Major Transaction: Disposal of Subsidiary and Grant of Options by LSG and LSD

Key Points for Investors

• Lai Sun Garment (International) Limited (“LSG”) and Lai Sun Development Company Limited (“LSD”) have jointly announced a major transaction involving:
  • Disposal of a subsidiary through sale of shares
  • Grant of a Put Option and Call Option as part of a Shareholders Agreement
• The transaction involves the sale of 81.4% of the issued shares in Ample Beyond Limited (the “Target Company”), which in turn owns 98.27% of Camper & Nicholsons International S.A. (“the Target”).
• Total consideration for the transaction is €49,135,000, based on a valuation of €50,000,000 for 100% of the Target.
  • Initial consideration for the disposal is €40,000,000 for 80% interest, subject to adjustments.
  • Implied valuation multiple is approximately 12x Management Pre-Closing FY2025 EBITDA.
• Put Option and Call Option:
  • Put Option can be exercised by the Vendor, allowing a complete exit from the Target at the same per-share price as the disposal. Estimated value is €9,135,000 for 18.27% interest.
  • Call Option can be exercised by the Purchaser, requiring the Vendor to sell remaining shares at the same per-share price.
  • Both options are subject to adjustments and can be exercised after 31 December 2027.
• Shareholder Approval and Listing Rules:
  • Both LSG and LSD classify the transaction as a major transaction under Chapter 14 of HKEX Listing Rules.
  • LSG will hold a General Meeting on 29 June 2026 to seek shareholder approval. Record date is 23 June 2026.
  • LSD is exempt from convening a general meeting, as written approval has already been obtained from shareholders holding more than 50% of voting rights.
  • Circulars detailing the transaction will be dispatched to shareholders by 12 June 2026.
• Financial Impact:
  • Upon completion, Target Company will no longer be consolidated into LSG and LSD financial statements.
  • LSG expects to recognize a gain of approximately HK\$91 million; LSD expects a gain of approximately HK\$92 million.
• Business Rationale:
  • The disposal streamlines LSD’s business focus, strengthens liquidity, and enhances financial flexibility for both LSG and LSD.
  • Proceeds will be used for general working capital and/or repayment of indebtedness.
• Details of Assets:
  • Target Company: Ample Beyond Limited (BVI), investment holding.
  • Subsidiary A: Vicper Holdings Limited (HK), investment holding.
  • Target: Camper & Nicholsons International S.A. (Luxembourg), engaged in yacht brokerage, management, charter, insurance, corporate services, and crew placement.
• Shareholder Structure:
  • LSG owns ~55.60% of LSD.
  • LSD owns 100% of Vendor, which owns 100% of Target Company.
  • Target Company owns 100% of Subsidiary A, which owns 98.27% of the Target.
• Purchaser Information:
  • Wave Expandary Limited (BVI), wholly owned by Sea Expandary Limited (Cayman Islands), ultimately owned by an independent trust.
  • Purchaser and its ultimate beneficial owners are independent third parties to LSG, LSD, and their connected persons.
• Completion Conditions:
  • Subject to fulfillment of various conditions, including shareholder approval, execution of documents, regulatory approvals, no material adverse effect, and accuracy of warranties.
  • Long Stop Date for completion is 30 September 2026.
• Shareholders Agreement:
  • Board composition: 5 directors (Purchaser nominates 4, Vendor nominates 1).
  • Reserved matters require approval of Vendor-nominated director.
  • Right of first refusal and tag-along rights for share transfers.

Important Shareholder Information and Potential Price Sensitivity

• The transaction is a major disposal, with significant gain expected for both LSG and LSD, which may positively affect share values.
• The grant of Put and Call Options allows for potential future changes in ownership structure and complete exit opportunities, which may affect long-term valuation.
• Shareholder approval is required for LSG, but not for LSD due to written consents.
• Circulars with further details will be sent to shareholders, and any delays will be announced. Investors should monitor these developments closely.
• Completion is subject to conditions; the transaction may or may not proceed. Investors should exercise caution.
• Upon completion, the Target Company will no longer be consolidated, potentially impacting future earnings and asset values of both LSG and LSD.
• Proceeds may be used for working capital or debt repayment, potentially improving liquidity and financial ratios.

Financial Data

Unaudited net asset value as at 31 January 2026: HK\$349 million (before deduction of shareholder’s loan).

Total consideration: €49,135,000 (approx. HK\$452 million).

Estimated gain: HK\$91 million (LSG), HK\$92 million (LSD).

