Sparrow Early Learning has conditionally agreed to buy back 24,013,278 ordinary shares, or 24.04% equity interest, in the company from Fullshare Holdings (HKG:0607) subsidiary Five Seasons XIX for a maximum of AU$20.0 million.
Sparrow Early Learning will buy back some or all of its shares in one or more tranches in three years, starting from the agreement date. The price per share and the total consideration for each tranche will be settled individually, according to a Tuesday filing.
The expected net proceeds of about AU$19.0 million will be used for the general working capital and general corporate purposes of Fullshare Holdings.
The multinational conglomerate and investment company's shares closed nearly 3% lower on Wednesday.
Price (HKD): $0.65, Change: $-0.020, Percent Change: -2.99%
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