Slaughter and May is advising on Hong Kong Technology Venture Company Limited’s share buy-back by general offer and the related whitewash waiver

Slaughter and May is advising Hong Kong Technology Venture Company Limited (HKTV) on its conditional cash offer to buy-back up to 100,000,000 shares at HK$2.15 per share (the Offer). The maximum consideration under the Offer to be paid by HKTV will amount to a total of HK$215 million. The Offer was announced on 22 May 2024.

The firm is also advising the controlling shareholder of HKTV, Top Group, on its application to the Securities and Futures Commission (SFC) for a whitewash waiver from the obligation to make a mandatory general offer for HKTV as a result of the Offer, as its shareholding in the Company may, as a result of the Offer, increase up to approximately 51.55%.

The Offer is subject to HKTV’s independent shareholders’ approvals for the Offer and whitewash waiver and the grant of the whitewash waiver by the SFC.

The Offer will allow Shareholders to at least partially realise their investments in HKTV’s equity at a premium. The Offer, upon completion, will enhance the earnings per share and net asset value per share of HKTV.

Benita Yu, senior partner of Slaughter and May who led the transaction, comments: “We are pleased to be advising on HKTV’s landmark transaction that enhances shareholder value and at the same time offering exit opportunities for shareholders of HKTV. We look forward to supporting HKTV in its continuous strategic development.”

Established in 1992, HKTV has been at the forefront of popularising advanced technology and applications. HKTVmall is the largest 24-hour online shopping mall in Hong Kong, providing end-to-end and one-stop shop online shopping services (amongst many other services). HKTV has been listed on the Main Board of the Stock Exchange since 1997.