A plan to privatize Dickson Concepts (International) (HKG:0113) via a scheme of arrangement proposed by Bestcity Assets has lapsed after failing to secure sufficient support from disinterested shareholders, according to a July 18 joint Hong Kong bourse filing.
Shares of the company were down about 30% in Monday morning trade.
The scheme was approved by more than 75% in value and a majority in number at Friday's court meeting.
However, over 10% of the votes attached to disinterested shares were cast against the proposal, breaching the threshold set under the Hong Kong Takeovers Code.
As a result, the scheme will not proceed, no shares will be cancelled, and the company will remain listed on the Hong Kong Stock Exchange.
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