Colour Life Services to Cease Being Fantasia Subsidiary After Restructuring; Shares Jump 27%

MT Newswires Live01-06

Colour Life Services (HKG:1778) has been informed that Fantasia (HKG:1777) and related parties have entered into a restructuring agreement to resolve a dispute involving shares of Colour Life, according to a Monday Hong Kong bourse filing.

Shares of the company rose over 24% in Tuesday morning trade.

Under the agreement, a purchaser indirectly owned by Fantasia chairwoman Zeng Jie will acquire about 21.97% of Colour Life's issued shares.

A further 10% stake will be transferred to an entity designated by TFI Securities, while Fantasia will retain around 9.98% of the shares free from any security or claims.

The dispute dates back to December 2021, when TFI Securities alleged Fantasia owed about $97 million secured by 780.1 million Colour Life shares, representing 41.95% of the company's issued share capital.

Fantasia has disputed the claim, saying the shares were not pledged as security, and previously objected to an attempted auction of up to 29.9% of Colour Life's shares, filings showed.

Upon completion of the restructuring, Colour Life will cease to be a subsidiary of Fantasia, assuming no change in the number of issued shares.

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