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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.