Timeline and Next Steps

• LSG General Meeting: 29 June 2026
• Record Date: 23 June 2026
• Circular Dispatch Deadline: 12 June 2026
• Long Stop Date for Completion: 30 September 2026

Disclaimer

This article is for information purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult with professional advisors before making investment decisions. The completion of the transaction is subject to various conditions and may or may not proceed. Potential investors should exercise caution.

繁體中文版本

主要交易：LSG及LSD出售子公司及授予選擇權詳情

• 麗新製衣（國際）有限公司（LSG）及麗新發展有限公司（LSD）聯合公告一項重大交易：
  • 出售子公司股份
  • 根據股東協議授予賣方出售權（Put Option）及買方購買權（Call Option）
• 交易涉及出售Ample Beyond Limited（目標公司）81.4%股份，目標公司再持有Camper & Nicholsons International S.A.（目標）98.27%股份。
• 總交易對價為€49,135,000，基於目標公司100%估值€50,000,000。
  • 初始對價為€40,000,000（80%權益），需作調整。
  • 估值倍數約為管理層2025財年EBITDA的12倍。
• 選擇權詳情：
  • 賣方可行使Put Option，完全退出目標公司，按出售時每股價格，估值約€9,135,000（18.27%權益）。
  • 買方可行使Call Option，要求賣方出售剩餘股份，按同等每股價格。
  • 兩項選擇權可於2027年12月31日後行使。
• 股東批核與上市規則：
  • LSG及LSD均將此交易視為上市規則第14章下的重大交易。
  • LSG將於2026年6月29日召開股東大會，記錄日期為6月23日。
  • LSD已獲超過50%投票權股東書面批准，免召開股東大會。
  • 相關通函將於2026年6月12日前發出。
• 財務影響：
  • 交易完成後，目標公司將不再納入LSG及LSD財務報表。
  • LSG預計錄得約港幣9,100萬元收益，LSD約港幣9,200萬元。
• 商業理由：
  • 此交易有助LSD精簡業務、增強流動性及財務靈活性。
  • 所得款項將用於一般營運資金及/或償還現有債務。
• 資產詳情：
  • 目標公司：Ample Beyond Limited（BVI），投資控股。
  • 子公司A：Vicper Holdings Limited（香港），投資控股。
  • 目標：Camper & Nicholsons International S.A.（盧森堡），從事遊艇經紀、管理、租賃、保險、企業服務及船員招聘。
• 股權結構：
  • LSG持有LSD約55.60%。
  • LSD持有Vendor 100%，Vendor持有目標公司100%。
  • 目標公司持有子公司A 100%，子公司A持有目標98.27%。
• 買方資訊：
  • Wave Expandary Limited（BVI），由Sea Expandary Limited（開曼）全資擁有，最終屬於獨立信託。
  • 買方及其最終受益人均為獨立第三方。
• 完成條件：
  • 需滿足多項條件，包括股東批核、文件執行、監管批核、無重大不利影響及保證正確。
  • 最終完成截止日期為2026年9月30日。
• 股東協議：
  • 董事會五人（買方提名四人，賣方提名一人）。
  • 部分事項需賣方提名董事同意。
  • 股份轉讓設優先購買權及隨售權。

重要股東資訊及潛在股價敏感事項

• 此重大交易預計將為LSG及LSD帶來顯著收益，或正面影響股價。
• 授予Put及Call Option，將來可能改變股權結構，亦可選擇完全退出，影響長遠估值。
• LSG需股東批核，LSD已獲書面批准。
• 通函將發送股東，任何延遲將公告，投資者需密切留意。
• 交易完成需條件，或未必進行，投資者需審慎。
• 完成後目標公司將不再合併入LSG及LSD財報，或影響未來盈利及資產值。
• 所得款項用於營運或還債，或改善流動性及財務比率。

財務數據

未審核資產淨值（2026年1月31日）：港幣3.49億元（未扣除股東貸款）

總對價：€49,135,000（約港幣4.52億元）

預計收益：LSG約港幣9,100萬元，LSD約港幣9,200萬元

時間表及後續事項

• LSG股東大會：2026年6月29日
• 記錄日期：2026年6月23日
• 通函發出截止：2026年6月12日
• 完成截止日期：2026年9月30日

免責聲明

本文章僅供資訊參考，並不構成任何財務建議或買賣證券推薦。投資者應自行作出盡職調查，並諮詢專業顧問後再作投資決策。交易完成需多項條件，或未必進行，投資者請審慎。

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