Cash Offer For Vinda International Shares Now Open For Shareholder Acceptance

Isola Castle Ltd, in collaboration with Vinda International Holdings Limited, has officially announced the opening of their voluntary conditional cash offer for acquiring shares in Vinda. This development follows the fulfillment of all pre-conditions required for the offer, marking a significant step forward in the acquisition process. Isola Castle operates as a special purpose vehicle under APRIL, which is part of the RGE group known for its leadership in the bioeconomy and renewable energy sectors.

Belinda Tanoto, Managing Director at RGE, expressed her contentment with the progress and extended a warm invitation to Vinda's team to join their ranks. The offer has garnered substantial support from Essity GH and Mr. Li Chao Wang, Vinda's two largest shareholders, who collectively hold approximately 72.62% of Vinda's issued share capital. The acquisition is being facilitated by Isola Castle at a cash offer price of HK$23.50 per share, advised by BNPP and CICC as joint financial advisers.

This price indicates a 22.12% premium over the average closing price of Vinda's shares and a significant 145.23% increase over its net asset value per share. The offer not only allows shareholders to capitalize on their investment at an attractive rate but also promises potential growth and development opportunities for Vinda in the tissue and personal care industry through strategic business integration.

APRIL views the acquisition of Vinda as a strategic move that will bolster its business portfolio, aiming to establish a more robust and sustainable enterprise post-privatization. It has been clarified that there are no intentions to implement major changes to Vinda’s current business model or affect the employment status of its workforce as a result of this offer.

Shareholders interested in accepting this offer are required to complete the Form of Acceptance and submit it alongside their share certificates and/or documents of title to Computershare Hong Kong Investor Services Limited by 2 April 2024. For any queries regarding the offer's administrative or procedural aspects, shareholders are encouraged to reach out through the designated Enquiry Hotline or via email.

The initial announcement regarding Isola Castle's intention to acquire all issued shares in Vinda, excluding those already owned by Beaumont Capital Fund Ltd (a subsidiary of Isola Castle), was made on 15 December 2023. Following the satisfaction of pre-conditions on 4 March 2024, Vinda released a Composite Document about the offer on 8 March 2024, officially opening it for shareholder acceptance.