THE cash offer by Dynamic Holdings for Unisouth Holdings has closed with Dynamic owning 91.95 per cent of the takeover target, after gaining acceptances worth 43.28 per cent of the issued share capital.
To comply with the minimum 25 per cent public float exchange listing requirement, New China Hong Kong Corporate Finance will seek independent shareholders to take up shares.
The old directors of Unisouth have quit and been replaced by Edward Kwok Wai-tak, John Cheng Hok-chow, Danny Yiu Kwok-wai, Ingrid Kwok Wai-ming, Philip Yuen Pak-yiu and James Lau Kwong-ching.
A dispute over the sale of a stake in an independent third property company to a Unisouth subsidiary broke out on Friday involving Edward Kwok. This has led Mr Kwok to extend a personal guarantee to the full extent of the liability involved of up to $143 million in respect of the claims.