Ernest Borel Holdings Ltd (HK:1856) has released an update.
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Ernest Borel Holdings Ltd has announced that Gold Vantage Group, which it recently acquired, recorded a net loss for 2023, triggering a compensation clause in the purchase agreement. The Vendor is obligated to pay the Company 1.5 times the shortfall, amounting to approximately HK$45.8 million. The settlement of this compensation will be managed through a combination of share issuance and cash payments, with all arrangements completed by March 2024.
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