In June this year, at the request of Dadongfang, Overseas Chinese issued a conditional withdrawal offer to small shareholders holding the remaining 6.28% of the shares at a price of 30.15 yuan per share, with a total value of approximately RMB 900 million.
In May last year, OCBC Bank tried to acquire 11.56% of Dadongfang's equity at a price of RMB 25.60 per share, with a total value of approximately RMB 1.4 billion. Since the forced acquisition threshold was not met, the Dadongfang Public's shareholding ratio was less than 10%, Dadongfang Stock was suspended.
Voting results show that 63.49% favored the Big East delist, not meeting the threshold of at least 75% favored the vote.
The second plan received 98.82% of the votes in favor, which means that Dadong will issue up to 473.319,069 bonus shares to all shareholders at a one-to-one ratio. Shareholders can choose to receive ordinary bonus shares or Class C shares without voting rights.
Big East held a special shareholders' meeting on the afternoon of Tuesday (July 8), and minority shareholders voted on the two resolutions of delisting or stock resuming transactions.
Since the first plan was not approved, shareholders voted against the second plan, namely allocating bonus shares and restoring the public shareholding ratio to resume transactions.
Shareholders voted against the privatization of the delisting of Dadongfang Holdings.