Buyer Consortium Extends Deadline for HollySys Shareholders to Submit Consents to August 20, 2021
Summary
BEIJING--(BUSINESS WIRE)--The buyer consortium (the “Consortium”) consisting of Mr. Shao Baiqing, Ace Lead Profits Limited and CPE Funds Management Limited today announces the extension of the deadline by which shareholders of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (the “Company”) may submit consents to the Consortium’s proposed resolutions concerning its proposed acquisition of all outstanding ordinary shares of the Company not already owned by the Consortium at a price of $17.10 per share in cash. The decision to extend the deadline for submitting consents is primarily prompted by inquiries from shareholders who wish to know the outcome of the ongoing litigation before the British Virgin Islands Court (the “Court”) concerning the legality of the Company’s amendments to its memorandum and articles of association, hastily passed by the Company’s board of directors and without shareholders’ approval, on January 7, 2021. It should be noted that many of the issues raised in the July 15 Press Release are currently being scrutinised before the Court, and the Consortium believes that the July 15 Press Release is disrespectful to the Court whilst it deliberates on the proceedings, and irresponsible and misleading to the Company’s shareholders. Once a judgment is handed down, the Consortium will make an announcement for the purpose of, among other things, responding to the July 15 Press Release.” Shareholders owning shares through a bank or broker (i.e., in “street-name” or as a “beneficial owner”) who have not yet received the Consortium’s consent materials should promptly contact their bank or broker and request instructions regarding the WHITE consent card. Shareholders with questions about how to submit consents and related matters should promptly contact Innisfree M&A Incorporated, the firm assisting the Consortium with the consent solicitation, by email at HOLIconsent@innisfreema.com or by phone at +1 (877) 750-9501 (toll-free from the U.S. and Canada), or at +1 (412) 232-3651 (from other locations), during the hours of 10:00 a.m.-7:00 p.m. Eastern Time, Monday-Friday, and 10:00 a.m.-2:00 p.m. Eastern Time on Saturdays.