Baker McKenzie is currently acting for Enice Holding Company Limited (ASX: ENC) as it considers a privisation offer put to CHESS Depositary Interests (CDI) Holders by Tech World Limited.

The Company, headquartered in Hong Kong, is a wireless telecommunications technology enterprise with activities in technology development, product supply, and network management, maintenance and optimisation services.

Tech World Limited is owned by Mr Shen Yongjun, a Company director, who currently holds 46.44% of the issued CDIs.  In the Proposal, Mr Yongjun advises that he has entered into a Consortium Agreement with certain other CDI Holders who in aggregate currently hold 84.73% of the CDIs (collectively referred to as the Excluded Group).  The Excluded Group will not participate in the Proposal and will not vote on the Proposal.

Baker McKenzie lead partners' Richard Lustig and Bill Fuggle in a joint statement said:

Our client, Enice Holding Company Limited, has received a proposal to privatise the Company at A$0.44 per CDI to be put to Scheme CDI Holders for their consideration.

"The Proposal is at a price which is almost double the Company's current CDI trading price on ASX of A$0.23, and values the Company at approximately A$114 million."

In outlining what needs to occur for a successful completion, both Richard and Bill stated: "Completion of the Proposal will occur by way of simultaneous scheme of arrangement and capital return to be conducted under Hong Kong law, given that Enice Holding Company Limited is incorporated in Hong Kong (even though its CDIs trade on ASX)."

Richard and Bill were both supported by a Baker McKenze team comprising lawyers' Lizzie Lu and Timothy Pirera.

Enice is obtaining legal advice from Baker McKenzie in Australia and from Dentons in Hong Kong.  The independent directors are obtaining legal advice from HWL Ebsworth.  The Offeror is obtaining financial advice from Huatai Financial Holdings (Hong Kong) Limited.

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