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Value Convergence Holdings Ltd Announces Memorandum Of Understanding In Respect Of Proposed Transaction

Friday, 26 Jul 2013 08:08am EDT 

Value Convergence Holdings Ltd announced that on July 26, 2013, the Company entered into a non-legally binding memorandum of understanding (the MOU) with Wide Esteem Limited (the Vendor) pursuant to which the Company intends to acquire and the Vendor intends to sell the entire issued share capital of Orient Xin Dai Management Co., Ltd. (the Target Company) (the Proposed Transaction). No payment is required to be made upon the signing of the MOU. The consideration for the Sale Share (the Consideration) shall be determined after arm's length negotiation and set out in a formal definitive agreement to be entered into between the Vendor and the Company (the Formal Agreement) and is subject to the valuation of the business of the Target Group by an independent professional valuer, but in any event shall be between approximately HKD300 million and approximately HKD500 million. The Consideration shall be settled by way of cash and issue of new shares (the Consideration Shares) and convertible bonds of the Company (the CB). The parties to the MOU agree that the issue price of the Consideration Shares and the conversion price of the shares (the Conversion Shares) to be issued upon the exercise of the conversion rights under the CB shall be HKD1.00 per share of the Company (the Share(s)) which was determined with reference to the average closing prices of the Shares of HKD1.054 per Share. 

Company Quote

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24 Dec 2014