Thursday, September 3, 2009

Tsit Wing Exit Offer Rejected


Company Info: Tsit Wing International Holdings Limited is an investment holding company. Through its subsidiaries, the Company is engaged in the processing of coffee beans, distributions of coffee, tea and related products, as well as operations of cafe shops and restaurants. The Company principally operates in Hong Kong, People’s Republic of China and Canada. The Company’s subsidiaries include Tsit Wing International Company Limited, Tsit Wing Trading Limited, Tsit Wing Enterprises Limited, Cadiz Enterprise Limited, Tsit Wing (China) Co. Limited, Tsit Wing (Hong Kong) Company Limited, Tsit Wing Coffee Company, Limited, TW Cafe Limited, Tsit Wing (China) Investment Limited, Zhuhai Tsit Wing Food Co Ltd, TW (China) Cafe Limited, Shanghai Tsit Wing Food Co. Ltd and Tsit Wing Australia Pty Limited.

Reasons for Rejected Exit Offer: Although Tsit Wing Exit Offer was approved by at least 75% of present Shareholders, it had also been voted against by > 10% of Shareholders too. Thereby, the exit offer have lapsed.

Future:

Not sure what will happen to the price, but probably Tsit Wing will attempt to propose another Exit Offer in future. Part of its reason for delisting is reducing the compliance costs in maintaining its listing status. It will be interesting to track what will happen to a lapsed exit offer company.

References:

  1. SGX - Tsit Wing Exit Offer Lapsed
  2. SGX - Tsit Wing Exit Offer for reference

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