Skyfame Realty (00059) has announced the signing of an exclusive agreement on April 10, 2026. The parties involved are (i) the company; (ii) Lion Wealth Management Limited (the investor); and (iii) the Joint Provisional Liquidators of the company. The Joint Provisional Liquidators are Mr. Michael Penrose of EY Bermuda Limited, Ms. Kitty So and Ms. Lau Wan Man of Ernst & Young Corporate Finance Services Limited, and Mr. Joel Edwards of EY Cayman Ltd, who are acting solely as agents without assuming any personal liability.
Pursuant to the exclusive agreement, the company has granted the investor a six-month exclusive period, effective from the signing date. This period is intended to facilitate the implementation of the company's proposed restructuring, aimed at resuming the trading of its shares on The Stock Exchange of Hong Kong Limited. Following the signing, the company and the investor will negotiate in good faith with the objective of entering into a formal agreement concerning the proposed restructuring before the exclusive period expires.
While the exclusive agreement is legally binding, the specific terms of the proposed restructuring are subject to further negotiation and the execution of a formal agreement. The exclusive agreement itself does not create any binding obligation or commitment for any party to proceed with or complete a transaction based on the terms and conditions of the proposed restructuring. Both the Joint Provisional Liquidators and the investor have the right to terminate the exclusive agreement according to its terms. Upon termination, all duties, obligations, and responsibilities arising from the agreement will be discharged, and the Joint Provisional Liquidators will be free to engage in discussions, negotiations, and accept proposals from other third parties regarding any restructuring.
Since their appointment on August 15, 2022, and following the winding-up order issued by the Supreme Court of Bermuda on November 14, 2025, the Joint Provisional Liquidators have been actively and continuously exploring various restructuring opportunities in the best interests of all creditors. This work has included soliciting indications of interest from potential investors, reviewing preliminary proposals, and negotiating investment and restructuring frameworks that could support the company's debt restructuring and share resumption.
The Joint Provisional Liquidators believe that granting the exclusive period to this investor, who has demonstrated a consistent interest in exploring a potential restructuring since the winding-up order, will help in preparing a restructuring plan more effectively. It is also intended to facilitate the fulfillment of the resumption guidance issued by the Exchange before the company's listing status is cancelled. The purpose of the exclusive agreement is to provide the company (represented by the Joint Provisional Liquidators) and the investor with a clear and structured timeframe to collaborate closely on developing, evaluating, and, if appropriate and feasible, implementing a restructuring plan.
As of the date of this announcement, the Joint Provisional Liquidators are continuing discussions with the investor regarding the detailed terms of a loan agreement intended to fund a viable restructuring plan. They are also preparing a resumption proposal, which they intend to submit to the Exchange for consideration as soon as practicable. Apart from the exclusive agreement, no formal agreements regarding the company's restructuring have been entered into among the company, the Joint Provisional Liquidators, and the investor. The company's shares remain suspended from trading.