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Pantronics Confirm Acquisition by Huobi

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As reported right here on Bitrazzi (28th August), Huobi have now been confirmed as having bought a significant number of shares in Pantronics. The move, which looks like a reverse takeover, could well be the signal for Huobi to go public with an IPO. Only a few days ago, Pantronics alerted the world to the possibility of a takeover, with a message reading:

At the request of Pantronics Holdings Limited (the “Company”), trading in the shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited will be halted with effect from 9:00 a.m. on Wednesday, 22 August 2018 pending the release of an announcement relating to a possible offer to be made under Rule 26 of the Hong Kong Codes on Takeovers and Mergers, which is inside information in nature.

Now, the official document has been released, stating:

The Company was informed by the Vendor that on 21 August 2018 (after trading hours of the Stock Exchange), the Offeror and Trinity Gate (as purchasers), the Vendor (as vendor) and the Guarantor entered into the Sale and Purchase Agreement in relation to the sale and purchase of an aggregate of 215,576,000 Sale Shares, representing approximately 71.67% of the entire issued share capital of the Company as at the date of this joint announcement. Completion took place on the date of the Sale and Purchase Agreement on 21 August 2018.

While Huobi have not yet made an official comment, the interesting headline is the discrepancy in numbers from the original, widely-quoted figures. It was believed that Huobi were going to be purchasing 73.73% of Pantronics, but the document above reads 71.67%. Whether this indicates some kind of breakdown, or whether the quoted figures in the media were inaccurate, remains to be seen. But for now, what we know is that Huobi have successfully got their hands on a public company, and that opens up all sorts of possibilities for the near future.

Watch this space at Bitrazzi – we’ll have all the latest news on this takeover as it comes in.

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