BEIJING–(BUSINESS WIRE)–The buyer consortium (the �Consortium) consisting of Mr. Shao Baiqing, Ace Lead Profits Limited and CPE Funds Management Limited today announces the extension of the deadline by which shareholders of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (the Company) may submit consents to the Consortiums proposed resolutions concerning its proposed acquisition of all outstanding ordinary shares of the Company not already owned by the Consortium at a price of $17.10 per share in cash. The Companys shareholders are now cordially asked to sign, date and return the WHITE consent card or otherwise submit their consents as soon as possible, but in any event on or before August 20, 2021.
The decision to extend the deadline for submitting consents is primarily prompted by inquiries from shareholders who wish to know the outcome of the ongoing litigation before the British Virgin Islands Court (the Court) concerning the legality of the Companys amendments to its memorandum and articles of association, hastily passed by the Companys board of directors and without shareholders approval, on January 7, 2021. As the Court has not handed down its judgment, the Consortium will extend the deadline for submission to August 20, 2021, which may be further extended if the Court judgment for this litigation is not available at that time.
In further response to shareholder inquiries, the Consortium states the following regarding the Companys July 15, 2021 press release:
The Consortium is aware of the press release by the Company on July 15, 2021, with the misleading title HollySys Sets Record Straight on Consortiums Consent Solicitation (the July 15 Press Release). We do not agree with the July 15 Press Release. It should be noted that many of the issues raised in the July 15 Press Release are currently being scrutinised before the Court, and the Consortium believes that the July 15 Press Release is disrespectful to the Court whilst it deliberates on the proceedings, and irresponsible and misleading to the Companys shareholders. Accordingly, and to show the necessary respect to the Court as any sensible persons should, it is the Consortiums decision not to make any further comment on the July 15 Press Release until judgment is handed down by the Court. Once a judgment is handed down, the Consortium will make an announcement for the purpose of, among other things, responding to the July 15 Press Release.
Shareholders owning shares through a bank or broker (i.e., in street-name or as a beneficial owner) who have not yet received the Consortiums consent materials should promptly contact their bank or broker and request instructions regarding the WHITE consent card. Shareholders with questions about how to submit consents and related matters should promptly contact Innisfree M&A Incorporated, the firm assisting the Consortium with the consent solicitation, by email at HOLIconsent@innisfreema.com or by phone at +1 (877) 750-9501 (toll-free from the U.S. and Canada), or at +1 (412) 232-3651 (from other locations), during the hours of 10:00 a.m.-7:00 p.m. Eastern Time, Monday-Friday, and 10:00 a.m.-2:00 p.m. Eastern Time on Saturdays.
Contacts
Jinxiang Guo
Executive Director
CPE Funds Management Limited
Email: guojinxiang@cpe-fund.com
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