Leong Yenk Kit made an offer to acquire remaining 84.08% stake in ICO Group Limited (SEHK :1460) for approximately HKD 260 million on January 24, 2020. Under the terms, 5.2 billion shares will be acquired at a price of HKD 0.05 per share in cash. The transaction will be financed through own resources of the buyer and through the Offer Facility provided worth HKD 70 million by Head & Shoulders Securities. The offer is conditional upon a valid acceptance of 50% voting rights of ICO Group. As on February 24, 2020, tender offer has been commenced and the latest date of the offer acceptance assuming the offer becomes unconditional is March 23, 2020. As on March 23, 2020, only 4.5 million shares were tendered. The offer period was extended and the offer will now end at April 24, 2020. Head & Shoulders Securities Ltd and Merdeka Corporate Finance Limited acted as financial advisor to Leong in the transaction. Union Registrars Limited acted as registrar and receiving and paying agent relation to the offer for ICO Group. Leong Yenk Kit cancelled the acquisition of the remaining 84.08% stake in ICO Group Limited (SEHK :1460) on April 24, 2020. The condition as to acceptance has not been satisfied as of April 24, 2020, and therefore the offer has not become unconditional and lapsed.