Reference is made to the joint announcement of Sinotrans Shipping Limited (the “Company”) and Sinotrans Shipping (Holdings) Limited (the “Offeror”) dated 27 September 2018 (the “Joint Announcement”) in relation to, among other things, the proposal for the privatisation of the Company by the Offeror by way of a scheme of arrangement under sections 670, 671, 673 and 674 of the Companies Ordinance and the proposed withdrawal of listing of the Company. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Joint Announcement.
DELAY IN DESPATCH OF THE SCHEME DOCUMENT
Pursuant to Rule 8.2 of the Takeovers Code, unless the Executive’s consent is obtained, a scheme document (the “Scheme Document”) including, among other things, further details of the Proposal and the Scheme of Arrangement, an explanatory statement, the expected timetable relating to the Proposal, the recommendations of the Independent Board Committee, the letter of advice from the independent financial adviser, notices of the Court Meeting and the EGM as well as other particulars required by the Takeovers Code is required to be posted within 21 days of the date of the Joint Announcement, that is, on or before 18 October 2018.
As stated in the Joint Announcement, the Proposal and the Scheme of Arrangement will only become effective if, amongst other conditions, the Scheme of Arrangement is approved at the Court Meeting. Before the Scheme Document can be despatched and the Court Meeting can be convened, leave must first be obtained from the High Court under section 670 of the Companies Ordinance. As more time is required for finalising the Scheme Document and to accommodate the timetable of the High Court, the Company has applied to the Executive, and the Executive has granted its consent, to extend the date of despatch of the Scheme Document to a date no later than 20 November 2018.
A detailed timetable for the Proposal and the Scheme of Arrangement will be set out in the Scheme Document and in the announcement to be made upon despatch of the Scheme Document.
Source : hellenicshippingnews