Fantasia disputes alleged security over subsidiary shares

Fantasia Holdings Group Co., Limited announced an update on a dispute involving shares in its subsidiary, Colour Life Services Group Co., Limited. The company received a notice from Odysseus Capital Asia Limited, acting as a financial advisor, regarding the purported exercise of rights to sell up to 29.9% of Colour Life's total issued shares through an auction process.

This action follows allegations by TFISF, stated in a December 10, 2021 announcement, that 780,104,676 Colour Life shares, representing approximately 41.95% of the total issued shares, are held as custodian for Fantasia and subject to a charge as security for an alleged debt.

Fantasia disputes that the alleged amount owed is secured by the Colour Life shares and has formally objected to TFISF and Odysseus concerning any auction process. The company is currently seeking legal advice to protect its rights and interests against this unauthorized attempt to enforce purported security rights, pledging further announcements on material developments.