Li & Fung proposes to go private

Li & Fung Minimal, the Hong Kong-based mostly offer chain supervisor mainly for US and EU makes, division outlets, hypermarkets, specialty outlets, catalogue-led companies, and e-commerce websites, has proposed to go personal in view of the declining stock value, and the current coronavirus spread which is probable to negatively impact all businesses.

 

In link with the proposed transaction for the privatisation of the enterprise by way of a scheme of arrangement, the enterprise has created a joint announcement with Golden Lincoln Holdings I Minimal (Offeror).

 

The shareholders of the Offeror consist of the Fung family members, the controlling shareholder of Li & Fung, and GLP Pte Minimal (GLP), a foremost world-wide logistics warehouse operator and trader, headquartered in Singapore.

 

An Impartial Board Committee has been recognized to make a recommendation to the disinterested shareholders as to (i) whether or not the proposal, and in individual the Scheme and the Founder Arrangement, is truthful and sensible and (ii) whether or not to vote in favour of the Founder Arrangement at the company’s SGM and the scheme of arrangement at the Courtroom Meeting. A Scheme Document will be dispatched to the enterprise shareholders as before long as practicable and in compliance with the prerequisites of the Takeovers Code and applicable guidelines and restrictions.

 

The Offeror is in the end managed by the Fung family members holding sixty for each cent of voting shares, with GLP holding the remaining forty for each cent of voting shares and a hundred for each cent of non-voting shares, ensuing in GLP acquiring an efficient economic possession of 67.67 for each cent of the Offeror.

 

Fibre2Fashion Information Desk (RKS)

Li & Fung Minimal, the Hong Kong-based mostly offer chain supervisor mainly for US and EU makes, division outlets, hypermarkets, specialty outlets, catalogue-led companies, and e-commerce websites, has proposed to go personal in view of the declining stock value, and the current coronavirus spread which is probable to negatively impact all businesses.