Landsea Group Acquires 63.4% Interest in Shenzhen High-Tech

PR Newswire 18 June 2013
HONG KONG, June 18, 2013 /PRNewswire/ — Landsea Group Co. Ltd.today announced that Landsea has agreed to acquire a majority stake in Shenzhen High-Tech Holdings Limited through a share purchase agreement with the controlling shareholder of Shenzhen High-Tech
Landsea’s wholly-owned subsidiary, Greensheid Corporation, has entered into a share purchase agreement with Thing On Group Limited to purchase a total of 1,260,000,000 shares in Shenzhen High-Tech, which make up approximately 63.4% of the entire issued share capital of the Listed Company. The price of HK$0.685 per sale share represents a premium of approximately 67.1% to the closing price of HK$0.41 per share of Shenzhen High-Tech on the last trading day on June 7, 2013.
Pursuant to the Takeovers Code, Landsea, upon completion of the agreement, will be required to make a mandatory unconditional cash offer (the “Offer”) for all the issued shares of Shenzhen High-Tech not already owned and/or agreed to be acquired by the Group and/or parties acting in concert with it. Under the terms of the Offer, holders of each Offer share will be entitled to HK$0.685 in cash, which is the same price payable by Landsea under the share purchase agreement.
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