XXXXXXX’S INTENTION ON THE GROUP. The Offeror intends that the Group will continue its existing principal activities and it will maintain the listing status of the Company on the Stock Exchange after the close of the Offers. The Offeror will conduct a review of the business operations and financial position of the Group after Completion with a view to formulating a business plan and strategy suited for the Group. Subject to the result of the review, the Offeror currently has no intention to re-deploy the employees or the fixed assets of the Group other than in its ordinary course of business. PROPOSED CHANGE OF BOARD COMPOSITION The Offeror intends to nominate Xx. Xxxx Xxxx Xxx and Xx. Xxx Xxx Xxxxx, Xxxxxx as executive Directors and the effective date of such appointments will be the date immediately after the composite offer and response document has been posted by the Offeror and the Company as required by the Takeovers Code. It is expected that Xx. Xxxxx Xxx Xx and Xx. Xxxx Xxxx Xxx will resign as executive Directors after the close of the Offers while Xx. Xxxxx Xxxx Xxx and Xx. Xxxx Xxx Xxx will remain on the Board. In addition, the Offeror has indicated that it does not intend to re- deploy the employees of the Group. Accordingly, the existing business will continue to be operated by the existing employees under the supervision and management of the new executive Board with members who are familiar with and possess relevant expertise for the Group’s business. It is also expected that Xx. Xxxxx Xxx Xxxx, the existing independent non-executive Director, will remain as an independent non-executive Director and Xx. Xxxx Xxxx Xxxx and Xx. Xxxx Xxx Man will be newly appointed as independent non-executive Directors in place of Xx. Xxx Xxxx Xxxx, Xxxxxx and Xx. Xxxx Xxx Fuk who will resign after the close of the Offers. Set out below are the biographical details of the proposed executive Directors and independent non- executive Directors to be nominated by the Offeror: Xx. Xxxx Xxxx Xxx, aged 30, has over eight years of experience in hedge fund and portfolio management, finance and accounting. He has been a fund manager of two global hedge funds for the last five years. Prior to this, Xx. Xxxx has worked for two international accounting firms. Xx. Xxxx is a certified public accountant and a Chartered Financial Analyst charterholder. Xx. Xxxx is also an executive director of Galileo Holdings Limited, a company listed on GEM. Xx. Xxxx is the son of Xxxxx Xxxxx Xx Xxx.
XXXXXXX’S INTENTION ON THE GROUP. It is the intention of the Offeror that the Group will continue with its existing principal businesses including but not limited to its trading and manufacturing business of consumer electronics products. The Offeror does not intend to introduce any major changes to the existing operations and business of the Company; however, given the scope of the existing principal activities, the Offeror intends to conduct a more detailed review on the operations of the Group with a view to strengthen the existing business operations of the Group and formulate a long term business strategy for the Group. Subject to the result of the review, the Offeror may explore other business opportunities involving but not limited to existing trading and manufacturing business and consider whether any acquisition or investment in assets and/business or co- operation with other business partners by the Group in order to enhance its growth and future development. The Offeror has no intention to discontinue the employment of the employees (save for a change in the composition of the Board) or to dispose of or deploy the assets of the Group other than those in its ordinary course of business based on the current circumstances. The Offeror may consider other possible options regarding the restructuring of the Group structure. All the existing executive Directors and the independent non-executive Directors will resign from their office with effect from the earliest time permitted under the Takeovers Code. The Offeror intends to nominate four people as executive Directors and such appointments will not take effect earlier than the date of posting of the composite offer document subject to the requirements under the Takeovers Code. In addition, the Offeror is in the process of identifying other suitable candidates as independent non-executive Directors. A separate announcement will be made if such appointments are finalized.
