Potential Vendor definition
Examples of Potential Vendor in a sentence
The Company will conduct the due diligence review on the assets, indebtedness, operation and other aspect of the Target Company as it may consider appropriate and the Potential Vendor shall provide such assistance as the Company may require in connection with such review.
Under the Strategic Cooperation Framework Agreement, it is proposed that the Company will acquire 51% equity interest of the Target Company from the Potential Vendor subject to the terms and conditions of the Formal Agreement.
The final consideration shall be determined between the Company and the Potential Vendor by reference to due diligence results on the Target Group.
Pursuant to the Agreement, the Company or one of its subsidiaries nominated as the potential purchaser (the “Potential Purchaser”) intends to acquire, and the Potential Vendor intends to dispose of, the entire issued shares (the “Sale Shares”) of Huapan and Hao Resources Co., Ltd* (the “Target Company”) (the “Proposed Acquisition”).
By entering into the Framework Agreement, the Directors consider that the Group can leverage on the local knowledge and expertise of the Potential JV Partner into the development of the Water Park and utilise the Land currently owned by the Potential Vendor as a potential site of the Water Park.
In addition, upon the establishment of the Potential JV Company, as the Potential Vendor is wholly-owned by the Potential JV Partner, who will be interested in 30% of the equity interest in the Potential JV Company, the Potential Land Acquisition, if materialised, may constitute connected transaction of the Company under the Listing Rules.
To the best of the Director’s knowledge, information and belief, having made all reasonable enquiries, the Potential Vendor and its ultimate beneficial owner(s) are third parties independent of the Company and its connected persons (as defined in the Listing Rules).
Pursuant to the Strategic Cooperation Framework Agreement, after the Possible Acquisition, the health management platform of the Potential Vendor shall be integrated to the Group’s business conglomerate.
Each of the parties to the Agreement agrees to use all reasonable endeavours to negotiate the terms and conditions of a sale and purchase agreement (the “Formal Agreement”) between the relevant parties in relation to the Proposed Acquisition, and the Company shall nominate the Potential Purchaser to enter into the Formal Agreement with the Potential Vendor as soon as possible within the Exclusivity Period.
As at the date of the Agreement, the Potential Vendor holds the entire issued share capital of the Target Company.