Baker Mckenzie acts on HK tech firm’s privatisation deal

The proposal values the firm at about $114m

Baker Mckenzie acts on HK tech firm’s privatisation deal
Global law firm Baker Mckenzie is currently advising a Hong Kong-based telecommunications technology enterprise on a major privatisation offer put to CHESS Depositary Interests (CDI) Holders by Tech World Limited.

The firm’s client, Enice Holding Company, is involved in technology development, product supply, and network management, maintenance and optimisation services.

In a joint statement, Baker Mckenzie lead partners Richard Lustig and Bill Fuggle said the proposal is at a price which is almost double the Enice's current CDI trading price on the Australian Securities Exchange of $0.23, and values the company at approximately $114m.

According to the lead partners, the proposal will be completed through a simultaneous scheme of arrangement and capital return to be conducted under Hong Kong law. Although Enice’s CDIs trade on ASX, it is incorporated in Hong Kong.

Tech World is owned by Shen Yongjun, a company director who currently holds 46.44% of the issued CDIs.  In the proposal, Yongjun said he has entered into a consortium agreement with certain other CDI Holders who in aggregate currently hold 84.73% of the CDIs (collectively referred to as the excluded group).  The excluded group will not participate in the proposal and will not vote on it, Baker Mckenzie said.

Lustig and Fuggle are supported by a team comprising Baker Mckenzie lawyers Lizzie Lu and Timothy Pirera.

Apart from Baker McKenzie in Australia, Enice is obtaining legal advice from Dentons in Hong Kong. The independent directors are obtaining legal advice from HWL Ebsworth


Related stories:
Record-setting clean energy project proceeds with Baker McKenzie’s aid
Baker McKenzie leads in first-ever Australian IPO of a German company

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Experts expect these four trends in cartel enforcement in Australia this year

Hogan Lovells gets finance boost in Sydney with recruit from another global firm

Carter Newell promotes five in Brisbane and Sydney

'Gender discrimination is rife' still in UK's legal profession, survey finds

Law firms among best places to work says Fortune survey…

$570m acquisition succeeds with Lander & Rogers' advice

Most Read Articles

Eight law firms among top 100 employers Australian graduates seek

Two top-tier firms act as Federal Court clears $15bn Vodafone-TPG merger

$570m acquisition succeeds with Lander & Rogers' advice

Macpherson Kelley appoints new Victorian property and construction head