Mega Regal Ltd.'s mandatory cash offer to buy out Lifestyle Properties Development Ltd. for roughly HK$661.6 million closed May 31.
According to a joint statement, 92,911,552 shares, or about 22.17% of Lifestyle Properties' entire issued share capital, were validly accepted in the offer. Consequently, Mega Regal and its affiliates now own 342,522,752 shares, or roughly 81.73% of Lifestyle Properties' total issued share capital.
Effective May 31, Lifestyle Properties executive director Xuan Cheng was named CEO of the company. Several of Lifestyle Properties' executive and nonexecutive directors, including Candy Chan, Sen Lau, Hoi Wong, Simon Lam, Robert Charles Nicholson and Kau Wong, stepped down. Thomas Lau resigned as chairman and was replaced by Rongbin Lin.
Optima Capital Ltd. was the financial adviser to Mega Regal for the transaction.