According to Zhitong Finance App, Coastal Home (01124) and offender DEEP WATER STRATEGY LIMITE jointly announced that the board of directors was informed by the offeror on August 21, 2026 (after the transaction period) that the offeror (as the buyer), the guarantee trustee and the lender entered into a sales agreement. Based on this, the receiver conditionally agreed to sell, and the offender conditionally agreed to purchase approximately 153 million shares (accounting for about 36.93% of the company's total issued share capital as of the date of this joint announcement). All prerequisites under the sale agreement have been fulfilled, and the acquisition was completed on August 24, 2026.
According to Rule 26.1 of the Takeovers Code, the offeror is required to make a mandatory conditional cash offer for all issued shares (except those that the offeror already owns and/or has agreed to the takeover). HK$0.0776 per share is a discount of approximately 29.45% from the closing price of HK$0.11 per share reported on the Stock Exchange on the last trading day.
After the end of the offer, the offeror intends to maintain the listed status of the shares on the Stock Exchange. If the acceptance level of the shares offered results in the shareholding of the offender and those acting in concert with them to reach 75% of the total issued share capital of the company, the sole director of the offender and the new director to be appointed to the board of directors will promise to the Stock Exchange to take appropriate steps as soon as possible after the offer ends to ensure sufficient public shareholding in the shares after the offer ends. The company has applied for shares to resume trading on the Stock Exchange at 9:00 a.m. on November 13, 2026.
On the date of this joint announcement, the offeror is wholly owned by Mr. Cao Mengjie, and the sole director of the offeror is Mr. Wong Piu.