Kyodo Allied: Reverse takeover by acquiring Great Spirit Mgmt (Target Co) from 4 cos (Vendors). Co's shares will be consolidated with 3.5 shares being consolidated into 1 share, and a total of 1.6b new consolidated shares to be issued at $0.365 to satisfy a consideration of $600.0m to the Vendors…
The Vendors will own approx 83.8% of the enlarged share capital after the issue assuming all convertible loans are converted. Great Spirit Mgmt is involved in dev and sale of premium resi and commercial projects in Henan Province and had a profit of Rmb77.4m in 2010…
Target Co's NAV has not been determined but an independent market analyst will be appointed to carry out a valuation. Co does not intend to dispose of current business of trading and manufacturing air-conditioning units.
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