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SHUNHO PROPERTY (00219.HK) to Spend Approx. HKD48.1065 million on Share Buyback from MAGNIFICENT (00201.HK); MAGNIFICENT Proposes Special Dividend
MAGNIFICENT (00201.HK), SHUNHO PROPERTY (00219.HK) and SHUNHO HOLDINGS (00253.HK) issued a joint announcement that Mercury Fast Limited, a wholly-owned subsidiary of MAGNIFICENT, a...
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SHUNHO PROPERTY (00219.HK) to Spend Approx. HKD48.1065 million on Share Buyback from MAGNIFICENT (00201.HK); MAGNIFICENT Proposes Special Dividend
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MAGNIFICENT (00201.HK)  0.000 (0.000%)   , SHUNHO PROPERTY (00219.HK)  0.000 (0.000%)   and SHUNHO HOLDINGS (00253.HK)  0.000 (0.000%)   issued a joint announcement that Mercury Fast Limited, a wholly-owned subsidiary of MAGNIFICENT, agreed to sell approximately 68.1395 million shares of SHUNHO PROPERTY to SHUNHO PROPERTY for share buyback, representing 11.75% of the total issued shares of SHUNHO PROPERTY, at a cash consideration of approximately HKD48.1065 million.

To provide shareholders of MAGNIFICENT with an opportunity to realize their indirect investment in SHUNHO PROPERTY shares, MAGNIFICENT proposed to distribute the proceeds received by the vendor from the share buyback (after deducting expenses incurred in connection with the share buyback) as a special cash dividend on a pro rata basis to all shareholders of MAGNIFICENT. Accordingly, MAGNIFICENT intends to propose that its shareholders approve the special cash dividend, subject to approval by shareholders at a special general meeting of MAGNIFICENT. In addition, the payment of the special cash dividend is conditional upon completion of the share buyback. (sl/a)(HK stocks quote is delayed for at least 15 mins.)

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