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Voluntary unconditional cash offer for Changtian Plastic & Chemical closes
A VOLUNTARY unconditional cash offer for all issued and paid-up ordinary shares in the capital of Changtian Plastic & Chemical Limited made by RHT Capital, on behalf of offeror United Tech Industries Limited, closed on July 31.
The offeror has acquired 3,496,400 shares through open-market purchases during the offer period and 8,409,623 shares through valid acceptances of the offer, amounting to an aggregate of 11,906,023 shares.
The offeror is a privately held vehicle incorporated in the British Virgin Islands and owned by Yang Qingjin and Chen Yongfu, Changtian Plastic's chairman and deputy chairman respectively and also the company's founders.
Mr Chen owns 53.9 per cent of the issued shares in the offeror, and 100 per cent of the issued shares in Goodwise Investments Limited. He is deemed to have an interest in the shares owned by the offeror and Goodwise Investments Limited.
The offeror had earlier said that it plans to delist Changtian Plastic, citing low trading liquidity, greater management flexibility to develop the business and the need to eliminate listing-related expenses as rationale for the takeover bid.
Changtian Plastic & Chemical has requested for a trading halt on Tuesday.