Hong Kong Technology Exploration (01137) issued an announcement that New Benefit will make a conditional cash offer on behalf of the company at a price of 2.2 per sharediamondreelscasinonodepositbonuscodes.15 Hong Kong dollarsdiamondreelscasinonodepositbonuscodesrepurchase and cancel up to the maximum number of shares (i.e. 100 million shares, accounting for approximately 11.25% of the issued shares as at the date of this announcement). The company will not buy back the maximum number of shares, and there is no minimum number of shares proposed for repurchase in the offer. The offer price represents a premium of approximately 20.8% to the closing price of HK$1.78 as quoted on the Stock Exchange on the last trading day.
The offer will be made in accordance with the Code. The consideration for the offer (which will total HK$215 million if the offer is fully accepted) will be paid in cash to the accepting shareholders and will be funded from the Group's internal resources.