ETS GROUP (08031) issued an announcement, the seller (ETS Investments Limi...
According to the report from Zhitong Finance APP, ETS GROUP (08031) announced that the seller (ETS Investments Limited, a wholly-owned subsidiary of the company) entered into Sale Agreement A with Buyer A (Lean Group Limited) on December 30, 2024 (after the trading session of the Stock Exchange). The seller conditionally agreed to sell, while Buyer A conditionally agreed to purchase the shares for sale A (92,267 shares of VAX, representing approximately 3.8% of the total issued share capital of VAX), with a total consideration of 8.4 million HKD.
The seller entered into Sale Agreement B with Buyer B (Liang Dehui) on December 30, 2024 (after the trading session of the Stock Exchange). The seller conditionally agreed to sell, while Buyer B conditionally agreed to purchase the shares for sale B (73,118 shares of VAX, representing approximately 3.0% of the total issued share capital of VAX), with a total consideration of 6.6 million HKD.
The Board of Directors believes that these sales will enable the Group to cash out its investment in the VAX Group. Furthermore, considering (i) the total consideration is equivalent to the fair value of 0.1654 million shares of VAX estimated by an independent appraiser at 14.5 million HKD; (ii) the original subscription price of 0.1654 million shares of VAX was 12.9 million HKD when the seller entered into the relevant subscription agreement on April 30, 2021; and (iii) the expected proceeds from these sales, these sales represent a valuable opportunity to cash out the value of 0.1654 million shares of VAX at a favorable price and better allocate resources to the Group’s existing Business development. After considering the above, the Board believes that the terms of these sales (including the total consideration) are established on normal commercial terms, are fair and reasonable, and are in the overall interests of the company and its Shareholders.