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Lifestyle International Holdings Ltd Proposes Spin-Off And Separate Listing Of Lifestyle Properties Development Limited


Thursday, 5 Sep 2013 09:45am EDT 

Lifestyle International Holdings Ltd announced that with reference to announcement made dated October 9, 2012, November 13, 2012, November 13, 2012 and September 1, 2013 regarding the proposed spin-off and separate listing of Lifestyle Properties on the Main Board of the Stock Exchange. Unless otherwise defined in this announcement or the context otherwise requires, capitalized terms used in this announcement shall have the same meanings given to them in the Company‚Äôs announcement dated September 1, 2013. Upon completion of the Proposed Spin-off, Lifestyle Properties will become a 60.03% subsidiary of the Company (with market capitalization of approximately HKD823.3 million based on the final Offer Price) assuming the Over-allotment Option is not exercised at all. Should the Over-allotment Option be exercised in full, Lifestyle Properties shall become a 58.27% subsidiary of the Company upon completion of the Proposed Spin-off. The Company also announced that the price determination agreement was entered into between Lifestyle Properties, BNP Paribas and Platinum Securities on September 5, 2013. Pursuant to the Price Determination Agreement, the final Offer Price under the Share Offer was determined at HKD1.98 per Offer Share. Assuming completion of the Share Offer occurs in accordance with the current timetable, the Lifestyle Properties Shares are expected to commence dealing on the Main Board of the Stock Exchange on September 12, 2013. 

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4 May 2015