XXXXXXX’S INTENTION ON THE GROUP. The Offeror intends that the Group will continue its existing principal activities, and leveraged on Xx. Xxxx’x assistance and experience in environmental protection and agricultural business, the Group will look for business opportunities in the aforesaid sectors with a view to expanding the business activities of the Group. The Offeror will conduct a detailed review on the operations of the Group after the close of the Offers with a view to formulating a suitable business strategy for the Group and consider whether diversification of the Group’s business into the above sector will be appropriate to enhance the growth of the Remaining Group. In the event that any of the aforesaid business opportunities materialize or the Offeror introduces any major changes to the existing operation and business of the Company after the Offers, further announcement will be made by the Company as and when required under the GEM Listing Rules. As at the date of this joint announcement, the Offeror has no intention or plan for disposal of assets and/or business of the Remaining Group. As at the date of this joint announcement, the Board comprises two executive Directors and three independent non-executive Directors. The Offeror intends that it will nominate new Directors to the Board on such date as the Takeovers Code, the GEM Listing Rules and the Company’s articles of association permit. At present, the Offeror has not decided on the nominees to be appointed to the Board. Any changes to the Board composition will be announced by the Company in due course and in accordance with the GEM Listing Rules.
XXXXXXX’S INTENTION ON THE GROUP. It is the intention of the Offeror that the Group will continue the Remaining Business. The Offeror does not intend to introduce any major changes to the existing operation and business of the Company or re-deploy the employees by reason only of the Offer. The Offeror will conduct a more detailed review on the operations of the Group with a view to developing a corporate strategy to broaden the income stream of the Group. Subject to the result of the review, the Offeror may explore other business opportunities and consider whether any assets and/or business acquisitions by the Group will be appropriate for the development of the Group. As at the date of this joint announcement, the Offeror has no intention or plan for any acquisition or disposal of assets and/or business by the Group. As at the date of this joint announcement, the Offeror has neither entered into any agreement, arrangement, understanding or negotiation about any acquisition of assets nor has any assets injection agreed or under negotiation.
XXXXXXX’S INTENTION ON THE GROUP. The Offeror is aware of the Proposed Acquisition as more particularly described in the section headed “Proposed Acquisition” below, which if materialized, will constitute a very substantial acquisition for the Company on the basis of the relevant terms as set out in the Land Auction Notice. The Offeror has given its consent to the Company to proceed with the Proposed Acquisition. It is the intention of the Offeror that the Group will continue its existing principal activities. In the event that the Proposed Acquisition can be completed in due course, the Offeror intends that the Company shall hold the Land for development purpose. The Offeror will nominate new Directors to the Board with effect from the earliest time permitted under the Takeovers Code. In addition to the existing management and operating team of the Group and in view of the scale of the development of the Land, the Offeror intends to recruit appropriate personnel to carry out the project development for the Land. Save as disclosed herein, the Offeror does not intend to introduce any major changes to the existing operating and management structure of the Company, or to discontinue the employment of any employees of the Company, as a result of the Offer. The Offeror will explore other business opportunities and consider whether any assets and/or business acquisitions by the Group will be appropriate in order to enhance its growth. In the event that any of such opportunities materialises, further announcements will be made as and when required by the Listing Rules. As at the date of this joint announcement, the Offeror has no intention or concrete plan for any acquisition of assets and/or business by the Group. The Stock Exchange will closely monitor all future acquisitions or disposals of assets by the Group. The Stock Exchange also has the power to aggregate a series of transactions of the Company and any such transactions may result in the Company being treated as if it was a new listing applicant.
XXXXXXX’S INTENTION ON THE GROUP. It is the intention of the Offeror that the Group will continue its existing principal activities. The Offeror does not intend to introduce any major changes to the existing operation and business of the Company by reason only of the Offer. The Offeror will explore other business opportunities and consider whether any assets and/or business acquisitions by the Group will be appropriate in order to enhance its growth. The Offeror will conduct a more detailed review on the operations of the Group with a view to developing a comprehensive corporate strategy to broaden the income stream of the Group. In the event that any of such opportunities materialise, further announcement will be made by the Company as and when required by the Listing Rules. As at the date of this joint announcement, the Offeror has no intention or concrete plan for any acquisition or disposal of assets and/or business by the Group.
