly announced plans to privatize the company and delist it under Section 86 of the Companies Law of the Cayman Islands, subject to approval at a court hearing scheduled for October 25, 2024. The plan is expected to take effect on November 5, 2024, failing which it will lapse if not effective by January 31, 2025. The company has applied for and been approved to delist its shares from the Stock Exchange on November 7, 2024
According to the news from Zhitong Finance and Economics APP, SAMSON HOLDING (00531) and Fushan (Hong Kong) Limited jointly announced that the (a) offeror and the company jointly issued a planned document dated October 5, 2024, which includes (i) the offeror's proposal to privatize the company in accordance with Section 86 of the Companies Law of the Cayman Islands through an agreement arrangement; and (ii) matters related to the proposal to delist the company.
The plan (unrevised) was approved by the Grand Court at a court hearing held on October 25, 2024 (Friday) (Cayman Islands time). The Grand Court also confirmed the reduction at the same hearing on the same day.
Subject to the remaining conditions being met or waived (if applicable) by November 5, 2024 (Tuesday) (Cayman Islands time) or earlier, the plan is expected to take effect on November 5, 2024 (Tuesday) (Cayman Islands time) or earlier. A further announcement will be made after the plan takes effect.
If the plan fails to take effect by January 31, 2025 (Friday) (i.e., the final deadline) or on any other date agreed upon by the company and the offeror or directed by the Grand Court (if applicable) and approved by the enforcement authorities, the plan will lapse. The offeror and the company will make further announcements as necessary.
The company has applied to and obtained approval from the Stock Exchange for the withdrawal of the listing of the shares on the Stock Exchange in accordance with Rule 6.15(2) of the Listing Rules, which will take effect from 4:00 p.m. on November 7, 2024 (Thursday), subject to the effectiveness of the plan
