playultimatetexasholdem| Chongqing State-owned Assets or Participating in the Reorganization of Major Shareholders ST Dima responded that "the framework agreement has been signed and stamped"

This weekPlayultimatetexasholdemST Dumas has been up and down the limit many times, one of the reasons is that its major shareholder, BoE Holdings,PlayultimatetexasholdemFor this reason, the company also received a letter of inquiry from the exchange.

On May 11, the listed company disclosed the reply of the inquiry letter, which gave a detailed explanation of the above restructuring incident. According to the announcement, on May 7, ST Dumas received a notice from controlling shareholder bot Holdings, which signed a "Strategic Investment Framework Agreement" with Jiangnan Group.

Later verified by ST Dumas, as bot Holdings intends to resolve the debt crisis through judicial restructuring, Jiangnan Group intends to form an investment consortium independently or with other partners to participate in the restructuring process of bot holding as an investor in the restructuring of bot Holdings.

Among them, Jiangnan Group is a local state-owned enterprise in Chongqing, with a registered capital of 2 billion yuan, which is 100% owned by the State-owned assets Management Center of Nanan District of Chongqing.

According to the announcement, there are two main points in the above-mentioned strategic investment framework agreement.

First, to promote the reorganization work, after the Jiangnan Group or the investment consortium is recognized as the reorganization investor, and the bot holding reorganization plan is approved by the relevant regulatory authorities and approved by the people's Court, the Jiangnan Group or the investment consortium will implement the reorganization investment agreement and the reorganization plan.

Second, promote strategic integration. If Jiangnan Group becomes the controlling shareholder of bot through judicial restructuring, the two sides will integrate the resources of the relevant industrial chain and give full play to the synergy of the business sectors of both sides. increase the investment of funds and resources in the core business of bot Holdings, improve the operation and management system of bot Holdings, and constantly enhance the operating performance and industry status of bot Holdings.

"this (framework) agreement is real and has been signed and sealed. The signing of a formal agreement has yet to be reorganized and accepted by the court. " ST Dumas people responded today.

The person also said that contacts between the two sides of the restructuring began last year, and under the premise of reasonable and legal compliance, and with the support of the government and the restructuring class of bot, the two sides have conducted several in-depth negotiations involving their companies.

However, according to the ST Dumas announcement, at present, bot Holdings has not yet received the court's acceptance documents on the creditor's application for reorganization, and there is still uncertainty as to whether the creditor's application is accepted by the court and whether bot Holdings enters the reorganization process.

In addition, the details, contents, rights and obligations of the cooperation between the two parties shall be determined through consultation, and the relevant specific agreement signed by the two parties shall be subject to the reorganization investment agreement formally concluded by the two parties after entering the reorganization procedure. There is still uncertainty about whether the relevant formal agreement can be finally signed.

If the restructuring fails, BoE Holdings will have the risk of being declared bankrupt and liquidated, and the shares held by subsequent shareholders will be subject to judicial treatment, and the listed company has also made a risk reminder in the announcement.

In addition, the restructuring of bot holding led to a change of control of its controlling shareholders and its ST Dumas and Smart Agriculture companies.

ST Dumas made it clear in his reply to the inquiry that "if the creditor's application for restructuring is accepted by the court, the subsequent implementation of the restructuring does not rule out the possibility that it will involve a change in corporate control."

(article Source: 21st Century Economics report)