Jakota Capital (Holding) (HKG:1468) has revised the terms of its planned acquisition of Jakota Capital AG, according to a Monday Hong Kong filing.
The company had agreed in April to buy 80% of Jakota Capital AG for up to HK$103 million via the issuance of 705.48 million shares at HK$0.146, equal to 40.62% of its existing share capital.
The deal has now been scaled back to a 51% stake for HK$50.7 million, to be settled through 347.36 million shares at the same issue price, or about 20% of the current share base.
All performance adjustments, tranche payments, and earnings guarantees from the original structure have been removed.
Jakota Capital said the revised consideration represents a 53.37% discount to the estimated market value of the 51% stake.
Upon completion, vendor GTC AG will hold about 16.67% of the enlarged share capital, the filing said.
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