Ace Way Global Limited agreed to make a mandatory unconditional cash offer to acquire the remaining 32.04% stake in ITC Corporation Limited (SEHK:372) for approximately HKD 280 million on January 23, 2017. Under the terms, Ace Way Global Limited will make the offer to acquire 540.92 million shares at HKD 0.52 per share. In a related transaction, Ace Way Global Limited entered into a sale and purchase agreement to acquire 67.96% stake in ITC Corporation Limited (SEHK:372) from Charles Chan Kwok Keung for approximately HKD 600 million on January 23, 2017, the completion of which took place on January 24, 2017. Ace Way Global Limited will finance the consideration under the offer by internal resources and a credit facility of HKD 260 million provided by Get Nice Securities Limited. After close of the offer, Ace Way Global Limited intends to maintain the listing status of ITC Corporation and do not intends to compulsorily acquire the shares not acquired under the offer. Get Nice Securities Limited and Octal Capital Limited will make the offer on behalf of Ace Way Global Limited. ITC Corporation Limited established an independent Board committee comprising Winston Calptor Chuck, Lee Kit Wah and Shek Abraham Lai Him to advise the independent shareholders in respect of the offer. Somerley Capital Limited acted as a financial advisor to the independent Board committee of ITC Corporation. Get Nice Securities Limited and Octal Capital Limited acted as financial advisors to Ace Way Global Limited. The offer period is expected to close on March 28, 2017. Ace Way Global Limited completed the acquisition of an additional 0.67% stake in ITC Corporation Limited (SEHK:372) for approximately HKD 5.9 million on March 28, 2017. Ace Way Global Limited acquired 11.31 million shares and increased holding to 1.16 billion shares. Chan Kwok Keung, Charles, Chan Kwok Chuen, Augustine, Chan Fut Yan and Chan Yiu Lun, Alan have resigned as Executive Directors; and Chuck, Winston Calptor, Lee Kit Wah and Shek Lai Him, Abraham, GBS, JP have resigned as Independent Non-executive Directors. Chan Kwok Keung, Charles ceased to be Chairman of ITC upon his resignation as an Executive Director and Suen Cho Hung, Paul has been appointed in his stead effective immediately after the close of the Offer. Chau Mei Wah, Rosanna has been redesignated from Deputy Chairman and Managing Director to Deputy Chairman and Executive Director and Suen Cho Hung, Paul has been appointed as the Managing Director of the Company, all effective immediately after the close of the offer. Chau ceased to be the chairman of the Corporate Governance Committee and a member of each of the Remuneration Committee and the Nomination Committee; Chan Fut Yan ceased to be a member of the Corporate Governance Committee; Chuck, Winston Calptor ceased to be the chairman of the Remuneration Committee and a member of each of the Audit Committee, the Corporate Governance Committee and the Nomination Committee; Lee Kit Wah ceased to be the chairman of the Audit Committee, and a member of each of the Corporate Governance Committee, the Nomination Committee and the Remuneration Committee; Shek Lai Him, Abraham ceased to be the chairman of the Nomination Committee and a member of the Audit Committee; Sue Ka Lok has been appointed as the chairman of the Corporate Governance Committee; Chu Kin Wang, Peleus has been appointed as the chairman of the Audit Committee, a member of each of the Corporate Governance Committee, the Nomination Committee and the Remuneration Committee; Lau Yuen Sun, Adrian has been appointed as the chairman of the Remuneration Committee, a member of each of the Audit Committee, the Corporate Governance Committee and the Nomination Committee; and Yam Kwong Chun has been appointed as the chairman of the Nomination Committee, a member of each of the Audit Committee, the Corporate Governance Committee and the Remuneration Committee.