News summary
Evergrande Automobile announcement revealedpokerstarshomegames, potential sellers sign terms and conditions with independent third-party buyerspokerstarshomegames, proposed for sale 63pokerstarshomegames.48 billion shares, accounting for 58% of the issued sharespokerstarshomegames.5%。Among them, 3.145 billion shares will be acquired immediately, and the remaining 3.203 billion shares will be subject to options. The move could trigger a mandatory general offer, and the company plans to resume share trading on May 27.
Newsletter text
[Evergrande Automobile plans to sell shares, involving 58.5% equity]
Evergrande Automobile (00708) recently disclosed that the company has been informed of a potential share sale plan. It is reported that the joint and individual liquidators signed a term letter with an independent third-party buyer on behalf of China Evergrande Group, Evergrande Health Industry Group and Acelin Global Limited.
According to the terms and conditions, 6.348 billion shares held by potential sellers, accounting for 58.5% of the company's total share capital, may be sold. Of these, 3.145 billion shares will be acquired immediately, while the remaining 3.203 billion shares will be subject to options for potential buyers.
In addition, the terms and conditions also involve a credit agreement under which potential buyers will provide credit to support Evergrande Motor's electric vehicle business. At present, Evergrande Motors is facing a shortage of funds, and its Tianjin factory has stopped production since the beginning of the year.
The company announcement also pointed out that mandatory general offer liability may be triggered after signing the sale and purchase agreement, and the offer period will be calculated from the announcement date. Evergrande Motor plans to apply on May 27 to resume trading in shares on the Stock Exchange.
