Ant's Acquisition of Yao Cai: All Completion Conditions Met, Transaction Deadline Extended to End of Next Month

Tao Securities Finance (01428) announced that the offeror Ant Group has completed the reporting procedures to relevant Chinese authorities for the proposed transaction under the share purchase agreement, in accordance with the Regulations on the Administration of Overseas Investments by Enterprises for high-value non-sensitive investment projects. Therefore, Condition © has been satisfied.

Regarding Condition (b), on September 23 last year, the offeror obtained approval from the Securities and Futures Commission (SFC) under Section 132(1) of the Securities and Futures Ordinance for the offerors and other relevant parties to become the major shareholders of the regulated group company. The approval for the major shareholders will remain valid, but completion must occur within six months of the approval date (i.e., by September 23 this month) or within a longer period as approved in writing by the SFC. The offeror has applied to the SFC, which has approved an extension of the validity of the major shareholder approval until October 30.

Therefore, all conditions except those that can only be satisfied upon completion of the share purchase agreement have been met. The conditions that can only be satisfied upon completion are expected to be fulfilled or waived at the time of completion under the share purchase agreement.

According to the terms of the share purchase agreement, completion will occur on the 10th business day after the offeror notifies the seller that all conditions have been satisfied or waived, or on the later date agreed upon by the offeror and the seller. The offeror and the seller currently expect completion to occur on October 30. The offeror and the company will issue a joint announcement regarding completion and the offer in accordance with the Listing Rules and the Takeovers Code in due course.

The stock will resume trading tomorrow.