Asia Standard Hotel Group Limited (HK:0292) has released an update.
Asia Standard Hotel Group Limited and affiliated parties have announced a proposed group reorganization, which includes a share exchange offer with a cash component for the cancellation of scheme shares. Details of the reorganization, along with a scheme document and letters to convertible note holders, have been dispatched as part of the move towards a scheme of arrangement under Bermuda law. An Independent Board Committee and Financial Adviser have been appointed to assess and recommend actions for the proposal, aimed at fairness and reasonableness.
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