Hollysys Response to Ace Lead Profits Limited Misleading Press Release
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BEIJING, March 16, 2021 /PRNewswire/ Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ( Hollysys or the Company ) refers to a press release issued on March 14, 2021 (the Press Release ) concerning a purported preliminary victory by Shao Baiqing ( Mr. Shao ) and Ace Lead Profits Limited ( Ace Lead ) against the Company before the Commercial Division of the Eastern Caribbean Supreme Court, Territory of the British Virgin Islands (the Court ).
The Company notes that the Press Release contains multiple misleading statements in relation to the Court process, which the Company feels compelled to clarify.
Shao Baiqing and Ace Lead Profits Limited Won Preliminary Victory Against Hollysys Automation Technologies in the BVI | 0 On March 8, 2021, Justice Gerhard Wallbank of the Commercial Division of the Eastern Caribbean Supreme Court, Territory of the British Virgin Islands (the “Court”) approved an order (the “Order”) recording a preliminary victory by Shao Baiqing (“Mr. Shao”) and Ace Lead Profits Limited (“Ace Lead”, together with Mr. Shao, the “Claimants”) in their lawsuit against Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (the “Company”), filed on February 1, 2021. In the lawsuit, the Claimants challenge the legality of recent wide-ranging amendments to the Company’s memorandum and
Hollysys Board of Directors Received a Notice From Hollysys Committee on Trust Interests
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BEIJING, March 15, 2021 /PRNewswire/ The Board of Directors (the Board ) of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ( Hollysys or the Company ) refers to the announcement made by the Company on February 1, 2021 whereby the Board confirmed receipt of a revised unsolicited consortium proposal to acquire all the outstanding shares of Hollysys made by Shao Baiqing ( Mr. Shao ), Ace Lead Profits Limited ( Ace Lead ) and CPE Funds Management Limited (the Revised Proposal ). The Revised Proposal was exhibited to the Schedule 13D (Amendment No.2) dated January 29, 2021 filed jointly by Mr. Shao and Ace Lead (the Amended Schedule 13D ). It was stated in the Amended Schedule 13D that Ace Lead is wholly owned and controlled by Mr. Shao and Mr. Shao may be deemed to be a beneficial owner of the shares of the Company held by Ace
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Hollysys Board of Directors Rejects Unsolicited Offer
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BEIJING, Jan. 8, 2021 /PRNewswire/ Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ( Hollysys or the Company ), today announced that its Board of Directors (the Board ), after careful review and consideration and with the assistance of its executive management team as well as outside financial and legal advisors, has determined that the unsolicited offer made by Mr. Baiqing Shao, CPE Funds Management Limited and purportedly on behalf of Ace Lead Profits Limited (collectively, the Consortium ) on December 7, 2020, to acquire all of the outstanding ordinary shares of the Company for $15.47 in cash per ordinary share, substantially undervalues the Company and is not in the best interest of the Company s shareholders.