HKBN updates on takeover code, share unit cancellations

HKBN Ltd. (HKEX:1310) announced updates regarding a potential separate offer and changes to its relevant securities in accordance with Rule 3.8 of The Takeovers Code. On June 6, 2025, HKBN cancelled 257,984 unvested restricted share units under the Amended and Restated Co-Ownership Plan IV due to employee departures. The company's current securities include 1,478,921,568 shares in issue and 11,523,829 unvested restricted share units. The announcement also referred to a possible separate offer from I Squared Asia Advisors Pte Ltd. or HGC Global Communications Limited, noting that there is no guarantee it will proceed or be subject to certain conditions. Separately, Morgan Stanley Capital Services LLC reported dealings in HKBN derivatives on June 5, 2025, involving unsolicited client facilitation trades totaling several transactions. These transactions do not affect the conditions for either offer.