Lai not to reduce shareholding to less than 35% in 12 months

Next Media (0282) announced that the acquisition agreement entered into between the company and substantial shareholder Jimmy Lai comprises capitalization of a shareholder loan and the guarantee provided by Lai for the disposal of assets including Apple Daily, Next Magazine, Eat & Travel Weekly, Sudden Weekly and newspaper printing (known as the assets disposed). Lai holds more than 89% in the assets disposed and the vendors including Lai undertook not to sell the consideration shares acquired from the disposal within 6 months. Lai even promised that he will not reduce his shareholding to less than 35% in 6

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