HK Asia Holdings: Independent board advises shareholders to reject cash offer

HK Asia Holdings' independent board committee is advising shareholders to reject the mandatory unconditional cash offer of HK$0.45 per share made by Get Nice Securities on behalf of Joint Offerors, deeming the offer "not fair and not reasonable" for independent shareholders. While the offer represents a premium over audited and unaudited net asset values, it reflects a substantial discount compared to recent trading prices, which surged after the offer's announcement, reaching HK$6.60 on February 24, 2025. The board noted an intention by Joint Offerors to maintain the existing business while exploring cryptocurrency and blockchain investments, and cited recent Bitcoin purchases. Gram Capital, the independent financial advisor, supports the rejection recommendation.