Celestial Asia Securities Holdings Limited cancelled the acquisition of remaining 59.91% stake in CASH Financial Services Group Limited.
The Offers will not be made unless and until completion of sale of 4.59% stake in CFSG. The Share Offer will be conditional upon the Offeror having received on the First Closing Date, valid acceptances in respect of the CFSG Shares which, together with the CFSG Shares acquired or agreed to be acquired before or during the Share Offer, will result in the Offeror and any person acting in concert with it holding more than 50% of the voting rights of CFSG. Offer is subject to approval from Shareholders of offeror. Board of Offeror is of the opinion that the terms of the Offer including the consideration for the Share Offer Price are fair and reasonable and in the interests of Offeror and its Shareholders as a whole. The Option Offer will be subject to and conditional upon the Share Offer becoming or being declared unconditional in all respects. As of May 14, 2021, the transaction has been approved by shareholders of Celestial Asia Securities Holdings Limited.
CFSG will establish the CFSG Independent Board Committee, comprising all the independent non-executive CFSG Directors, namely Cheng Shu Shing Raymond, Lo Kwok Hung John and Lo Ming Chi Charles, to consider and advise the Offer Shareholders and the CFSG Option holders in relation to the terms and conditions of the Offers, in particular as to whether the Offers are fair and reasonable and as to acceptance of the Offers. The CFSG Independent Board Committee will appoint the CFSG Independent Financial Adviser to advise the CFSG Independent Board Committee in relation to the terms and conditions of the Offers, in particular as to whether the Offers are fair and reasonable and as to acceptance of the Offers. On January 12, 2021, CFSG Independent Board Committee approved the appointment of the CFSG Independent Financial Adviser. On May 26, 2021, the sale of 4.59% stake in CFSG completed. The composite document is expected to be dispatched to the Shareholders on or before June 2, 2021. On June 1, 2021, transaction is expected to close by July 7, 2021. Eddid Capital Limited acted as financial advisor to Celestial Asia Securities Holdings Limited. Grand Vinco Capital Limited acted as a financial advisor to CFSG Independent Board Committee, and the Offer shareholders and the CFSG Option holders in relation to the Offers.
Celestial Asia Securities Holdings Limited (SEHK:1049) cancelled the acquisition of remaining 59.91% stake in CASH Financial Services Group Limited (SEHK:510) (CFSG) on June 23, 2021. On June 23, 2021, first closing date of share offer, acceptance condition has not been fulfilled. Offeror announces that there will be no extension or revision of the Offers. Offer has been closed and lapses.