An event that allowed Macau casino junket veteran Jack Lam In Lock to buy Sinor Green Energy International Group fully failed. But that meant Lam would retain his listed company status on the Hong Kong Stock Exchange as intended.
The scenario follows a joint announcement made on Friday by Reach Luck International Ltd, a British Virgin Islands company fully invested by Lam, and Sino Green Energy.
After completing the share subscription in September, Lam and the parties involved took over 65.85% of Sino Green Energy’s capital. Under Hong Kong’s acquisition platform, he was forced to make an unconditional compulsory cash offer to buy all shares of Sino Green Energy.
Rich Luck offered 0.35 Hong Kong dollars (US$0.05) per share in cash. However, Veda Capital, a company appointed to provide advice to independent shareholders, cautioned against the offer, saying it was too low.
“The offer price is a significant 97.20% discount to the stock’s closing price on a recent actionable date,” the financial adviser said in September. Veda said the evaluation takes into account the “positive outlook” of the Macau gaming industry and the “solid background” of Lam.
Friday’s filing on the closing of the mandatory cash offer said the offer only received valid acceptance from shareholders representing 0.005% of the company’s issued capital.
The document added: “…as of the date of this joint announcement, 25.15% of the outstanding shares are in the public’s hands, and the Company is complying with the requirements for a public listing.”
Sinorgreen Energy explained in a July filing that it was interested in working with Mr. Lamb.
The silicone rubber keypad maker said Lam’s “extensive experience in the gaming industry and business network will help the group gradually diversify its business into the [Macao] gaming market.”
Lam is the chairman of Zimei Group, which is generally considered one of Macau’s largest junket operators in the industry. According to the group’s website, it operates 10 VIP clubs at major Macau casinos in Kotai, Taifa and Macau Peninsula, including Zimei Casino (pictured). 카지노사이트 모음
On Oct. 8, the Hong Kong Securities and Futures Commission said it had begun legal proceedings against Sinor Green Holdings, alleging that the former chairman had made US$1 million in illegal profits by disposing of his division at the expense of public shareholders. Later, the Hong Kong Securities and Futures Commission said in a filing that the person in question, Tong Shuk-lun, resigned in March 2009.
