Zumindest gibt es monatlich bei der Börse Hongkong noch monatliche Mitteilungen über den
Status of the Proposed Restructuring
It was stated in the Status Announcements that the Provisional Liquidators are in the course of discussion with Lifestyle regarding further terms of the Proposed Restructuring. Such discussions are still continuing. Due diligence work is still being conducted by Lifestyle. The Provisional Liquidators are continuing to provide relevant documents and information to Lifestyle for such due diligence work, and are addressing questions raised by Lifestyle. The Provisional Liquidators are also liaising with the auditors regarding the audit of the outstanding financial results of Egana.
Status of the Share Charge
As disclosed in the Share Charge Announcements, the Bridging Loan was secured by, among other things, the Share Charge of over 434,345,736 shares of Egana held by Joint Asset International Limited.
The Bridging Loan is in default. If the Share Charge is enforced, this may trigger a general offer obligation under the provisions of Note 7 to Rule 26.1 of the Takeovers Code.
As at 25 May 2010, being the date prior to publication of this announcement, to the best of Egana’s knowledge, the Share Charge had yet to be enforced.