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SKYWORTH GROUP Surges 46%+ Once on Resumption, Proposes Distribution in Specie of Skyworth PV at 96% Premium and Share Buyback for Delisting
Recommend 5 Positive 17 Negative 12 |
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Trading in the shares of SKYWORTH GROUP (00751.HK) resumed today (21st), opening 42.66% higher and once soaring 46.5% to a peak of HKD7.59. It last printed at HKD6.8, up 31.27%, with a turnover of 15.2272 million shares, involving HKD110 million. SKYWORTH announced plans to distribute Skyworth Photovoltaic shares by way of a distribution in specie to all shareholders. Skyworth Photovoltaic will apply for a main board listing by way of introduction, and simultaneously, a share buyback plan will be implemented to cancel its listing status. Shareholders can choose to receive cash at HKD4.03 per share or convert to one new share, and the group will not increase the Scheme Consideration. SKYWORTH will convene a special general meeting (SGM) to consider the proposal. According to Valuation Reference Exchange Rate, each shareholder will be distributed 0.3699779 shares of Skyworth Photovoltaic, with a theoretical value of approximately HKD6.13, and, together with the Scheme Consideration in the form of the Cash Alternative, the Aggregate Theoretical Amount per Scheme Share under the Proposal is equivalent to approximately HKD10.16 for each Scheme Share, representing a premium of approximately 96.14% over SKYWORTH's last trading price of HKD5.18 before suspension. Completion of the Distribution, the Skyworth Photovoltaic Listing and the Share Buyback Scheme are inter-conditional upon each other. The maximum amount of cash consideration payable by the Company under the Proposal is approximately HKD2.557 billion, which will be settled through internal resources of the Group and/or external debt financing. AASTOCKS Financial News Website: www.aastocks.com |
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