Beaver Group (Holding) Company Limited (SEHK:8275) entered into an agreement to acquire Tiger Faith Holdings Limited for HKD 20 million on May 23, 2022. The consideration of HKD 10 millions shall be satisfied by cash and HKD 10 millions of the consideration shall be settled by the issue of the Convertible Bond (I). Refundable deposit of HKD 1 million shall be paid to the Vendor II within 14 days upon signing of the acquisition agreement, HKD 7 million shall be paid to Vendor II within 14 days after the completion, HKD 2 million shall be paid to Vendor I within 14 days after the Completion and HKD 10 million shall be settled by the issue of the Convertible Bond (I) upon the
completion. Financial results of the Tiger Faith Holdings Limited will be consolidated into the financial statements of Beaver Group (Holding) Company. For year ended March 31, 2022, Tiger Faith Holdings Limited reported revenue of HKD 2.1 million and loss after taxation of HKD 2.9 million. The transaction is subject to approval of shareholders of Beaver Group (Holding) Company, due diligence, regulatory approvals from the Securities and Futures Commission of Hong Kong and all other approvals, consents and acts required for the Purchaser entering into or executing the transactions under the Acquisition Agreement being obtained and completed including but not limited to the listing of and permission to deal in the Conversion Shares having been granted by the Stock Exchange. Completion shall take place on a date agreed by the Purchaser and the Vendors after the date of fulfilment of the Conditions Precedent. If the Conditions Precedent are not fulfilled on or before March 31, 2023 (or other date as the parties may agree), the acquisition agreement shall lapse.

Beaver Group (Holding) Company Limited (SEHK:8275) cancelled the acquisition of Tiger Faith Holdings Limited on December 12, 2022.