Brief: Hopson Development Posts Clarification Announcement On Further Information On Acquisition

Hopson Development Holdings

21/10/2021 13:05

Oct 21 (Reuters) - Hopson Development Holdings Ltd
 0754.HK :
    * CLARIFICATION ANNOUNCEMENT - FURTHER INFORMATION IN
RELATION TO
ACQUISITION
    * REFERENCE IN RELATION TO ACQUISITION BY HOOPLIFE
TECHNOLOGY
GROUP OF SHARES IN EVERGRANDE PROPERTY SERVICES
    * HAVING SOUGHT LEGAL ADVICE, CONSIDERS DEAL IS LEGALLY
BINDING &
ACQUISITION NOT SUBJECT TO FULFILMENT OF CONDITIONS PRECEDENT
    * FOLLOWING ENTRY INTO AGREEMENT ON 1 OCT, UNIT HAS TAKEN
NECESSARY ACTIONS TO PREPARE FOR COMPLETION OF ACQUISITION
    * UNIT ALSO SET ASIDE FUNDS FOR PART PAYMENT OF
CONSIDERATION AS
REQUIRED UNDER THE DEAL
    * VENDOR'S GUARANTOR REQUESTED PURCHASER TO MAKE SUBSTANTIAL
CHANGES TO AGREED TERMS
    * EMPHASISES THAT SUCH REQUEST WAS UNACCEPTABLE BECAUSE
ORIGINAL
TERMS OF PAYMENT WERE NEGOTIATED
    * VENDOR'S GUARANTOR'S CHANGES INCLUDED CHANGES TOTERMS OF
PAYMENT
OF CONSIDERATION BY PAYING CONSIDERATION TO VENDOR DIRECTLY
    * PURCHASER WAS ALSO ADVISED BY ITS FINANCIAL ADVISERS THAT
SUCH
PROPOSED PAYMENT ARRANGEMENT WAS NOT IN INTEREST OF PURCHASER
    * DESPITE REPEATED REQUESTS FROM PURCHASER, VENDOR HAS
FAILED TO
PERFORM ITS OBLIGATIONS IN ACCORDANCE WITH AGREEMENT

Source text for Eikon:  ID:nHKS5wHWb5 
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