Li & Fung Announces Shareholder Approval for Privatization

Li & Fung Announces Shareholder Approval for Privatization

Li & Fung Limited (“Li & Fung”, “the Group”, or “the Company”, SEHK: 494), announced that the Company’s shareholders have approved the privatization proposal offered via a Scheme of Arrangement (“Scheme” or “offer”) by Golden Lincoln Holdings I Limited (“the Offeror”), whose shareholders are the Fung Family and Singapore-based GLP Pte Ltd. (“GLP”), a leading global logistics warehouse operator and investor, at the Court Meeting and Special General Meeting held on Tuesday.

The Scheme received significant support from shareholders:
• 97.14% of the total number of shares voted by disinterested shareholders in person or by proxy at the Court Meeting were in favor of the Scheme.
• All resolutions in relation to the Scheme were approved by the shareholders at the Court Meeting and the Special General Meeting.

William Fung, Group Chairman of Li & Fung said, “I am pleased that our shareholders are supportive of the privatization proposal for Li & Fung. I would also like to deeply thank our shareholders for their long-term support of our company through nearly three decades of change in the global retail industry.”

The Scheme remains subject to the fulfilment or waiver (as applicable) of certain conditions, including sanction by the Bermuda Court in the petition hearing on 21 May 2020.

A cancellation consideration of HK$1.25 per share in cash, representing a premium of 150% to the stock last closing price before the announcement of the proposal for the privatization on 20 March 2020, will be paid to Company’s shareholders on or before 1 June 2020. Subsequent announcements will be made on the websites of Li & Fung and the Hong Kong Stock Exchange (“Stock Exchange”) on the finalized dates pertaining to the expected timetable.

Li & Fung’s listing on the Hong Kong Stock Exchange is expected to be withdrawn on 27 May 2020.

(Photo Source:Chong Fat|CC BY SA 3.0)