Pursuant to the terms and conditions of a sales and purchase agreement between the Company and Glassy Mind Holdings Limited, dated as of November 24, 2015, the Company agreed to sell 39.2 million shares in Ourgame to Glassy Mind Holdings Limited at a price of HK$6.1062 per share, for a total consideration of approximately HK$239.36 million (equivalent to approximately US$30.9 million at the applicable exchange rate published by the People’s Bank of China as of the date hereof), with roughly 80% of the total consideration to be paid in cash immediately upon the completion of the sale and the remaining consideration to be paid in cash on 30 September 2016 (the "Transaction").
The completion of the Transaction is subject to a number of conditions precedent, including the obtaining of a ruling from the Securities and Futures Commission of Hong Kong in connection with the Transaction.
The Company first acquired Ourgame’s shares in January 2014 prior to Ourgame’s initial public offering and listing on The Stock Exchange of Hong Kong Limited in June 2014.
Upon closing of the Transaction, the Company will continue to hold approximately 20.74 million shares in Ourgame, representing approximately 2.6% of the total issued and outstanding ordinary shares of Ourgame as of the date of this press release.
