News summary
[Evergrande Automobile: 29% of its shares will be acquired immediately] Securities Times e Company News, Evergrande Automobile announced on the Hong Kong Stock Exchange that on May 16, 2024, the company had learned that the joint and individual liquidators were and representatives of China Evergrande Group (in liquidation), Evergrande Health Industry Group Co., Ltd., Acelibetfairvideopoker...
Newsletter text
[Evergrande Automobile: 29% of the shares will be acquired immediately] Securities Times e-Company News, Evergrande Automobile announced on the Hong Kong Stock Exchange that on May 16, 2024, the company had learned that the joint and individual liquidators were and represented by China Evergrande Group (in liquidation), Evergrande Health Industry Group Co., Ltd., Acelin Global Limited (collectively the "potential sellers") and a person independent of the company and its connected persons to the best of the company's directors 'knowledge, knowledge and belief after making all reasonable inquiriesbetfairvideopokerA third-party buyer (the "potential buyer") entered into a term letter pursuant to which the potential seller and the potential buyer may enter into a final sale and purchase agreement for the purchase and sale of shares in the company held by the potential seller. As at the date of this announcement, potential sellers held a total of 6.348 billion shares (accounting for approximately 58.5% of all issued shares)(the "Potential Shares for Sale"). Subject to the conclusion of the sale and purchase agreement and subject to its terms and conditions, it is proposed that (i) 3.145 billion potential sale shares (representing approximately 29.0% of all issued shares as at the date of this announcement) will be acquired immediately, and (ii) 3.203 billion potential sale shares (representing approximately 29.5% of all issued shares) will become the subject of an exercisable option by the potential buyer within a certain period after the date of the sale and purchase agreement. The Company has also been aware of the terms and conditions mentioned in the entering into a credit agreement, pursuant to which the potential buyer (or another party designated by the Company with the consent of the Company) will provide credit lines to the Company to support the Group's continued operation and development of the Group's electric vehicle business. At present, the Group is seriously short of funds. The Group's Tianjin factory has ceased production since the beginning of this year. As of the date of this announcement, production has not yet resumed at the Group's Tianjin factory. The company will apply to the Stock Exchange to resume trading in the company's shares on the Stock Exchange starting from 9:00 a.m. on May 27, 2024.
