Prior to the privatisation, Asia Standard Hotel was an indirect subsidiary of Asia Standard International Group Limited (“ASI”), an exempted company incorporated in Bermuda with limited liability and the issued shares of which are listed and traded on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). ASI was an indirect subsidiary of Asia Orient Holdings Limited, also an exempted company incorporated in Bermuda whose shares are listed and traded on the Main Board of the Stock Exchange (“AO”, together with ASI and the Group, the “AO Group”).
The Appleby team comprised our Hong Kong Corporate team and Bermuda Dispute Resolution team. Our Hong Kong team was led by Partner Judy Lee and assisted by Legal Manager Kelly Tang and Legal Executive Connie Wu, and our Bermuda team was led by Partner John Wasty and assisted by Counsels James Batten and Jordan Knight.
The Scheme provides that each Scheme shareholder is entitled to receive (i) 3 new shares of ASI, and (ii) the cash payment of HK$0.700, for every 20 Scheme shares cancelled and extinguished. Each holder of Asia Standard Hotel convertible notes (the “Convertible Notes”) is also being offered the same consideration for every 20 outstanding Convertible Notes, subject to the Scheme being effective.
Asia Standard Hotel was listed on the Hong Kong Stock Exchange and the Group is principally engaged in holding and operating hotels in Hong Kong and property development in Canada. The AO Group is principally engaged in investment and development of commercial, retail and residential properties in Hong Kong, the People’s Republic of China and Canada, and hotel operations in Hong Kong.
The Sai Group Limited, the offeror, which was a direct subsidiary of ASI and in turn an indirect subsidiary of AO, intends not to introduce any major changes to the existing operations or business of the Group (including any redeployment of fixed assets of the Group), and that there will not be significant changes in the management and employees of the Group.
Our team regularly works with companies around the globe to help them deploy strategic growth and restructuring initiatives whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions. This transaction showcases our highly experienced teams when undertaking complex transactions and our effective cross-border communication and coordination across offices in different jurisdictions. Our team will continue to provide services of the highest quality to clients to meet their unique needs.
